Posts Tagged ‘COVID-19’

Accounting & Audit Alert- Are you ready for the new disclosure requirements for government assistance?

Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details

READ MORE

Posted In: Alerts & Advisories

Accounting & Audit Alert- Going concern disclosures today

With the COVID-19 pandemic well into its second year and the start of planning for the upcoming audit season, you may have questions about how to evaluate your company’s going concern status. While some industries

READ MORE

Posted In: Alerts & Advisories

Accounting & Audit Alert- 10 financial statement areas to watch for COVID-related effects

The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into

READ MORE

Posted In: Alerts & Advisories

Emerging Tax Alert- SBA streamlines forgiveness for smaller PPP loans

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or

READ MORE

Posted In: Alerts & Advisories

Accounting & Audit Alert- Updated guidance for impairment testing: When to consider triggering events

On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to

READ MORE

Posted In: Alerts & Advisories

Emerging Tax Alert- The American Rescue Plan Act provides sweeping relief measures for eligible families and businesses

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19

READ MORE

Posted In: Alerts & Advisories

Emerging Tax Alert- The American Rescue Plan Act has passed: What’s in it for you?

Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden is expected to sign the 628-page American

READ MORE

Posted In: Alerts & Advisories

Emerging Tax Alert- How can your business benefit from the Consolidated Appropriations Act?

The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous

READ MORE

Posted In: Alerts & Advisories

Emerging Tax Alert- The Consolidated Appropriations Act brings COVID-19 relief (and more) to individuals

President Trump signed into law billions of dollars in long-awaited COVID-19 and economic relief. The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll and

READ MORE

Posted In: Alerts & Advisories

Accounting & Audit Alert- Red flags of debtors

Unfortunately, many businesses have experienced problems with collections during the COVID-19 pandemic. Accounts receivable are a major item on most companies’ balance sheets. Slow-paying — or even nonpaying — customers or clients adversely affect cash

READ MORE

Posted In: Alerts & Advisories