Sat.Jun 06, 2020 - Fri.Jun 12, 2020

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UN Blockchain Expert Says Digital Cash Could Replace Bank Accounts

PYMNTS

United Nations global blockchain expert Massimo Buonomo has foreseen a future where digital currencies could replace low-interest bank accounts, Coindesk reports. Low interest rates, he said, were the main enticement for people to come and join a new bank — but they would be obsolete in competition against an official digital currency, which could easily process a digital payment the same way.

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Offer in Compromise and Coronavirus COVID-19

MyIRSRelief

IRS has provided updated instructions to taxpayers with respect to the effects of coronavirus – COVID-19 on offers in compromise (OICs). IRS has the authority to compromise a taxpayer’s tax liability. An OIC is an agreement between the taxpayer and IRS that compromises a taxpayer’s tax debt for less than the full amount owed. IRS will accept an OIC when it is unlikely that the tax liability can be collected in full and the amount offered by the taxpayer reasonably reflects the taxpayer’s c

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Orange County Grant Small Business Relief Program 

CapataCPA

Orange County Grant Small Business Relief ProgramWould you like a grant of up to $10,000 from Orange County to help your small business? Read this today—help may be on the way! In general, the grants require that your business was affected by the COVID-19 Pandemic. The qualifications are generous, and different programs have different application. The post Orange County Grant Small Business Relief Program appeared first on CPA firm in Orange County, CA | CAPATA.

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The Leadership Podcast: Prisoners of Our Own Perspective

RLLeaders

I recently had the privilege to join the wonderful team over at The Leadership Podcast to discuss leadership and a slew of other topics. Here are some of the takeaways, along with the full recording below. The Leadership Podcast – We Study Leaders · TLP206: Prisoners of Our Own Perspective. [3:45] If you don’t have revenue, you’re not a business.

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Planning Your Restaurants Path to Profitability

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.

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FBI Issues Warning To Bank Mobile App Users?

PYMNTS

As the use of mobile banking apps surges due to the limited access to banks amid the COVID-19 pandemic, the FBI is warning users to beware of cyber attacks.

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COVID-19 Business Survival Series: “Innovation: The COVID-19 Silver Lining”

Katz,Sapper&Miller

The dark cloud called COVID-19 has been hanging over the nation’s economy for months. It has disrupted every point in the supply chain and has affected every level of engagement within companies themselves. But in the midst of this massive disruption, we’re starting to see a silver lining. COVID-19 has forced organizations to innovate – to reinvent presence, productivity, and collaboration.

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Chuck E. Cheese Seeks Loan For Debt Payment

PYMNTS

Chuck E. Cheese , the popular food and games chain, is talking to investors about ways to raise money to avoid filing for bankruptcy, The Wall Street Journal reports. The chain has also approached lenders in the past few weeks to feel out possible interest in a $200 million loan to help pay for a stay in bankruptcy, a source said, as reported by WSJ.

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TikTok?s Data Privacy Policies Draw Eyes Of EU Authorities

PYMNTS

TikTok , the popular Chinese short-form mobile video app, is facing more scrutiny over its privacy policies, Bloomberg reported. The EU’s investigative unit will form a task force to examine TikTok’s activities across the 27-nation bloc following a request from a lawmaker concerned about its data collection and its security and privacy risks. EU authorities can fine companies for violations under the General Data Protection Regulation (GDPR).

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TranSwap, Currencycloud Partner For More Flexibility In B2B X-Border Pay

PYMNTS

Singapore-based cross border-payments platform TranSwap will partner with Currencycloud , which provides B2B embedded cross-border solutions, to let businesses collect and hold numerous currencies in the U.S., U.K., EU and other countries, a press release states. By using Currencycloud Spark, TranSwap will be able to offer the Global Borderless Virtual Account (GBVA) to customers, enabling funds to be held in 34 currencies and allowing more flexibility for cross-border payment solutions, through

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Experts Tell Congress It?s Time To Create A ?Digital Dollar?

PYMNTS

Trillions of dollars in federal COVID-19 stimulus payments are being disbursed through paper checks, prepaid debit cards and direct deposit

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How Automation is Driving Efficiency Through the Last Mile of Reporting

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

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Scandit: The Future Of Retail Will Include Mobile Scanning

PYMNTS

Physical brick-and-mortar retail was suffering long before the pandemic. As the great shift to digital continues, the last three months have shown that consumers are not only used to conducting commerce in bits and bytes — they like it. Consider the findings of a PYMNTS consumer survey , where 42 percent of consumers are engaging in even the most routine activities online, and as much as $158 billion in brick-and-mortar sales are moving to digital channels.

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LG Teams With Korean Food Delivery Platform To Make Robot Waiters

PYMNTS

If restaurants, bars and cafes come roaring back after months of being shuttered worldwide, LG Electronics could be one of the big winners. The South Korean global electronics company headquartered in Seoul has partnered with online food delivery platform operator Woowa Brothers and the Korea Institute for Robot Industry Advancement (KIRIA), an incubator for robot startups, to develop robot waiters, LG announced Friday (June 12).

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FCC Removes Some Barriers To 5G Implementation

PYMNTS

The Federal Communications Commission ( FCC ) is working on facilitating 5G wireless networks across the U.S., according to a press release. The FCC is doing so by looking into how it can speed up the upgrades to existing wireless infrastructure through state and local rules, the release states, in order to provide the high-speed 5G networks which are “critical to expanding economic opportunities and supporting public health and safety in American communities.” In 2012, Congress pass

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MoneyGram Reports 100 Percent Digital Transaction Growth In May

PYMNTS

MoneyGram has been doing well in May, illustrated by a triple-digit percentage increase in digital transactions. The popular money transfer app reported a 100 percent growth increase year-over-year in May, a press release states. That’s a significant jump from the company’s 57 percent digital transaction spike in the first quarter. The growth in May was driven by MoneyGram Online, the company’s direct-to-consumer (DTC) channel, which reported 107 percent growth and over 80 perc

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Travel Sites, Airbnb Get Boost In Domestic Short-Term Rental Bookings

PYMNTS

As Americans seek relief from cabin fever after months of shelter-in-place orders due to the pandemic, vacation rentals are on the rise, Bloomberg reported. “People, after having been stuck in their homes for a few months, do want to get out of their houses; that’s really, really clear,” Airbnb CEO Brian Chesky told the news service. “But they don’t necessarily want to get on an airplane and are not yet comfortable leaving their countries.”.

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New Report: Home Closings Go Digital With Remote Online Notary Services

PYMNTS

Cybercrime is surging during the COVID-19 pandemic as fraudsters seize on increased online activity to steal consumers’ sensitive personal details. As much as 22 percent of consumers have now been targeted by COVID-19 digital fraud scams, driving a mounting need for new ways to mitigate digital fraud risks. FinTech firms and government bodies are responding to the wave of cybercrime by developing new anti-money laundering (AML) and know your customer (KYC) technologies, particularly those levera

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California Tells Uber And Lyft Their Drivers Are Employees

PYMNTS

The California agency that regulates ride-hailing companies Uber and Lyft said their drivers are considered employees under the state’s new gig work law, the latest development in the fight over drivers’ status, Reuters reported. In a letter to the ridesharing companies , Douglas Ito, director of the California Public Utilities Commission (CPUC), reminded them of the July 1 deadline to secure workers’ compensation coverage for drivers.

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Google Assistant Could Soon Control Doorbells, Clothes Stylers

PYMNTS

On Friday night (June 5) Google Assistant, the artificial intelligence–powered virtual assistant for mobile and smart home devices, was updated to include doorbell and clothes styler devices, which will soon be available widely, reported 9To5Google. Last month, the Google-focused , online news service reported that as Spring emerged, people are looking for ways to keep cool indoors.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Why Economic Volatility Opens Up Opportunity For The Modern Corporate Accountant

PYMNTS

The pandemic is setting the stage to change just about every aspect of running a business. With market volatility and economic pressure higher than it has been in more than a decade, the ways businesses manage and account for their money is inevitably included in that wave of operational change. That means significant implications for the ways accountants and auditors operate both within an enterprise and externally from it.

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Enforcing AML/KYC Compliance When Legal Precedent Does Not Apply

PYMNTS

The COVID-19 pandemic has upended the way businesses and government agencies verify their customers’, clients’ and citizens’ identities. Social distancing restrictions implemented to curb the virus’s spread are preventing compliance professionals from obtaining physical identification documents and holding in-person meetings that typically enforced anti-money laundering/know your customer (AML/KYC) compliance.

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Ascena Retail Group Considers Bankruptcy Filing

PYMNTS

With the pandemic putting its business into a state of disorder, Lane Bryant and Ann Taylor owner Ascena Retail Group is reportedly in talks with lenders about a possible bankruptcy filing. A Chapter 11 filing would let the firm maintain the operation of some of its brands as it looks to sell other names and could come as early as July, Bloomberg reported, citing unnamed sources.

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Amazon, Goldman Sachs Launch SMB Credit Line

PYMNTS

In what is seen as the latest marriage between tech and Wall Street, Amazon has partnered with Goldman Sachs to launch a digital credit line for U.S. merchants, CNBC has learned. Here’s how it would work: small and medium-sized business (SMB) sellers on the eCommerce website can access Goldman’s Marcus revolving credit up to $1 million at a fixed annual interest rate of between 6.99 percent to 20.99 percent that can be drawn and repaid like a credit card, sources told the network.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Facebook Uses Retail Data To Train Chatbots To Be Like Humans

PYMNTS

Facebook has launched, what it calls, a new way to train artificial intelligence (AI) in chatbots. Researchers at the social network giant described how data about human conversations is the key to improve shopping chatbots, according to a technical report shared by VentureBeat. Dubbed “Situated Interactive MultiModal Conversations (SIMMC),” its goal is to allow AI chatbots to show an object and explain what it’s made of in response to images, memories of previous interactions and individual req

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Mastercard Teams With Octet Europe For SMB Trade Technology

PYMNTS

To assist small and medium-sized businesses (SMBs) in expanding their operations, Mastercard and Octet Europe rolled out a new trade system throughout the European Economic Area (EEA). The Mastercard Trade Solution, which is fueled by Octet, helps firms trade domestically and internationally by allowing for safe payments, a credible value chain, streamlining of back office work and handling of cash flows per a Thursday (June 11) announcement.

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Retail Infrastructure Catches Up With Digital Shift

PYMNTS

The long-term consequences of the digital shift continue to be quantified and qualified. As evidenced by last week’s PYMNTS’ card on file report , consumers are ready and willing to keep their data with retailers, both online and offline, in exchange for frictionless experiences. The big action has now moved to infrastructure, payments and more behind-the-scenes activity that shows the spike in eCommerce is likely here to stay, even post-pandemic.

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Tencent Plans Smart City The Size Of Midtown Manhattan

PYMNTS

China’s Tencent is looking to build its own city, called Net City, including corporate offices, apartments and a school on a 21-million-square-foot development the size of midtown Manhattan, The Wall Street Journal reported. Jonathan Ward , design partner for project architect NBBJ, said the idea is a “sustainable city of the future,” WSJ reported.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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FinTechs Ovo, Dana Look To Unite Against Giant Gojek

PYMNTS

A pair of Indonesia’s FinTechs plan to merge in a bid to challenge Gojek ’s GoPay, sources told Bloomberg. The potential union would unite Ovo , Indonesia’s giant digital payment service that is backed by Singapore’s ride-hailing giant Grab Holdings , along with Dana, Indonesia’s digital wallet platform, an Alibaba Group Holding Ltd. affiliate. If successful, it could catapult Ovo and Dana into dominating Indonesia’s multibillion-dollar online payments market.

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Failed Canadian Crypto Firm Quadriga Was Just A High-Tech Version Of An Old-Fashioned Ponzi Scheme

PYMNTS

There is nothing new under the sun – just new ways to get away with it. Many people are familiar with the term “Ponzi scheme” even if they may not know the original story or the mechanics through which bad guys make off with money using those schemes. But say the word “Ponzi” and may people’s minds will conjure up visions of slick-talking charmers taking victims’ hard-earned funds by promising stellar returns — but then disappearing into the night.

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Amazon Shopping AI Lets Consumers Try On Digital Outfits, Makes Fashion Suggestions

PYMNTS

Amazon could be planning an artificial intelligence-driven virtual shopping service, according to documents from a presentation planned for the IEEE Conference on Computer Vision and Pattern Recognition (CVPR), VentureBeat reports. The service would be multi-layered and work through several different algorithms. Users will be able to use the first algorithm to hone search queries by describing variations on a product image, and another algorithm will suggest items that match with things a custom

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Xero Partners With Coveo On Improved Search Function For SMB Needs

PYMNTS

Global small business program Xero ‘s new search function will make it easier for businesses to find the apps they need, and to provide a “personalized, intuitive, and efficient experience,” according to a press release Thursday (June 4). The new search function, powered by Coveo , will allow for suggestions to pop up when one logs in, and it will provide a custom influx of popular apps and quick links tailored to individual businesses.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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.