SMBAccountant

JULY 29, 2020

Budgets are necessary for any business. They help develop strategy, control costs, and are a great internal control. Many small businesses have difficulty developing a budget, especially during their startup or high growth periods. Budgets may be the most artful part of accounting. They are a best guess, and a goal to work towards. Government contractors have an even harder and more dire concern when it comes to cost plus contracts.

Government 190

Government Account accountant accounted 190

Bharmal&Associates

JULY 30, 2020

IRS Enables Millions to Qualify for the $100,000 Grab & Repay. New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. First, let’s look at the rules as they existed before this new IRS guidance. The CARES Act created the first set of favorable rules, and those rules are still in play.

tax return 130

tax return Tax cpas Start-ups 130

PYMNTS

JULY 26, 2020

India has embraced its model for digital payments so much that it intends to take it global. Since its debut four years ago, India’s Unified Payments Interface (UPI), the instant payment system developed by the National Payments Corp. of India (NPCI) that facilitates inter-bank transactions, has propelled the growth of online payments, the Financial Times (FT) reported.

Government 123

Government Account accountant accounted 123

GrowthForceBlog

JULY 29, 2020

GrowthForce CEO Stephen King, sat down with Chris Reynolds of The Business Method Podcast to discuss his experience in Surviving 5 Recessions as an Entrepreneur. Stephen King shared key steps to take when navigating through a recession , and some of the major lessons he learned as a CEO facing his 6th recession.

accounting system 86

accounting system Account accountant accounted 86

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SMBAccountant

JULY 29, 2020

Budgets are necessary for any business. They help develop strategy, control costs, and are a great internal control. Many small businesses have difficulty developing a budget, especially during their startup or high growth periods. Budgets may be the most artful part of accounting. They are a best guess, and a goal to work towards. Government contractors have an even harder and more dire concern when it comes to cost plus contracts.

Government 100

Government Account accountant accounted 100

Bharmal&Associates

JULY 30, 2020

IRS Provides Clarification on PPP Loan Forgiveness for the Self-Employed. How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees.

payroll 130

payroll cpas Transportation business accounting 130

Katz,Sapper&Miller

JULY 30, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law earlier this year, provided multiple forms of economic relief for the real estate industry in the midst of the COVID-19 pandemic. The IRS has recently announced updates to this legislation, as well as updates to real estate-friendly legislation included in 2017’s Tax Cuts and Jobs Act (TCJA).

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Real Estate Tax 52

GrowthForceBlog

JULY 28, 2020

In recents discussions with the IT team, we uncover answers to pressing questions during this time when companies are transitioning to more remote staff.

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Bharmal&Associates

JULY 30, 2020

COVID-19 Relief if You Work Abroad or Travel to the U.S to Work. If the federal tax you pay is dependent on where you are physically located, then COVID-19 likely has thrown a wrench in your physical tax location (and tax situation). If you were living abroad and had to return to the U.S. because of COVID-19, you may wonder if you’ll have a big tax bill for failing to meet the foreign earned income exclusion requirements.

Tax 130

Tax cpas Start-ups 130

PYMNTS

JULY 31, 2020

Tests of truly autonomous self-driving vehicles have been uneven at best, but with each scraped test hubcap, the concept draws closer to reality. Major automakers are in, with Toyota backing autonomous driving startup Pony.ai and Fiat Chrysler striking a deal with AutoX , the Hong Kong-based firm that has developed an artificial intelligence (AI) platform for driverless vehicles.

Technology 118

Technology California Education B2B 118

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

Katz,Sapper&Miller

JULY 28, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, 2020, provided multiple forms of relief for owners of retirement accounts. The IRS has recently issued additional guidance on these provisions via Notice 2020-50 and Notice 2020-51, providing even further relief for retirement plan owners.

Account 52

Account accountant accounted 52

PYMNTS

JULY 29, 2020

With the economic and political battles between the U.S. and China heating to a boil, one of China’s top banks is urging financial institutions (FIs) to cut their use of the SWIFT financial messaging network for cross-border transactions. The bank’s messaging applies to Hong Kong and Macau as well. With U.S. sanctions against China looming, state lenders there have reportedly been developing contingency plans.

Maine 116

Maine 116

PYMNTS

JULY 28, 2020

The bank-FinTech collaboration model is often about wielding digital-native FinTech solutions to fit within bank offerings. Yet this week’s look at the latest tie-ups reveals new models of collaboration, including FinTechs expanding their footprint within banking, and wielding banks to fit within their own tech solutions. Kabbage Steps Into Banking.

accounting and finance 111

accounting and finance Finance Technology Government 111

PYMNTS

JULY 30, 2020

Large pharmacy chains selling mixed merchandise are a mainstay of life throughout the developed world. Familiar planograms with the pharmacy in back, pulling shoppers through rows of candy and cosmetics to get their medicine is an everyday routine. Or it was. Big Pharmacy’s reliance on the sale of non-pharmacy products — a strategy that’s worked for years — may now be an Achilles’ heel in a post-pandemic battle for prescription drug market share, where waiting on pharmacy lines with sick people

Healthcare 110

Healthcare Non-Profits Hospitality Retail 110

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

Technology

PYMNTS

JULY 29, 2020

As virtual marketplaces displace (and replace) the physical variety at a dizzying pace, payments speed and security are paramount concerns. When transactions and payments occur cross-border, those concerns are doubled. Companies want and need more visibility into cross-border payments, and with the blastoff of eCommerce in 2020, those needs grow daily.

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PYMNTS

JULY 31, 2020

Corporate travel manager CWT paid $4.5 million worth of bitcoin in ransom this week to hackers who said they seized control of 30,000 company computers and two terabytes of data, Reuters reported on Friday (July 31). The news service said it learned details of the negotiations between Minnetonka, Minnesota-based CWT and the unidentified hackers because the talks played out in a publicly viewable chat room.

Minnesota 105

Minnesota Maine 105

PYMNTS

JULY 28, 2020

“Be careful what you wish for – you just might get it.”. That ancient proverb, one oft-repeated by mothers and fathers to their daughters and sons over generations, also applies to PayPal’s Darrell Esch’s path to his new role as general manager of Venmo. A 10-year PayPal vet, most recently in the role of senior vice president of credit, Esch told PYMNTS CEO Karen Webster that he was once asked years earlier if there was any other job at the company that he’d like to have.

Maine 104

Maine Start-ups Retail 104

PYMNTS

JULY 26, 2020

Wells Fargo is engaging in significant cost-cutting, including layoffs, in a bid to become more lean amid the pandemic-induced financial crisis, The Wall Street Journal (WSJ) reported. The total number of layoffs hasn’t been finalized yet, according to WSJ, but they are expected to be in the tens of millions, although they won’t all happen at the same time.

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Technology

PYMNTS

JULY 27, 2020

Although there are countless ways a cybercriminal can swindle funds from a company — either from the outside or within — it’s often the invoice at the center of the crime. This week’s Data Digest looks at the latest in B2B payments fraud and the invoice’s role in supplier payment redirect scams, credential theft and more. 43 percent of employees admit to mistakes that have caused cybersecurity repercussions, a new study has found, according to OnRec reported.

accounts payable 101

accounts payable B2B Government Account 101

PYMNTS

JULY 29, 2020

Bank of America (BoA) has expanded its mobile wallet use to include corporate customers in the Europe, Middle East and Africa (EMEA) and Asia Pacific (APAC) regions, hoping to enhance clients’ experiences through faster and more secure business transactions, according to a press release. In 2018, BoA launched digital wallets in the U.S. and Canada.

Technology 98

Technology B2B 98

PYMNTS

JULY 27, 2020

The insurance industry has been bogged down by sluggish service and even slower payouts for decades, and while policyholders have certainly weathered their fair share of friction from the sector’s legacy incumbents, those insurance companies themselves have also suffered from a lack of digitization and automation. It’s a landscape that has created an opportune environment for technological innovation.

Technology 98

Technology Start-ups Account accountant 98

PYMNTS

JULY 27, 2020

Hackers boasting that they have “cracked” some of the hashed passwords stolen from digital banking aggregator Dave may be one of the most disturbing elements to emerge from the cyberheist that exposed the private information of millions of users, a top expert notes. The FinTech on Saturday (July 25) confirmed the data breach after reports emerged that details involving as many as 7.5 million banking users had been exposed on a forum used by hackers to sell and swap ill-gotten data.

Account 98

Account accountant accounted 98

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PYMNTS

JULY 29, 2020

“Fundamental changes to the B2B payments landscape are taking place today, faster than ever before, helping the ecosystem eliminate inefficient B2B payments processes.”. Access to capital hasn’t been this tight since the market meltdown of 2008, so motivated players are finding better, faster ways of moving B2B funds especially. “Today, visibility and speed of paying suppliers — and getting paid — are critical for businesses,” said Kevin Phalen , global head of Visa Business Solutions at Visa.

B2B 98

B2B accounts payable Technology Account 98

PYMNTS

JULY 28, 2020

Millennials and Generation Z consumers get all of the attention when it comes to their changing digital habits amid the pandemic. Google the words “millennials shopping shift,” and page after page of listicles, think pieces and how-to articles appear. But do the same with “baby boomer shopping shift,” and one will find about a half a page of dedicated articles — and a lot of other pieces comparing boomers to millennials or talking about generational shopping shifts more broadly.

Ohio 97

Ohio Retail 97

PYMNTS

JULY 29, 2020

“Digitization has helped support remittance market continuity in the face of reduced mobility. We also believe money transfers relying on informal or unregulated routes are converting to formal money transfers, and may even help stabilize the market as travel restrictions likely remain.”. Markets are seeking stability, though not necessarily finding it, as business essentially “feels” its way forward in a bizarre, post-pandemic topography.

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PYMNTS

JULY 31, 2020

Universities are all about giving students learning experiences, but having one themselves isn’t usually standard operating procedure. Ever since schools worldwide began shutting their campuses due to the pandemic, nothing in higher education has been normal, as Sharon Butler , executive vice president of global education at Flywire , told Karen Webster.

Education 95

Education New York Start-ups 95

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Finance

PYMNTS

JULY 30, 2020

To say that Amazon posted a good quarter on Thursday (July 30) is a bit like saying Michael Jordan had a good career. By any metrics, the company’s earnings were off the charts, and they hardly came as a result of cost-cutting. The company almost doubled its revenue and profit numbers while spending more than $9 billion on capital improvement projects.

Sales 95

Sales Transportation Retail 95

PYMNTS

JULY 27, 2020

It’s been long said that small- to medium-sized businesses (SMBs) are the backbone of the American economy. That’s hard to argue with considering more than 99 percent of American firms are SMBs, 49 percent of the population works for one and they’re responsible for 46 percent of private-sector output, according to Small Business Administration data.

Maine 93

Maine Sales Start-ups Government 93

PYMNTS

JULY 27, 2020

Banks missed out on the first big wave of digital payments, but they don’t have to miss out on the next, Ingo Money CEO Drew Edwards told Karen Webster in a recent conversation. “The entire [digital payments] industry ends up being created outside the banks on products that should have been developed by them,” Edwards said. “The First Datas down to the Stripes built the eCommerce structure and left big banks playing catch-up and to partner.”.

Start-ups 91

Start-ups Technology payroll Account 91

PYMNTS

JULY 28, 2020

The newly stripped-down eBay held its first earnings call on Tuesday (July 28) since announcing plans to sell its classified-ad business to Adevinta for $9.2 billion. While eBay’s second quarter results were stellar, the event was more notable for the unveiling of new CEO Jamie Iannone ’s vision for the company. By the numbers, the pandemic-driven digital shift has been good for the company, as revenue for the quarter was $2.9 billion, up 18 percent over 2019.

Technology 90

Technology Start-ups Sales 90

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"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.

cpa firm