CFO

A&A

SBA starts emergency loan program

Short-term relief is in sight for small businesses that are struggling to survive. Starting this week, the Small Business Administration (SBA) started distributing deferred payment loans that range up to $35,000 to 10,000 businesses facing immediate financial hardship.
A&A

Sustaining your business: What are you waiting for?

AccountingWEB interviewed Mike LeMaster of Revenue Advisors. Here are his thoughts on sustaining businesses in the current economic upheaval.
Tax

Personal calls on your employer's cell phone? New tax rules may soon apply

Editor's Note: In the days since this article was written, the IRS has reversed its position on taxation of personal use of a business cell phone and has asked Congress for permission to stop treating cellular phones as listed property.
A&A

Corporate finance leaders predict economic recovery in two years

Two recent surveys of corporate finance leaders in Southern California revealed that while most businesses are reporting declining revenues and employment in 2009, four out of five of these finance executives expect recovery within the next two years, without widespread restructuring or business failure.The Orange County Chapter of Financial Executives International (FEI) and local chapters of the Institute of Management Accountants (IMA) conducted surveys of their memberships in April and May, respectively.
A&A

Program matches accounting students with small businesses

When Eduardo Chavez-Guerrero's wife's business started to take off, he decided to help her run CP Universal LLC, which provides decoration for special events such as corporate lunches and weddings."My wife has run the business for five or six years and it really started to grow and with the growth came other areas we needed to know more about, like accounting and taxes," he said. "I have no idea what accounting is about and I abhor it with a passion."
A&A

Cross-selling for small businesses

by Barbara Bix and Olga TaylorLet us tell you a fable that we've heard in a number of group settings. It talks about heaven and hell. If the analogy to small businesses is not immediately clear, it should become so by the end of this article.
A&A

FASB Accounting Standards codification will launch July 1

The Financial Accounting Standards Board (FASB) has voted to approve the FASB Accounting Standards Codification as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) to be launched on July 1, 2009. The Codification will be effective for interim and annual periods ending after September 15, 2009, which means that preparers must begin to use the Codification for periods that begin on or about July 1, 2009. All existing accounting standard documents are superseded.
A&A

Businesses have until August 17 to take advantage of certain tax credits

Businesses planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until August 17 to request the certification required for these workers, according to the Internal Revenue Service.
A&A

IASB publishes draft guidance on fair value measurement

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of draft guidance on fair value measurement.
Tax

Small business tax deduction strategies: Maximize Section 179 write-offs

Even though most business property must be depreciated over a period of time, you can still speed up write-offs if you're armed with tax knowledge. That's because your not-so-secret weapon - the Section 179 expensing allowance - lets you write off most or all of the cost of most business assets in the very first year of ownership! Here are the ground rules.Under Section 179 of the tax code, you can elect to instantly deduct, or "expense," the cost of qualified business assets bought and placed in service during the year, up to a certain limit.
A&A

FASB issues new lease accounting paper

By Shawn D. Halladay The FASB has issued a Discussion Paper on lessee accounting for leases. As expected, the requirement to classify leases as capital or operating is gone and lessees must capitalize all leases. This one-size-fits-all model, which treats dollar-outs and FMV leases the same, accounts for very different transactions in the same way.
A&A

Economy: SBA expands eligibility for small business loans

More small businesses will be eligible for U.S. Small Business Administration-backed loans, meaning greater access to much-needed capital in this tough economy, as a result of a temporary alternate size standard for the agency's largest lending program.SBA's alternate size standard for its 7(a) loan program is effective through September 30, 2010. As a result of the temporary change, more than 70,000 additional small businesses – including auto and RV dealerships, auto industry suppliers and others – could be eligible to apply for SBA 7(a) loan.
A&A

The power of anecdote and agenda: Researching your prospects' buying patterns

by Barbara Bix and Melissa Josephson Edwards As marketing directors, we want to invest money in marketing projects that demonstrate a return on investment and that will make a difference in the bottom line. How can you develop a great marketing campaign that will deliver results?By conducting market research to:  
A&A

FASB to issue new FIN 48 guidance

FASB will issue a proposed staff position for FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for pass-through and tax exempt not-for-profit entities. Once released, the FSP will be available for a 30-day comment period.FASB also decided:Not to provide guidance related to whether a tax is or is not an income tax. That attribution of the income tax to the entity or its owners should be based on the laws and regulations of the taxing authority rather than on who is responsible for payment of the income taxes.  
A&A

Small businesses say retirement plans are still excellent benefits

Amid the growing concerns about the current economy, small business owners continue to recognize having a solid retirement plan as an important issue both personally and to their employees. This is according to survey results released last week by SunTrust Banks, Inc.
A&A

Revamp your communications plan and increase revenues

By Barbara Bix and Melissa Josephson Edwards If the rate of your incoming revenues seems to be slowing down, it may be time to revamp your firm's marketing communications plan. Effective communications plans will leverage your principals' time and speed up the sales process by anticipating and getting prospective clients the information they need to move to the next level — wherever these prospects are in the buying process.
A&A

FASB chairman says final revisions to Statement 157 reaffirm fair value

In a statement accompanying the release of the final FASB Staff Position (FSP) of proposed changes to FAS 157, Fair Value Measurements, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Order, FASB Chairman Robert H. Herz said that the revised FSP, along with two others related to fair value measurements, provides additional application guidance and calls for new disclosures.
A&A

Top 9 confusing business deductions

It's tax time, which means almost 21 million self-employed people are preparing to fill out their tax returns, including Schedule C: Profit or Loss from Business. Should be pretty easy - just enter how much money came in and went out of your business last year. Right?
A&A

AICPA, CPA2Biz, and Intacct form alliance to benefit small businesses

The American Institute of Certified Public Accountants (AICPA), its subsidiary CPA2Biz, and Intacct today announced an alliance that they expect will benefit millions of small businesses across America and improve the productivity of the CPA profession.
A&A

FASB responds to negative feedback to Proposed FAS 157-e, will vote on final version

When the Financial Accounting Standards Board (FASB) decided to move forward with changes to FAS 157, Accounting for Fair Value, with the proposed FAS 157-e, "Determining Whether a Market is Not Active and a Transaction is not Distressed," it did so in the face of strongly worded comment letters from the American Institute of Certified Public Accountants (AICPA) and the Center for Audit Quality (CAQ), which expressed serious reservations about the proposed changes. Neither organization supported the draft FASB Staff Position (FSP), and both called for major revisions.

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