Whether you have an existing business or you are starting one, congratulate yourself—in any business environment, this is no easy feat. However, in the time of COVID-19, it’s even harder. But while you focus on sales and operations, do not forget the tax man. You may think that you already
Thousands of in-person conferences and tradeshows have been postponed or switched to virtual events over the past two years due to the pandemic, and accounting events are no exception. While live presentations over Zoom and recorded demonstrations made the best of a terrible situation, the reality is that, in most
The increasing awareness of social justice issues over the past 18 months has triggered the need for organizations to have serious discussions about their internal culture and demographics. Terms like anti-racist, bias, micro-aggressions and allyship have become more widely used among HR and senior leadership teams. Companies across every industry pledged
This column focuses on the tax aspects of Ponzi schemes, starting with a bare-bones explanation of how scammers fleece investors. Their modus operandi isn’t complicated: They pay some original investors artificially high returns with funds collected from subsequently conned investors. The most notorious scheme is the one orchestrated by Bernard
Financial professionals are confronting some big obstacles when it comes to environmental, social and governance reporting, according to a new survey, including competing and sometimes conflicting disclosure frameworks, reporting methodologies and stakeholder demands. The report, released Thursday by Financial Executives International’s Financial Education & Research Foundation, polled 53 chief accounting
QuickBooks is a dynamic accounting application that has been designed in a way to reduce manual labor, increase business productivity, along structuring financial growth. It runs on the fuel of the internet, as most of its operations involve real-time record maintenance. There can be connectivity issues, or the system security
There are many times when a passive foreign investment company (PFIC) investment is made unknowingly and the tax consequences can be adverse. Certain elections should be considered that can lessen the tax implications, but it can be difficult obtaining the financial information necessary to determine whether or not the investment
A new Tax Court(Gaston, TC Memo 2021-107, 9/2/21) case found that clients may be able to deduct expenses relating to acting, even if they’re not the next Streep or DiCaprio. The tax difference in the new case is critical. If you incur legitimate business expenses, they can offset taxable income,
KPMG has released a new report on climate-associated financial risks that boards and their audit committees should consider. Climate change has become a top priority for investors and other stakeholders, according to the report, and the question should be discussed in every corporate boardroom. The report recommends that boards should
As hot as the latest TikTok trend, ESG (which stands for environmental, social, and governance) is the acronym on everyone’s lips, so what’s in it for CPAs? With ever-increasing stakeholder pressure, more organizations in the United States are reporting on ESG data, and the requisite assurance over ESG disclosures presents
