Accounting

CFOs in the U.S. and Mexico are increasingly concerned about the ramifications of the novel coronavirus pandemic, according to a new survey by PricewaterhouseCoopers, with 87 percent of the CFOs polled expressing great concern for their businesses and 80 percent anticipating COVID-19 will decrease their revenue or profits this year. This is the second poll

Republican staff on the Senate Finance Committee working in the office of chairman Chuck Grassley, R-Iowa, have released a set of answers to frequently asked questions about the stimulus payments that are expected to give taxpayers at least $1,200 to deal with the economic fallout of the COVID-19 pandemic. The FAQ page serves as unofficial

A conversation that all accounting firms and departments need to have, especially during times of viral epidemics and other public health crises, is how to keep the business running efficiently during these times. By now you and your colleagues are likely staying away from the office and working from home. If that’s not already your

As we navigate the start of a new decade, who could guess that it would start like this — with a global pandemic? Independent accounting firm leaders are tasked with the sustainability of their firms, and it is even more critical to understand what that means now. As we consider firm sustainability now and in

We live in an age of enormous technological advancement, yet most finance organizations continue to operate with significant manual intensity. Take a leading payments company as a case study. While this company’s customers’ payments quickly flow in the digital domain, every month a large, globally-distributed team of finance professionals use an array of spreadsheets, process

Lukka, which makes a tax preparation platform for cryptocurrency, has debuted Lukka Library, an interactive collection of academic papers dealing with controversial legal and tax questions that lack official guidance or regulatory frameworks. The papers are mostly short form, and each addresses a specific issue and is meant to provide viewers with cutting-edge perspectives on

Erin Collins will start her term as the National Taxpayer Advocate on March 30 — earlier than expected. Collins is taking up her post earlier ahead of schedule due to the national emergency created by the coronavirus pandemic. “I can’t imagine a more critical time to lead the Taxpayer Advocate Service,” she said. She replaces

Quite an education; food for thought; Motion denied; and other highlights of recent tax cases. Tampa, Florida: A federal court has permanently barred Steven Doletzky, formerly doing business as Liberty Tax Service, from operating a prep business and preparing federal returns for others. The court also ordered Doletzky to disgorge $175,000 that the U.S. alleges

AccountingSuite, which makes accounting software with built-in inventory management features, has integrated its software with Tax1099, an IRS-approved, cloud-based e-filing system for the 1099 MISC form and 40 other forms. The integration is aimed at improving the e-file experience for businesses with contractors. The integration allows users of both systems to pull data from an

President Donald Trump wants to send cash payments to households in less than two weeks, Senate Minority Leader Chuck Schumer said Wednesday, but former IRS officials warn that deadline could be hard to meet. The payments are one of the central provisions of the $2 trillion stimulus package awaiting a Senate vote. Schumer said in

Days of negotiations between the Trump administration and Congress — and fierce lobbying by industries eager for assistance dealing with the coronavirus outbreak — has yielded a rescue package worth more than $2 trillion in spending and tax breaks. Here are some of the winners and losers: More aid for companies, strings attached The plan

CFOs can play a crucial role in guiding employees, particularly those in the finance and accounting functions, during the turmoil of the coronavirus pandemic, which is roiling the stock market and leading to mass layoffs. Doreen Remmen, CFO of the Institute of Management Accountants, sees her fellow CFOs trying to contend with the crisis. “So

The pandemic has officially pushed filing day for the federal government and a growing list of states into the summer. As it’s done to many other aspects of society, the outbreak has also upended the definition of “reprieve” for preparers. Is it a real breather? And what are clients saying? “Breather? Ha!” said John Dundon,

The AICPA has been working on the project of moving the audit into the future for some time now, but the U.S. has suddenly found itself thrust into a remote environment with little in the way or preparation or warning due to the coronavirus pandemic. The Association recommends accountants stick with existing standards, while using

The American Institute of CPAs joined forces with the International Franchise Association and payroll companies Paychex and Intuit in issuing an open letter Sunday to President Donald Trump, U.S. Treasury Secretary Steven Mnuchin, Small Business Administrator Jovita Carranza and members of Congress proposing expedited funding for small businesses amid the coronavirus pandemic via payroll processing.

Tax forms and payments won’t be due to the Internal Revenue Service until July 15 this year, Treasury Secretary Steven Mnuchin said in a tweet, as the government looks for ways to respond to the coronavirus. “We are moving Tax Day from April 15 to July 15,” Mnuchin said. “All taxpayers and businesses will have

The American Institute of CPAs and the Chartered Institute of Management Accountants have announced that Engage 2020, the annual accounting and finance conference held in Las Vegas, will be postponed until an unspecified date “later this year” due to the ongoing coronavirus pandemic. Originally set for June 7-11, the rescheduled event is “still being set,”

The coronavirus pandemic has hit the United States hard and fast, and the domino effect is being felt. As people practice social distancing, they are spending less, and companies are struggling to survive. In the midst of the crisis, tech companies are doing what they can to help vulnerable customers and frazzled accountants dealing with

Republicans and Democrats in the Senate have released separate sets of tax proposals aimed at alleviating the effects of the coronavirus pandemic, in contrast to the two bipartisan bills that have been signed into law already. Senate Majority Leader Mitch McConnell, R-Kentucky, released his proposal Thursday afternoon, centered around giving “recovery checks” of up to

With offices closed, and staff and clients scattered, maintaining relationships (and sanity) can be hard. Below are eight tactics to manage a disrupted work environment for the duration, and help maintain productivity and healthy relationships. The first four are specifically for firm leaders and managing partners, and the last four are for everyone trying to