Employment rose by 1.8 million jobs in July, including 900 in accounting and bookkeeping services, and the unemployment rate fell to 10.2 percent from 11.1 percent, the U.S. Bureau of Labor Statistics reported Friday, as the economy showed signs of recovery despite the spread of the novel coronavirus across many parts of the country.
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FASB issued a new standard Wednesday that is designed to simplify financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity.
Saturday, Aug. 8 is the last day small businesses can apply for a forgivable loan through the Paycheck Protection Program. At least 60% of the proceeds must cover payroll expenses in order to be eligible for forgiveness.
With everything so up in the air, it can be hard to make any sort of plans, whether it be a vacation or even a trip to the movie theater. But a financial plan is one you probably want to work on, or revisit, especially if you have been financially impacted by the pandemic. And despite the uncertainty, planning could be a way to reduce some of your anxiety about the situation, experts say.
What's even worse than having to attend half a dozen Zoom or other video chat meetings during the working day? Attending all those meetings and feeling like you might as well have skipped them because no one was listening to your input or your ideas. That happens much too often to entrepreneurs, solopreneurs, business leaders, and employees.
The explosion in data that has launched the Fourth Industrial Revolution, an era when business will be transformed by cyber-physical systems, has enabled several technology trends to develop. Every business can leverage these important trends and should pay attention to how best to use them, but accountants should really evaluate how these six technologies can be used strategically to achieve the company’s business strategy.
The IRS issued a long-awaited package of guidance regarding the Sec. 163(j) limitation on business interest expense deductions. The guidance includes final and proposed regulations as well as a proposed revenue procedure with a safe harbor for operators of qualified residential living facilities and FAQs on the aggregation rules for determining a taxpayer’s gross receipts for purposes of the small business exception to the business interest expense limitation.
More than half the companies that completed their first audits under the new lease accounting standard needed to make an extra effort, according to a new survey, but the additional work provided more transparency and helped the companies deal with the unexpected crisis of the novel coronavirus, which led to many lease modifications and rent concessions.
Gender bias at firms must be countered by strong mentorship and a need for management to "get uncomfortable," according to a panel of experts during a recent session of the AICPA's 2020 Engage conference.
MICPA President & CEO Bob Doyle testified before the Senate Regulatory Reform Committee to express the CPA profession’s concerns with Senate Bill 40. The legislation would grant authority to the appointed Law Review Commission to evaluate all proposed legislation that would impact occupational licensing in Michigan.