Small Business Financials

The fintech review: What happened in 2020? AccountingWEB     •     December 31, 2020, 8:06 am Tech pulse Life before cloud accounting - what's changed in a decade? AccountingWEB     •     December 30, 2020, 12:16 pm Accounting software Tags Accounts Practice management Visible Expert: The secret weapon for success The Latest     •     December 30, 2020, 3:22 pm The world of accounting can be a harsh environment. How do you stand out in a crowded field? Check out https://www.johannakimball.com

You heard right – a second stimulus payout is on the way. Late on Dec. 27, President Trump signed the massive COVID-19 relief and government spending bill, which includes a second round of stimulus payments to eligible individuals across the country. To help bring you quickly up to speed, here’s a basic breakdown of the payments. The important details you want to know The second round of stimulus payments are based on the information reported on your 2019 tax return. Currently, the second stimulus payout is as follows for those eligible: $600 per individual $1,200 per couple $600 per child under the age of 17 *Another COVID-19 relief bill with additional stimulus money is being discussed by Congress but has yet to be passed. Continue to check back here for the most up-to-date information. Income qualifications for receiving the second payment are similar to the first round. You will receive the full amount if you are: An individual earning less than $75,000 per year

Tax Tribunal bias – no! AccountingWEB     •     December 29, 2020, 2:53 pm Tags Tax tribunal In the blogs: Big developments The Latest     •     December 29, 2020, 11:03 pm Best IT defenses; learning from mistakes; the price of training; and other highlights from our favorite tax bloggers. ABP #51 - Accounting Technology: Data Analysis Software Accounting Best Practices with Steve Bragg     •     October 20, 2007, 11:25 pm  Steve interviews Carolyn Newman, president of Audimation Services, Inc., about IDEA data analysis software. Check out https://www.johannakimball.com

Vaccines and historic debt: the threats and opportunities presented by 2021 AccountingWEB     •     December 29, 2020, 2:02 pm Practice strategy Tags Accounts Business advice Coronavirus ABP #80 - Acquisition Due Diligence Accounting Best Practices with Steve Bragg     •     January 25, 2009, 10:15 pm Key items to look for in a due diligence review ABP #43 - Throughput Accounting, Part 1 (Basics) Accounting Best Practices with Steve Bragg     •     July 4, 2007, 9:22 pm Steve discusses the drum-buffer-rope aspects of constraint management, as well as the sprint capacity and throughput concepts. Check out https://www.johannakimball.com

Did you buy stocks for the first time in 2020? Well, first, congratulations! Investing in the stock market is one of the best ways to grow your net worth. By investing in stocks, you are basically putting your money to work for you. Money you invest can earn interest and dividends. Over time, you can earn thousands of dollars in return! Owning stocks and other investments, while a good thing, can complicate your tax situation. Stocks and investments must be reported on your tax return. You may have to pay taxes on interest earned, dividends, or from selling the stocks. Overwhelmed? Don’t be. We are here to help. Here is everything you need to know about reporting stocks and investments on your tax return. Paying Taxes if You Buy or Sell Investments If you sold some of your investments in 2020, you may need to pay taxes on any capital gains you had. Capital gains are basically the profits you earn from investments. The formula is simple: capital gains = selling price – purchase pr

With COVID-19 still wreaking havoc across the globe, the U.S. economy has been shaken. In the United States a record number of people are or were once unemployed due to COVID-related shutdowns. Fortunately, many of those individuals qualified for standard state unemployment benefits, plus the additional federal funds offered as a result of the CARES Act. If you received unemployment benefits due to job loss this year, it’s critical to understand how that money impacts your taxes. And obviously, if you are still unemployed, finding out you owe a large tax bill may be even more burdensome. Here is what you need to know about reporting your unemployment income on your tax return. Why is unemployment income taxable? Unemployment income is still income. Therefore, by law, it is taxable. According to the IRS, any unemployment income, including the additional unemployment compensation authorized under the CARES Act, must be reported on your 2020 tax return . That might seem counterintui

Start a side gig in 2020? Whether you lost your job due to COVID-19, or you simply wanted to earn some extra cash, side gigs tend to complicate your tax filing a bit. Over the years, the IRS refined its rules for gig workers. But obviously, the IRS still wants you to pay taxes on any income, whether it is your primary income source or profits earned from your side gig. Whether you drive for a ride-sharing service, deliver groceries, or run a virtual business, you need to report your new side hustle income on your tax return. But before getting started, it’s important to understand all the possible implications so you aren’t hit with a surprise tax bill or tax penalty come tax time. The IRS definition of gig work With the rise of the gig economy, the IRS worked to clearly define what constitutes a “gig.” According to the IRS, the gig economy —also called sharing economy or access economy—is an activity where people earn income providing on-demand work, services or goods. Often, it

Regardless of your profession, employment status, or location in the U.S., it’s likely that you’ve been financially impacted by COVID-19 in one way or another. The undeniable hit to our economy has proven more than detrimental for millions, and for some, the changes have forced revisions to how we view our current state and the future. We’ve rounded up the top seven tax changes that occurred in 2020, along with explanations as to how they might affect the return you file in 2021. 1. Expanded unemployment benefits Unemployment benefits — and how to report them on a tax return — are a major concern for millions this year. According to the IRS , “unemployment compensation is taxable and must be reported on a 2020 federal income tax return. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted this spring.” 2. Student loan forbearance As the cumulative average of student loan deb

A new step in filing your 2020 tax return is reporting the stimulus money you received earlier this year. Here is everything you need to know about where to add that money on your tax return. What is a stimulus payment? Back in March of 2020, federal lawmakers enacted an economic stimulus package as a way to support families during the challenging economic times caused by the coronavirus pandemic. That stimulus package was approved for $2 trillion – enough to provide most American families with up to $1,200 per taxpayer. Those stimulus checks are also referred to as economic impact payments or recovery rebates. Technically, they served as an advanced tax credit on your 2020 income taxes. How to report your stimulus money on your tax return Reporting the stimulus money on your tax return is an entirely new process this year. TaxAct, however, makes it easy and will even help you determine if you’re eligible for more. When filing with TaxAct, you will be asked to enter the amount

2020 year-end tax planning for trusts can yield major savings The Latest     •     December 24, 2020, 3:40 pm Even with just a few days remaining in 2020, a trustee can still employ tax-saving strategies. GOP blocks Democrats’ bid for $2K payments Trump demanded The Latest     •     December 24, 2020, 2:36 pm House Republicans blocked Democrats’ attempt to meet President Donald Trump’s demand to pay most Americans $2,000 to help weather the coronavirus pandemic. ABP #271 - Getting Your Career Back on Track Accounting Best Practices with Steve Bragg     •     May 30, 2019, 11:38 am Some thoughts about what to do Check out https://www.johannakimball.com

If you don't want to be an accountant.... Accounting fun     •     November 27, 2020, 9:00 am This is taken from a recent piece in the Times Diary: Stephen Fry tells a story about the careers master at his school who asked the boys what they wanted to be and then wrote that down as his… Initial questions for accountancy bodies Accounting fun     •     November 13, 2020, 8:30 am Many years ago my (then) teenage son was field testing an early version of a temporary website intended to encourage young people to choose a career in tax. It included a list of the various… People and firms on the move: New members at FASAC The Latest     •     December 24, 2020, 2:00 pm The Financial Accounting Foundation names new members to a major advisory board, Connecticut firms turn out for a big annual food drive, and other news from across the profession. Check out https://www.johannakimball.

IMA sees growth in 2020 despite coronavirus upheaval The Latest     •     December 24, 2020, 7:06 pm The Institute of Management Accountants reported record growth in 2020 despite the impact of the COVID-19 pandemic on the accounting profession. The intersection of COVID-19 and mental health The Latest     •     December 24, 2020, 4:53 pm The coronavirus pandemic has sparked concern for the emotional wellbeing of entire populations. Use company acquisitions to access economic incentives The Latest     •     December 24, 2020, 4:07 pm In the current economic environment, it could be advantageous for you or your clients to consider a strategic acquisition. FASB: Don’t make big changes to the lease standard The Latest     •     December 24, 2020, 3:11 pm While organizations would like to see improvement, the consensus is that big updates could make fut

MyFirmsApp Staff Donate Christmas Party Funds to Help Local Charity AccountingWEB     •     December 22, 2020, 12:37 pm Practice strategy Tags Cloud Mobile apps Why do accountants swear so much? Accounting fun     •     December 4, 2020, 9:00 am A recent experiment sought to determine which profession is the sweariest. And the answer, controversially has been reported to be 'accountants'. The three-month survey* of 1,400 employees at 100 UK… ABP #232 - Accounting Ethics Accounting Best Practices with Steve Bragg     •     March 10, 2017, 10:48 pm Why ethics can be so difficult for the accountant, and what to do about it Check out https://www.johannakimball.com

Expand your knowledge at Sage University Live AccountingWEB     •     December 24, 2020, 9:53 am Skills Tags Clients Sage Training Accountants can prevent deals going awry....but don't AccountingWEB     •     December 24, 2020, 11:13 am Skills Tags Business advice Client satisfaction Clients Fun names for teams of accountants Accounting fun     •     July 10, 2020, 7:30 am When I was in South Africa recently I met the managing partner of a firm of accountants called 'Doughgetters'. What a great name.Here are some more accountancy team names I have also come across… ABP #24 - The Fast Close (Part 9) Accounting Best Practices with Steve Bragg     •     November 18, 2006, 10:22 pm

Podcast: "Bossing it" in 2021 with Carl Reader AccountingWEB     •     December 23, 2020, 3:25 pm Practice strategy Tags Business advice Clients Firms PKF Littlejohn pick up Boohoo audit from PwC AccountingWEB     •     December 23, 2020, 1:26 pm Financial reporting Understanding The CJRS And Redundancy Procedures AccountingWEB     •     December 23, 2020, 4:41 pm Business tax Tags Coronavirus R&D tax relief Tax credits What's 2+2? Ten different professions give their answers Accounting fun     •     October 16, 2020, 7:30 am Engineer: The answer lies between 3.98 and 4.02Estate agent: I will sort that out once you agree to pay me 1% of the answer.Mathematician: In 3 hours

IRS 2021 Business Mileage Rate is Here AccountingWEB     •     December 23, 2020, 2:12 pm IRS Brexit deal "hours away" AccountingWEB     •     December 23, 2020, 4:25 pm Tags European Union Boardroom disputes - common causes and how to prevent them AccountingWEB     •     December 23, 2020, 9:47 am Skills Tags Business advice Clients Check out https://www.johannakimball.com

How Businesses Can Better Support Women of Color AccountingWEB     •     December 16, 2020, 1:04 pm Growth States battle over billions in work-from-home taxes The Latest     •     December 23, 2020, 11:07 pm A case filed by New Hampshire against Massachusetts has drawn in more than a dozen other states. The worst passwords of 2020, and other tech stories you may have missed The Latest     •     December 23, 2020, 4:20 pm No more robots checking inventory at WalMart, Hubspot for QuickBooks, and eight other recent developments in technology, and how they’ll impact your clients and your firm. Check out https://www.johannakimball.com

Meet Our Head of NetSuite Accounting Services AccountingDepartment.com     •     December 21, 2020, 9:12 pm We sat with Jennie Hoffman, CPA and Head of our NetSuite Division to hear why more clients are choosing us to manage their NetSuite accounting. Michaels’ Sales Jump 11% on E-Commerce Push Accounting & Tax – CFO     •     September 3, 2020, 9:23 pm Crafts retailer Michaels Companies posted strong quarterly results on Thursday as its e-commerce push fueled same-store sales growth despite the… Brace for Brexit 20: Tax hike for French property owners AccountingWEB     •     December 22, 2020, 12:23 pm Personal tax How Round 3 Of The SEISS Scheme Is Tougher Than Before AccountingWEB     •     December 23, 2020, 4:27 pm Business tax Tags Coronavirus R&D tax relief Doub

ABP #198 - Predecessor and Successor Financials Accounting Best Practices with Steve Bragg     •     June 27, 2015, 11:20 pm Handling the mid-month financials for both parties ABP #60 - Profit Recovery: Vendor Relationship Auditing Accounting Best Practices with Steve Bragg     •     January 27, 2008, 10:58 pm How to pursue recoveries from suppliers GAAP and the Federal Budget Deficit Accounting Onion     •     December 6, 2017, 1:37 am The accounting topic of the season is income taxes.  But, as the nation contemplates what Congress could end up passing, I want to talk about how one under-the-radar amendment to financial accounting… Check out https://www.johannakimball.com

Re-introducing Principles to Financial Accounting Accounting Onion     •     June 23, 2017, 12:56 am A long time ago —  in 2004, to be exact — the FASB and IASB announced that they would jointly develop a common “conceptual framework.” They divided the work into eight phases.  It took them almost… ADC Announces All Clients to Receive Financial Dashboard in 2021 AccountingDepartment.com     •     December 22, 2020, 4:18 pm Breaking News: AccountingDepartment.com co-Founders Dennis Najjar, CPA and Bill Gerber announce all clients will receive a financial dashboard accessible to them in 2021.  On the heels of our 2020… ABP #173 - Bragg's Laws of Accounting Accounting Best Practices with Steve Bragg     •     February 7, 2014, 11:54 pm A look at underlying patterns that govern accounting behavior Check out https://www.johannakimball.com