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A bipartisan group of lawmakers introduced legislation Wednesday to enable small businesses to deduct their expenses even if they have received a loan from the federal government’s Paycheck Protection Protection Program that was later forgiven. The U.S. Small Business Administration’s Paycheck Protection Program was included as part of the CARES Act that Congress passed in […]
The Internal Revenue Service has posted information on how people who weren’t supposed to receive their economic impact payments for the novel coronavirus pandemic should return the money. The CARES Act, the $2.2 trillion stimulus package that Congress passed last month, included provisions for sending economic impact payments of at least $1,200 to individuals, and […]
As I write this, close to 70,000 people have died in the U.S. because of COVID-19. Most cities and states are on lockdown. Many companies are itching to get back in business but aren’t sure when and how. For small-business owners, the mood is dark and the outlook seems bleak. If you’re a CPA, don’t […]
Details: BKD CPAs Advisors has acquired a portion of Grant Thornton’s municipal government audit practice, mostly in Texas and Oklahoma. BKD also is acquiring a small number of nonprofit, commercial and benefit plan clients as part of the transaction. The deal comes after six months of discussions with Grant Thornton. As part of the transaction, […]
As the owner of an accounting firm, it is crucial to keep a strong direction for your practice and to anticipate and accompany growth. In the beginning, you may mainly provide a lot of technical service, taking on the role of a technical leader rather than a manager. But as the staff and client base […]
CARES changes; payroll or not payroll; what to think of the IRS; and other highlights from our favorite tax bloggers. A marvelous modern age Taxable Talk (http://www.taxabletalk.com/): It Should Happen to Them Dept.: “When the IRS Adds a Digit…” relates the merry mix-up of finding an extra numeral in a direct-deposited federal refund just as […]
The International Federation of Accountants has published a roadmap for transforming small and medium-sized accounting practices in the midst of the novel coronavirus pandemic and moving them into the future. IFAC’s ‘‘Practice Transformation Action Plan – A Roadmap to the Future’’ focuses on four main areas for firms: embrace change, leverage technology, focus on talent […]
Accountants are facing unique challenges during the coronavirus pandemic — but the profession is rising to the meet them at all levels, according to leaders from the American Institute of CPAs. “This is a defining time for the AICPA and our firms,” said Erik Asgeirsson, president and CEO of CPA.com, the technology arm of the […]
President Donald Trump has fixed his sights on getting a payroll tax cut in the next coronavirus stimulus bill, but it’s unclear whether he can get Republicans — much less Democrats — to go along with such a high-cost item that likely would have only a modest impact on the economy. Trump has been pushing […]
“With challenge comes opportunity.” This saying has never been truer. The COVID-19 global pandemic and the potential economic downturn have created an unprecedented level of business disruption. Navigating the challenges created by this disruption and turning them into opportunities will determine what our firms will look like after this crisis is over. He said: We […]
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