Top 7 reasons companies Outsource Accounting and Back-office functions

why companies outsource accounting

By Jennifer Eubanks   1. Competent financial management, reporting, and guidance.  Businesses need to have competent financial management, reporting, and guidance so the management team can focus on operations.   2. Businesses need the right people. Some 70 percent of KPMG survey respondents said they are outsourcing accounting to get access to better talent. This helps clients focus on their business instead…

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4 Tax Provisions CARES Put Into Place You Should Pay Attention To

CARES Act Tax Provisions

Businesses are facing challenges not seen previously due to COVID-19.  Many industries have been significantly impacted, some have been decimated, and most have been impacted to some extent by the COVID-19 outbreak.  To help businesses survive this turbulent time, the federal government put the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) into effect.…

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Accounting Outsourcing… Leading the New Normal

Accounting Outsourcing

We all believed that to ensure the productivity of our employees and to keep the business running smoothly, we had to do the hour commute, spend 8 to 10 hours tethered to our desks and participate in in-person meetings five days a week. You know, back in February. Rare were the companies that allowed employees…

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5 Steps to Setting Up a US Company for Non-US Resident

start a business in the united states

As a foreign business looking to establish an international footprint, there are numerous advantages if you start a business in the United States. Taxes tend to be lower than in many parts of the world, access to selling into the U.S. market is easier when a business is established within the country, and the legal…

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Tax Implications of Coronavirus Relief

tax implications of coronavirus relief

A number of tax implications evolve as a result of relief provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Families First Coronavirus Response Act (FFCRA). We’ve created a summary of information as it has evolved to date.

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Murky Waters for Government Contractors Receiving PPP Funds

government contractors receiving PPP payments

Government contractors, constantly vigilant and monitoring compliance with Federal Acquisition Regulations are faced with unprecedented uncertainty and questions surrounding acceptance of Paycheck Protection Program (PPP) funds and payments under Section 3610 of the CARES Act. Contractors must consider a) the ban against ‘double dipping’ of funds and b) must also consider that loan forgiveness under the PPP may be interpreted as a credit due back to the government in accordance with FAR 31.201-1 (a).

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Small Businesses Suffer with SBA Out of Funds

On Thursday April 16th, just 14 days after small businesses across America were first able to apply for loans through the $349 billion Paycheck Protection Program, the U.S. Small Business Administration announced it had exhausted its allotted funds and stopped accepting applications. Ironically, Capital One and Wells Fargo opened their application portals within the last two days…

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SBA Issues New Interim Rule – Temporary Changes Impacting Self-Employed and Partnership Access to PPP Loans

new interim rule issued by sba

We’ve received many questions from individuals with self-employment income filing on Form 1040 with a Schedule C. The repeated question is whether these individuals are eligible for a PPP loan, and if so, how to determine the maximum loan amount. The new interim rule answers this question. If you have no employees, the following methodology…

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CARES Act – Tax Savings and Business Opportunities

cares act - tax savings and business opportunities

Small Businesses may be able to take advantage of a number of tax savings and cost deferral opportunities presented by the CARES Act. Read on to learn about a few of the provisions and potential savings. Deferral of employer Social Security tax You can generally defer the employer share of the 6.2% Social Security tax…

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