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The value of continuing audit education from the School of Audit During the first few months of each year our lives go on hold as we take care of our clients needs. As auditors, we understand that. However, if you think that your employees are too busy to care about continuing audit education, think again. […]. The post Wolters Kluwer’s Continuing Audit Education Adds Value appeared first on Tax & Accounting Blog.
Episode 066: Look at the Film Industry Tax Credit Business with Irene Waschler. The Association for Accounting Marketing has been around since 1989 when accounting firms could start advertising for their services. Tune in to this episode when host Hugh Duffy talks with Irene Waschler of Waschler CPA, LLC about how she got started in the film industry tax credit business.
Washington State Governor Jay Inslee signed a bill on Tuesday (March 31) establishing specific rules – backed by Microsoft – governing facial recognition software, according to a blog by Bill Smith, president of Microsoft. “This legislation represents a significant breakthrough – the first time a state or nation has passed a new law devoted exclusively to putting guardrails in place for the use of facial recognition technology,” Smith said in the post.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic. Business tax provisions include an employee retention credit, deferral of payroll tax payments, temporary reinstatement of the net operating loss (NOL) carryback, increased lim
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
The International Accounting Standards Board (IASB) has released the document, IFRS 9 and COVID-19—Accounting for Expected Credit Losses Applying IFRS 9 Financial Instruments in the Light of Current Uncertainty Resulting from the COVID-19 Pandemic. Application of IFRS 9, Financial Instruments The document responds to questions regarding the application of International Financial Reporting Standard (IFRS) 9, Financial […].
The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic. Business tax provisions include an employee retention credit, deferral of payroll tax payments, temporary reinstatement of the net operating loss (NOL) carryback, increased lim
In Egypt, banks have been told to impose a limit on cash withdrawals and deposits in a move to hopefully stop hoarding and inflation. The new limit will be 10,000 Egyptian pounds ($635) and 50,000 pounds for companies per day. There will be exceptions for those using the money to pay employees, according to a central bank statement. There will also be a limit of 5,000 pounds on ATM withdrawals and deposits, the statement said.
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In Egypt, banks have been told to impose a limit on cash withdrawals and deposits in a move to hopefully stop hoarding and inflation. The new limit will be 10,000 Egyptian pounds ($635) and 50,000 pounds for companies per day. There will be exceptions for those using the money to pay employees, according to a central bank statement. There will also be a limit of 5,000 pounds on ATM withdrawals and deposits, the statement said.
Dear Client : We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In addition to the summary of IRS actions and earlier-enacted federal tax legislation that I previously sent you, I now want to update you on the tax-related provisions in the Coronaviru
Businesses turn to new business models to survive in the face of the COVID-19 pandemic In the last few weeks, the landscape of business has changed in fundamental ways in the U.S. and globally, the breadth and depth of which we can’t yet fully comprehend. These changes have challenged companies to rewrite their forecasts, cut […]. The post Special Report: How COVID-19 is changing business sales tax obligations and enhancing risk [Part 3] appeared first on Tax & Accounting Blog.
Introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program is a lifeline for small businesses, injecting capital just when they need it most. The program offers nearly $350 billion in federally guaranteed loans, but the hallmark is that the loans can be partially or fully forgivable, provided certain criteria are satisfied.
Food retailers need to embrace a new term: digital traceability. It describes a new process that shows the importance consumers are placing on the origins of their food in the throes of the current coronavirus pandemic. And it could be one of the killer apps for blockchain. “We will be tracing everything around food production, and what we do in terms of managing animals because this (coronavirus) came from animals,” said NZX Head of Analytics Julia Jones.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
The SEC’s new Regulation Best Interest (“Reg. BI”) imposes a set of obligations on broker-dealers when giving advice to retail customers. Reg. BI in part targets transactions involving 401(k) rollovers into an IRA. These tend to be one-shot transactions where the interests of the broker-dealer do not necessarily coincide with the long-term interests of their customers.
The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Specifically, as worded in the Act, “no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting […].
Whether it’s cloud-based solutions or predictive analytics, technology is helping firms today enhance their performance outcomes in five key ways: Agility, efficiency, growth, profitability and transformation. In Wolters Kluwer’s 2019 survey of tax and accounting professionals, we found that technology has helped firms the most within the areas of profitability and efficiency, but it is […].
Marketing tactics to implement today Let’s face it—business owners are always thinking about growing their businesses. And, it usually takes a considerable amount of effort to do so, but we have some tactics you can start implementing today. Proven marketing methods Here are 5 ways to improve your existing marketing strategies: 1. Evaluate your competition […].
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
The universal characteristics of the coronavirus are change and speed. The virus is spreading quickly around the globe, of course, and has abruptly changed life for billions of people. And in an interview with Karen Webster, Chris Caton, senior vice president and head of global strategy and analytics at Prologis , supply chains are about to change as well.
As it aims to provide small businesses and enterprise clients with instant payments, Siam Commercial Bank (SCB) of Thailand is poised to open up its consumer cross-border payments app, which is powered by Ripple, to companies. The financial institution had harnessed RippleNet earlier in 2020 to link up with banking partners globally, according to reports.
Facing an economic emergency tipped off by the unprecedented coronavirus pandemic landing on American shores, the federal government in an uncharacteristic burst of speedy bi-partisan cooperation passed the $2.2 trillion CARES Act , a massive stimulus effort meant to keep citizens and businesses whole and afloat while the world rides out the outbreak.
The Banque de France is seeking applications “to experiment with a central bank digital currency for interbank settlements,” according to an announcement from the French central bank. The organization said that “the aim is to explore the potentialities offered by this technology, and to identify concrete cases integrating Central Bank Digital Currencies [CBDC] in innovative procedures for the clearing and settlement of tokenized financial assets.” The submission deadline for di
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Venmo and Cash App want to be considered as ways the U.S. government could deliver its stimulus funds to help the coronavirus-wrecked economy. The popular apps have seen widespread use in recent years, though the government thus far has not adopted either one for any official means. The parent companies of both apps have discussed this possibility with the Treasury Department, though it is unclear if the proposition has been seriously considered.
European open banking platform Tink will now have more room to expand with the acquisition of Eurobits , which works in account aggregation technology, according to a press release. Eurobits, the release states, works with banks and FinTech companies like BBVA, Santander, Sabadell and Fintonic, and the new partnership will give Tink more room to grow in Europe.
Financial institutions (FIs) face a perennial challenge in their day-to-day operations — convincing customers to use their products and services rather than a competitor’s. This issue is present in almost every industry, as the $70.3 billion spent on TV advertising in 2019 illustrates. FIs have an intrinsic advantage in offering customers the right products at the right times, however.
Australia’s national science agency plans to test a pair of vaccines over the next 90 days, part of a global race to stop the coronavirus pandemic. As researchers scramble for a cure, a doctor featured in “Pandemic,” a Netflix documentary, announced his team may have discovered a coronavirus cure which will now be tested by the U.S. military. DW.com, Germany’s international news outlet, reported the Australian government scientists have begun the first stages of testing for a potential vaccine a
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
New Hampshire FinTech Bottomline Technologies has launched a free initiative to help the nation’s banks provide relief to small businesses hurt by the COVID-19 pandemic. On Thursday (April 2), Bottomline Technologies announced it will offer lenders a simplified Small Business Administration (SBA) loan application platform to originate credit online under the “Paycheck Protection Program.”.
For most small businesses, the dawn of the new decade was filled with optimism for their futures. Consumer confidence was at an all-time high, and unemployment at an all-time low. Consumer spending was strong, as were their household balance sheets. For most SMBs , 2019 was a banner year, and 2020 was expected to be nothing less than spectacular. Two-thirds (66 percent) of SMBs expected to see their revenues grow beyond — even well beyond — what they had booked in 2019.
Spanish bank and investment institution Santander has expanded its One Pay FX international payments system to include Mexico, according to a report by Cointelegraph. The Ripple-powered payments system will be offered in the country sometime this year. The company recently filed a Form 20-F , which has to be given to the Securities and Exchange Commission (SEC) by organizations that have equity shares on exchanges in the U.S.
Cash flow has never been more critical to businesses as it is right now, and both the private and public sectors are taking action to ensure B2B payments continue to flow through the supply chain. In the U.K., recent reports in the Financial Times said the Cabinet Office has encouraged all public entities, including government departments, hospitals, councils and schools, to continue their supplier payments and coordinate with their vendor bases.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
Though the phrase “new normal” has gotten thrown around a lot lately, in many ways it is something of a misnomer. Here on the ground in the U.S., things are very far from normal – new or otherwise – with businesses closed, employees working remotely and people sequestered in their homes for at least the next month. Consumers are concerned for their futures – both health-wise and economically – and over a quarter of American small businesses don’t think at this point that they will reope
While it is the only option for many retailers, eCommerce is running into its own limitations under the pressure of the COVID-19 crisis. And as those limits become evident, some strategies to navigate them are also coming to the fore. The most concerning news about those limitations comes as retailers get a handle on how and why eCommerce orders have spiked since stores started closing at the end of February.
The current COVID-19 crisis has trained a spotlight on what happens when the means of how we satisfy the most basic of needs – getting enough food to eat – are upended. Never was that more apparent than just a few weeks ago, when supermarket shelves were laid bare of everything from meat to pasta to eggs. More recently, an untold number of eateries have shuttered across the U.S., in a bid to stop the spread of the virus by keeping people from gathering socially.
A new feature on restaurant reservation platform OpenTable will allow people to reserve grocery shopping times in the same way they reserve times to eat at a restaurant, according to a report by The Verge. The new addition to OpenTable will let someone choose from a variety of different open time slots, or join a waiting list at a business that’s teamed up with OpenTable.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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