Reporting embedded leases
In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. Updated guidance
Does your business have a unique selling proposition?
Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP).
Businesses: Get ready for the new Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.
Communicate with Customers: QuickBooks and Microsoft Word
The pandemic has forced businesses to find new ways to connect with customers. QuickBooks has built-in tools that can help.
Accounting for cloud computing arrangements
The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements.
Avoid pitfalls when splitting gifts with your spouse
The annual gift tax exclusion allows you to transfer up to $15,000 per beneficiary gift-tax-free for 2020, without tapping your lifetime gift and estate tax exemption. And you can double the exclusion to $30,000 per beneficiary if you elect to split the gifts with your spouse.
Supreme Court rules that Civil Rights Law protects LGBTQ workers
In a landmark ruling on June 15, 2020, a 6-3 majority of the U.S.
Is it time to outsource finance and accounting?
Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs.
Rebuilding your nonprofit’s board
In times of turmoil, your board of directors should be your not-for-profit’s rock-solid foundation. But what if your board is understaffed or simply doesn’t provide the leadership your nonprofit requires? Think about rebuilding it — and the sooner the better.