On Friday, March 27, 2020, the President signed into law the CARES Act, which contained $376 billion in relief for American workers and small businesses. Currently, as directed by the CARES Act, the U.S. Small Business Administration (SBA) is offering several assistance options for small businesses.
Many businesses report unusual, extraordinary gains and losses in addition to their usual revenue, income and, expenses. Recording a gain increases an asset or decreases a liability, while recording a loss decreases an asset or increases a liability. When a business has recorded an extraordinary gain or loss during the period, its income statement is [...]
Some people view the IRS as a blood-sucking ogre intent on harassing businesses. Perhaps that’s the reason why the saying, “if something can be taxed, it is taxed” rings true for so many business owners and managers. Even in a relatively small business with just a few employees, one accountant can keep busy filing all [...]
If you have ever thought of owning foreign real estate, but have doubts of its merits, this post is going to outline some of the primary benefits that ownership of offshore real estate entails. It will also shed some light on the common pitfalls that Americans may encounter when acquiring offshore real estate. Whether foreign [...]
Accounting for real estate development projects under generally accepted accounting principles (GAAP) demands knowledge of regulatory requirements from various accounting bodies; bodies like the Accounting Principles Board, Emerging Issues Task Force, Financial Accounting Standards Board, and American Institute of Certified Public Accountants (AICPA), to name a few. The costs accrued with the development of a [...]
The fate of law firms depends on their ability to recognize that mere growth is not the key to success. This is the conclusion of the “2014 Report on the State of the Legal Market” published by the Center for the Study of the Legal Profession (Georgetown University Law Center) and Thomson Reuters Peer Monitor. [...]