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Senators and House members introduced legislation to help taxpayers survive the pandemic, with tax credits for developers revitalizing homes in “distressed” neighborhoods and enabling small businesses to pay essential expenses. Senate Finance Committee members Sen. Rob Portman, R-Ohio, and Ben Cardin, D-Maryland, introduced a bipartisan bill Thursday, the Neighborhood Homes Investment Act, supported by several […]
Weaver donates $60K through a firmwide charity walk; Anders CPAs + Advisors announces its charity of choice; Brown Schultz Sheridan Fritz donates $50,000 to nonprofits in Pennsylvania and Maryland; and a CohnReznick partner is named to the American Cancer Society board of directors.
Small businesses in Nebraska, Oklahoma and other rural states have been the most successful at getting federal pandemic relief in the $284 billion round of aid that opened this month, buoyed by a new rule that authorizes loans to many farms that didn’t qualify before. Measured by their share of the nation’s small-business payroll, four […]
As a fresh round of federal relief loans is getting distributed to U.S. small firms hit by a pandemic crisis that will soon stretch to a year, new research shows that last year’s tranches of the Paycheck Protection Program covered less than a month of business expenses. PPP loans provided in the March 2020 CARES […]
The Internal Revenue Service is clarifying its guidance on provisions of the coronavirus relief legislation that provide tax credits to employers offering paid sick leave and family leave to workers. The IRS updated the frequently asked questions page about the tax credits on Thursday. The tax credits were part of the Families First Coronavirus Response […]
Colleges and universities that changed from for-profit businesses into tax-exempt nonprofits are prompting questions about the continuing involvement of former owners and officials. A new report released Wednesday by the Government Accountability Office said the Internal Revenue Service and the Department of Education could be doing more to address the risks associated with such conversions. […]
The Financial Accounting Standards Board released an accounting standards update Thursday, giving franchisors a practical expedient way to determine their performance obligations under a franchise agreement. The update addresses some of the concerns of private franchise businesses about the complicated revenue recognition rules. When a franchisee opens a new branch of a franchise, the franchise […]
The coronavirus pandemic has hit revenues at most companies around the world, but almost none of them feel that they’re lagging behind their competitors. A new report released Thursday by the Institute of Management Accountants, surveyed finance and accounting professionals internationally about the impact of the pandemic. The IMA polled 1,481 accounting and finance professionals […]
The year ahead will be full of tax uncertainties in the U.S. and internationally, ranging from digital taxes and carbon taxes to possible tax hikes under the Biden administration. A new report from Bloomberg Tax Accounting delves into these issues with a series of articles from Bloomberg’s team of tax experts. Topics include moves in […]
U.S. Treasury Secretary Janet Yellen on Wednesday talked with her U.K. and German counterparts about resolving mushrooming disputes over the taxation of internet giants such as Facebook Inc., highlighting the issue as a priority in her initial bilateral calls. Yellen and U.K. Chancellor of the Exchequer Rishi Sunak “discussed the need to find multilateral solutions […]
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