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FASB Votes to Officially Delay Revenue Recognition, Leasing Standard
Posted by Chrissy Hammond on Tue, May 26, 2020 @ 03:32 PM

During the Financial Accounting Standards Board (FASB) board meeting on May 20, the Board voted to defer the adoption of ASC Topic 606, Revenue from Contracts with Customers, (Topic 606) for all entities that have not yet adopted the standard, by one year from the previous adoption date. It also approved a one-year deferral of the leasing standard for non-public business entities and not-for-profits. The deferrals are designed to provide flexibility to entities that may be struggling with preparing and issuing financial statements due to the unique circumstances presented by the COVID-19 pandemic.

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Topics: FASB, Revenue recognition, leasing standard, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

4 International Tax Ramifications Related to the COVID-19 Pandemic
Posted by John Forry on Fri, May 22, 2020 @ 09:45 AM

The U.S. — as well as the rest of the world — experienced unprecedented international business disruption in the first part of 2020 due to the spread of the COVID-19 pandemic. The financial repercussions from the measures taken to limit the spread of the disease in turn led to U.S. stimulus legislation and other developments that have a bearing on U.S. international tax requirements.

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Topics: Taxes, Coronavirus Aid, Relief, and Economic Security Act

Phishing During COVID-19: What You Need to Know
Posted by Chrissy Hammond on Tue, May 19, 2020 @ 02:18 PM

Now more than ever it’s important to heighten awareness of email security. The lines between home and work have become blurred during the COVID-19 pandemic, and it makes the need for vigilant email security practices necessary. Phishing schemes alleging to have information about the COVID-19 pandemic are also increasing in frequency, which makes for a particularly high risk situation.

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Topics: phishing scams, phishing, cyber risks, cyber security, COVID19, Coronavirus

3 State & Local Tax Implications from the CARES Act
Posted by Ann Brown on Tue, May 19, 2020 @ 10:53 AM

When the Coronavirus Aid, Relief, and Economic Security (CARES) Act was first passed in late March to help alleviate financial strains from the Coronavirus pandemic, a lot of the media coverage focused on stimulus checks and business loans. The CARES Act also changed many tax laws to be responsive to taxpayer needs, and reversed some of the more onerous provisions that went into effect in 2017 and 2018 as part of the tax reform law more commonly known as the Tax Cuts and Jobs Act (TCJA).

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Topics: State tax, Sales Tax, sales and use tax, state and local tax (SALT), new england state and local tax, SALT cap tax, Ann Brown, Coronavirus, COVID-19

Tackling Tax Department State & Local Impacts from COVID-19
Posted by Ann Brown on Fri, May 15, 2020 @ 10:50 AM

Remote work arrangements during the COVID-19 pandemic have presented several challenges for operational continuity, particularly for the tax department function. Even in normal operating environments, tax departments often operate somewhat autonomously from the rest of the business. Tax departments respond to internal-facing demands that require gathering information from their company; as well as external-facing demands, such as submitting necessary information to state and local tax authorities. This dynamic has become more difficult during the pandemic, and it is worthwhile for companies to check in with their tax departments to see how things are progressing, particularly with state and local tax reporting.

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Topics: State tax, Sales Tax, sales and use tax, state and local tax (SALT), new england state and local tax, SALT cap tax, Ann Brown, Coronavirus, COVID-19, remote work

SBA’s Updated Paycheck Protection Program FAQ Brings Additional Questions
Posted by Kevin Higgins on Thu, May 14, 2020 @ 08:12 PM

One day before the deadline to return Paycheck Protection Program Funds, the Small Business Administration (SBA) updated its loan program’s frequently asked questions to create a safe harbor for recipients of loans of $2 million or less. The last minute safe harbor addition provides relief, but it also raised some additional questions, particularly coming so close to a major deadline.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, PPP, PPP Loan, payment protection plan, SBA, Small Business Administration

Managing the Paycheck Protection Program Loan Guidance: Your Questions Answered
Posted by Chrissy Hammond on Thu, May 14, 2020 @ 03:37 PM

Guidance around the Small Business Administration’s Paycheck Protection Program continues to evolve, particularly as details emerged that the first recipients of the partially forgivable loans went to larger organizations. The Treasury released an updated Q&A document in May, announced it would be reviewing all large loans and spot-checking the smaller distributions, and provided a deadline for organizations to return any PPP funds for which the organization did not qualify.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, PPP, PPP Loan, payment protection plan

6 Tax Considerations for the Real Estate Sector under Recent COVID-19 Legislation
Posted by Chrissy Hammond on Mon, May 11, 2020 @ 12:21 PM

Tax planning may not be a priority as real estate groups respond and recover to COVID-19 pandemic disruption, but recent legislation provides some significant opportunities that are worth a closer look. Determining an appropriate strategy under these provisions to optimize income tax obligations will require careful consideration and planning. Recent legislation, including the Coronavirus Aid, Relief, and Economic Security (CARES) Act, addresses previous tax reform provisions and also creates new income tax minimization potential.

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Topics: NOLs, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, payroll tax holiday, excess business loss limitation

How to Put a COVID-19 Capital and Operating Expenditure Project Plan into Place
Posted by Chrissy Hammond on Fri, May 8, 2020 @ 12:30 PM

The COVID-19 pandemic left shockwaves in its wake as countries across the world experienced a serious health threat to workforces, sudden drops in demand as whole populations were asked to stay home, and supply chain disruptions with no clear end date in sight.

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Topics: COVID19, Coronavirus, CARES Act, Operating Expenditure Project Plan

Recognizing the Impact COVID-19 Has On Revenue Recognition
Posted by Chrissy Hammond on Fri, May 8, 2020 @ 10:35 AM

The potential accounting impacts from the coronavirus have been extensive and from a financial reporting perspective, broad-ranging, affecting among others, a company’s going concern considerations, asset impairment considerations and financial statement disclosures. Yet another critical accounting area that could be affected by COVID-19 is revenue recognition, including revenue recognition internal control processes.

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Topics: Revenue recognition, ASC Topic 606, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

Designing a Post-COVID-19 Workplace
Posted by Chrissy Hammond on Fri, May 8, 2020 @ 08:00 AM

COVID-19 has completely disrupted the workplace as we know it. As businesses are slowly being allowed to reopen, employers must plan now for what their post-coronavirus workplace will look like.

By updating office and facility layouts, encouraging new behaviors and adjusting remote work options, employers can help prevent the spread of COVID-19 and other diseases, and protect the health and safety – physical and mental – of employees.

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Topics: COVID19, Coronavirus, remote work, workplace

I Have a Concession: How COVID-19 May Impact Lease Accounting
Posted by Chrissy Hammond on Tue, May 5, 2020 @ 01:09 PM

The COVID-19 pandemic brought swift consequences for many industries, particularly for those in the retail and in the hospitality space. Foot traffic all but stopped as state, local, and federal governments recommended shelter-in-place ordinances. Sudden drops in demand may have left many businesses with difficult decisions about how to pay routine expenses, including how to make lease payments. Property owners then also faced difficult choices about what to do with the leases that could not be paid during the pandemic, and as a result, many made concessions to their arrangements, including lease payment forgiveness and payment deferral.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, lease concession, lease accounting

Received a PPP Loan? Prepare for Scrutiny
Posted by Chrissy Hammond on Fri, May 1, 2020 @ 01:06 PM

The roll out of the Paycheck Protection Program (PPP) loans triggered a rush for funding at the end of March. The $349 billion in funding for the program provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act ran out mid-month, and President Trump signed a stopgap measure to provide an additional $320 billion in funding on April 24.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, PPP Loan, payment protection plan

Benefits and Marketplace Trends Through the Lens of COVID-19
Posted by Chrissy Hammond on Fri, May 1, 2020 @ 12:08 PM

Even the most optimistic person will concede that the world won’t be returning to exactly how it was before the coronavirus pandemic. The coronavirus and its disease, COVID-19, has killed tens of thousands, and infected hundreds of thousands more, forcing the majority of Americans to stay home—many without a paycheck. This pandemic has impacted nearly every aspect of life in the United States and beyond: Jobs have been lost, stocks have plummeted and no one is sure when a new “normal” will arrive.

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Topics: COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, HSA, health savings account, plan designs

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