By ANGELA LAWRENCE
On August 5, 2022, President Biden signed the PPP and Bank Fraud Enforcement Harmonization Act of 2022, which establishes a 10-year statute of limitations for civil enforcement and criminal charges against borrowers who engage in fraud relating to Paycheck Protection Program (PPP) loans.
By Lisa Tier
The COVID-19 pandemic significantly impacted many businesses throughout the country. Fortunately, a lot of assistance was offered to keep business entities afloat and help continue their day-to-day operations. In November of 2021, the Financial Accounting Standards Board (FASB) issued new guidance in their release of ASU 2021-10.
By ALFRED G. MUELLER, CPA
Pennsylvania lawmakers finally reached an agreement this summer to reduce the state’s corporate net income tax (CNIT) rate. With the enactment of House Bill 1342 as a component of the 2022-2023 fiscal year state budget, signed into law by Governor Wolf in early July, the nation’s second highest state corporate tax rate will see a substantial decrease.
Organizations and companies have been exposed to new and different types of risks over the past several months. Many have tested internal controls like never before, and in some cases, demonstrate the need for a more comprehensive strategy. Recognizing the need for financial statement audits to adapt to this reality, AICPA’s Auditing Standards Board has issued SAS 145.
