Published 12/22/2020
Some of the highlights from the bill include the following: Expansion and changes to PPP Forgivable Loans: Allows for the deduction of expenses paid with the proceeds of a PPP loan that is forgivable and keeps the proceeds nontaxable....
Published 07/27/2020
Going-concern issues are in the spotlight during the COVID-19 crisis. Under U.S. Generally Accepted Accounting Principles (GAAP), management, not auditors, is responsible for stating whether there’s substantial doubt about a company’s...
Published 07/27/2020
Though the full effects of the COVID-19 pandemic are yet unknown, every business and not-for-profit organization is affected in some way. Executives have been working tirelessly to devise contingency plans and rework their companies’ goals...
Published 07/27/2020
On July 9, the Financial Accounting Standards Board (FASB) issued a proposal that would give insurers an additional year to implement the updated accounting standard for long-duration contracts. Insurers requested the delay in light of...
Published 05/01/2020
This post has been updated as of June 9, 2020 On June 8, the Federal Reserve Board of Governors announced changes to the Main Street Lending Program, which was originally announced on April 9 and updated previously on April 30. In the...
Published 04/23/2020
What changes have been made to Unemployment Insurance (UI) under the CARES Act/Pandemic Unemployment Assistance (PUA)? Beginning the week of March 29, 2020, UI recipients will be eligible for an additional payment of $600 through July 31,...
Published 04/15/2020
The COVID-19 outbreak has presented many financial and reporting challenges for Companies as they deal with reduced operations or even a complete shut-down during this pandemic. One of these financial reporting challenges will be performing...
Published 04/14/2020
On Wednesday, April 8th, The Financial Accounting Standards Board (FASB) voted unanimously to propose a delay to the effective date for the implementation of the new lease accounting standard, ASC 842, for private entities and...
Published 04/14/2020
The current COVID-19 environment has taken a toll on the commercial landscape, and the prevailing market forces seem to be positioned for a continuing credit downturn. This article is not about addressing TDRs and making short term...
Published 04/14/2020
COVID-19 has dramatically changed the operational environment for all businesses including financial institutions. In addition, recent legislation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has added to and relieved...
Published 04/13/2020
The coronavirus pandemic has impacted businesses unlike anything we have experienced before, leaving businesses scrambling and fearing for the future of their business. This situation has changed the way we work and has changed future...
Published 04/13/2020
On April 9, 2020 the Internal Revenue Service (IRS) issued Notice 2020-23 (link below). This notice extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July...
Published 04/13/2020
This week the Internal Revenue Service (IRS) issued Revenue Procedure 2020-23 (link below), which will enable all partnerships to file amended returns for tax years that begin in 2018 or 2019. This will allow partners to immediately get...
Published 04/13/2020
On April 9, 2020 the IRS issued guidance providing tax relief under the Coronavirus Aid, Relief, and Economic Security (CARES) Act for taxpayers with net operating losses. Revenue Procedure 2020-24 (link below) provides guidance to taxpayers...
Published 04/13/2020
Employers are faced with making tough business decisions in order to maintain operations during the COVID-19 pandemic. Layoffs, furloughs and terminations are being considered as options to cut back on costs by reducing payroll expenses....
Published 04/12/2020
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of social security taxes and self-employed individuals to defer payment of certain...
Published 04/10/2020
May 1, 2020 Update: On April 30, the Federal Reserve Board of Governors (FRB) announced changes to the Main Street Lending Program, which was previously announced on April 9. In the announcement, the FRB expanded the scope of the program,...
Published 04/10/2020
On April 9, 2020, the Federal Reserve Board of Governors announced the Main Street Expanded Loan Facility, which, when combined with the Main Street New Loan Facility, will enable banks to lend up to $600 billion in loans to small and...
Published 04/10/2020
On April 9, 2020, the Federal Reserve Board of Governors announced the Main Street New Loan Facility, which will enable banks to lend up to $600 billion in loans to small and medium-sized businesses. On the heels of the SBA Paycheck...
Published 04/10/2020
Filing and Payment Deadlines Federal and state income tax filings and payments due April 15, 2020, have been automatically postponed to July 15, 2020. Note that the second quarter estimated tax payments for 2020 are still due JUNE 15, 2020....
Published 04/09/2020
INDIANA: Income Tax: 2019 Individual and Corporate Income Tax Returns and payments, along with first quarter 2020 estimated payments originally due by April 15, 2020 are now due on or before July 15, 2020. No interest and penalties will...
Published 04/09/2020
Updated 4/20/2020 In response to the coronavirus pandemic, the Treasury Department and the Internal Revenue Service announced new Federal income tax return filing and payment for relief. The following table provides a listing of...
Published 04/07/2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, providing funding to fight the COVID-19 pandemic and stimulate the US economy. The funding assistance includes tax relief and government...
Published 04/06/2020
As a result of COVID-19 and social distancing, Zoom has experienced an increase of daily users from around 10 million to over 200 million. With that level of explosive growth, it’s no surprise that they have received scrutiny from...
Published 04/06/2020
Many companies are now hosting video conference meetings as an alternative to meeting in-person. This article will introduce best practices for hosts and attendees participating in video conference meetings. As a Host Know your...
Published 04/06/2020
Are most businesses prepared for a remote workforce? Most businesses are equipped for a small portion of job tasks to be completed remotely. Having an entire team move to working remotely this quickly is unprecedented. The short answer is...
Published 04/03/2020
Updates made to the article on April 6, 2020 are shown as highlighted text. The Department of Labor (DOL) has provided Questions and Answers relating to the Families First Coronavirus Response Act. Below is an excerpt from the Q...
Published 04/03/2020
The COVID-19 pandemic has pushed employers to face a new reality and prepare for situations that they have never faced before. The most common question in an employer’s mind is what should I do if I have an employee who tests positive...
Published 04/03/2020
The COVID-19 pandemic has had a huge impact on the economy, leaving many businesses with a loss of income. While some companies might have property insurance (which may include business interruption coverage as an add-on or rider), and may...
Published 04/02/2020
Costs captured should be incremental in nature and may include the following: Labor Dedicated FTEs for COVID-19 prevention or treatment measures. These should be individuals that are fully dedicated to COVID-19 treatment and includes all...
Published 04/01/2020
The COVID-19 pandemic has changed the way people work and where they work. Technology is more essential than ever as companies quickly shift to an almost fully remote workforce and implement new solutions to cope with the challenges we are...
Published 04/01/2020
The Trump administration issued a national emergency declaration for the COVID-19 pandemic on March 13, opening the opportunity for assistance through FEMA programs. As of March 20, all 50 states were working directly with FEMA under the...
Published 04/01/2020
Currently, virtually every business is looking for ways to ease the financial burden the COVID-19 pandemic has caused to their business. In answer to this overwhelming economic and financial crisis, Congress and the SBA have initiated two...
Published 04/01/2020
How has the Coronavirus impacted merger and acquisition activities? Let break this into two sections—buyers and sellers: Buyers Is this a good time to be acquiring a business? While there is significant uncertainty in today’s business...
Published 03/31/2020
The COVID-19 pandemic has put many employees and families in distress. In an attempt to offset the strain on US employees caused by the virus, the Families First Coronavirus Response Act (FFCRA) was introduced and will go into effect on...
Published 03/31/2020
The CARES Act, recently signed into law, includes several key provisions that impact retirement plan participants and plan sponsors. The following FAQs highlight some of the key relief measures. Defined Contribution Plans Does the CARES Act...
Published 03/31/2020
The COVID-19 pandemic has raised many new questions for businesses. Those with bank credit have many options for requesting loan extensions, credit lines, and payment postponement with their banks. Below, the MCM COVID-19 Solutions Group...
Published 03/30/2020
The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act provides temporary relief from Troubled Debt Restructuring (TDR) provisions as described below. Which banks are we discussing in this FAQ? All Banks What should...
Published 03/27/2020
April 24, 2020 Update: On April 24, 2020 the SBA clarified some issues that were outstanding form the original bill and subsequent guidance. Hedge Funds and Private Equity Firms The guidance clarified that Hedge funds and private equity...
Published 03/23/2020
Our world is at war with an invisible enemy that has brought the world economy to its knees and has left people fearful and angry at the impact it has had on our society. As a Professional EOS Implementer and CPA, I see first-hand how...
Published 03/23/2020
The Families First Coronavirus Response Act (FFCRA), or H.R. 6201, was signed into law by the President on March 18, 2020. The law requires certain employers to provide paid limited sick leave to individuals staying home due to coronavirus...
Published 03/20/2020
In response to the COVID-19 pandemic, the Families First Coronavirus Response Act (H.R. 6201) was signed by the President on March 18, 2020. This Act includes requirements for employers relating to paid sick time and family leave and is...
Published 03/14/2020
To our valued clients and friends, As we monitor the COVID-19 situation developing around the world, our top priority is to maintain the health and safety of our employees, clients and community members while maintain a consistent level of...
Published 03/13/2020
March 19, 2020 Update Many states and counties have declared states of emergency and are encouraging certain organizations open to the public to comply with social distancing recommendations. It is important to stay updated on the decisions...