New PPP Loan Forgiveness Applications Released - Journal

The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. The applications reflect changes to the PPP made

Actived: Wednesday Jun 17, 2020


Boost Business Referrals - Journal of Accountancy

CPAs understand the benefits of having clients refer friends, family and colleagues, but some haven’t built a program for actively seeking referrals into their everyday operations. Here are strategies to increase a firm’s business through word of mouth. Develop a system. Standard practice should include asking for and following up

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Accounting for Gift Cards - Journal of Accountancy

B lack Friday, so called because it kicks off the holiday shopping season that retailers hope will bring the $4.7 trillion industry into the black, is just weeks away. But last year, continuing a growing trend, more shoppers chose to purchase gift cards rather than merchandise, skewing some sales reports.

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Revenue recognition’s effect on gift card accounting: Are

Prepaid cards and several other payable-based consumer products are popular retail items and marketing tools. Portions of the proposed revenue recognition standard that FASB is working on will affect gift card programs. Companies with gift card programs need to be prepared as the proposed standard will require the recognition of

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Employer-Provided Employee Meals

Employers in certain businesses and industries that provide employees with meals during the workday can deduct the costs of those meals if they are ordinary and necessary business expenses. As a rule, the IRS limits the business meals deduction to 50% of cost, although it may allow a full deduction

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The Right Way to Recognize Revenue

EXECUTIVE SUMMARY AMID CONCERNS ABOUT IMPROPRIETIES, the SEC issued SAB 101, which provides guidance on recognizing, presenting and disclosing revenue in financial statements. The official implementation date is no later than the last quarter of fiscal years beginning after December 15, 1999 (the quarter ending December 31, 2000 is the

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Beware of disappearing revenue in an acquisition

These days, it seems as if everyone wants to be a technology company—or to merge with one. Global merger-and-acquisition (M&A) activity through December 2015 was at a record high, with acquisition activity in the technology sector at the highest level on record. Unfortunately, the euphoria of acquiring a company can end abruptly—when the buyer realizes it will never get a chance to

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Unclaimed Property - Journal of Accountancy

If the employer voids or writes off the stale payroll check, it understates its liability (wages payable). The uncashed payroll check becomes “unclaimed property” after it has remained outstanding for a period of time (one year or more as specified by state statute).

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Tax Treatment of Rebates May Be Clearing Up

EXECUTIVE SUMMARY The IRS has attempted for many years to categorize rebates as deductions rather than exclusions so that the restrictions of IRC § 162 can be applied. But the courts have allowed exclusion treatment for direct seller-to-buyer rebates. Though the IRS has had some success in the courts challenging

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Smart Stops on the Web - Journal of Accountancy

TAX SOFTWARE SITES Links to Tax Programs CPAs and tax preparers can find links here to sites that offer software—either to demo for free or purchase—as well as hardware and peripherals. Users can explore categories such as computer rentals, data recovery and storage, and multimedia. A search on the

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When Should Advertising Be Capitalized?

This might include coded order forms, coupons or response cards; files indicating customer names and the advertisement; or a log of customers who called a particular phone number appearing in an ad. To meet the second requirement, companies must present documentation of benefits from previous direct response advertising campaigns.

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