Millions of small companies this year have a limited time to report information on their “beneficial” owners as part of efforts of the federal Corporate Transparency Act via the U.S. Treasury’s Financial Crimes Enforcement Network. As often happens with confusing new compliance mandates, affected businesses might turn to their accounting
Opinions expressed by Entrepreneur contributors are their own. Imagine not knowing about a tax advantage that could have saved your business thousands of dollars. Money that could be used to buy new equipment, set aside for tough times or reward hard-working employees? Now think about Pat, who nearly missed out
A bill backed by the Minnesota Society of CPAs that would ease the path to a CPA license has moved forward in the Minnesota Senate. The bill, known as Senate File 1660, advanced on a voice vote Thursday, moving it from the State and Local Government and Veterans Committee to
The Securities and Exchange Commission will force companies to disclose their greenhouse gas emissions for the first time, but watered down a key requirement after heavy lobbying from industry groups. After receiving thousands of comment letters and numerous litigation threats, the SEC is set to impose climate-disclosure requirements that will
The Securities and Exchange Commission will force companies to disclose their greenhouse gas emissions for the first time, but watered down a key requirement after heavy lobbying from industry groups. After receiving thousands of comment letters and numerous litigation threats, the SEC is set to impose climate-disclosure requirements that will
Advances in technology have enabled businesses of all sizes to become more competitive in their processes. Cloud computing and automation in particular have transformed the way financial teams manage their day-to-day operations, and savvy accounting practitioners are slowly shifting away from the report-to-record (R2R) model and into continuous accounting. Continuous
Advances in technology have enabled businesses of all sizes to become more competitive in their processes. Cloud computing and automation in particular have transformed the way financial teams manage their day-to-day operations, and savvy accounting practitioners are slowly shifting away from the report-to-record (R2R) model and into continuous accounting. Continuous
Opinions expressed by Entrepreneur contributors are their own. Here’s an example: Alex owns a custom framing store with low prices — just above cost — to attract customers. Volume helped keep the cash coming in. One wall of the shop was devoted to artist’s paintings, for which Alex received a
The 150-hour rule for obtaining a CPA license is getting blamed in many quarters lately for the shortage of accountants, but another culprit may be the proliferation of complicated accounting standards, according to a recent academic study. The study, released last December, examined the role that accounting rules from the
The 150-hour requirement for obtaining a CPA license has led to a decline in Black and Latino CPAs of up to 26%, according to a research study. The study, released last month, also found a 13% greater entry decline following the requirement’s enactment for minority than nonminority CPA candidates by