Today, we’re able to offer an update on that post: on September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The finalized standard confirms the information we previously provided.
The PPP was created to encourage small businesses to keep their workforce employed during the government-declared emergency. The SBA began accepting PPP loan applications in early April, but the initial $349B of relief funds was claimed in less than two weeks.
An advance healthcare directive is a document that states a person’s choices about medical treatment and/or names someone who can make decisions about medical treatment for them if they are unable to make the decision themselves. The document is a healthcare power of attorney, living will, or some combination of the two.
The 2020 presidential election is mere weeks away, and the country is still grappling with the fallout from COVID-19. While the U.S. continues to find its way out of the pandemic through extended unemployment payments, low-interest loan programs, and new incentives for businesses, the upcoming election has taken on new importance.
The number of returns examined in the last ten years has declined due to budget and workforce cuts at the Internal Revenue Service (IRS). For the fiscal year 2019, an individual tax return had a 1 in 220 chance of being selected for audit. Ten years ago, it was a 1 in 90 event. The likelihood of being chosen drops to 1 in 466 if individual returns do not include a business or the earned income tax credit.
In a surprising turn of events this spring, the Financial Accounting Standards Board (FASB) pushed back the implementation deadline for nonpublic entities recognizing revenue under Accounting Standard Codification (ASC) 606. Nonpublic entities – both for-profit and not-for-profit – were initially expected to comply with the new revenue recognition standard on reports for fiscal years beginning after December 15, 2018.
In early August, the news reported attempts between Congress and the White House to deal with additional Coronavirus relief legislation. After several meetings between the two sides, it was clear no agreement would be reached, leaving many without critical unemployment and other financial benefits.
The COVID-19 pandemic has turned business operations upside down and forced us to rethink almost all our assumptions about how businesses should be run. Business leaders have felt these changes acutely, but so have employees.
In response to the COVID-19 pandemic, the federal government enacted legislation to help businesses pay their employees during the economic downturn. The Paycheck Protection Program (PPP) was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The popularity of the initial program led to the second round of loan funding.
* Update – August 25, 2020: The IRS has temporarily suspended the mailing of three notices to taxpayers who have a balance due on their taxes. Learn more here. * The effects of the COVID-19 pandemic on individuals and businesses have been difficult to overlook. It started with the implementation of forced business closures and […]
