The New England Accounting Advisor

The pandemic relief law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided an unprecedented $2 trillion in economic aid to American families, workers and small businesses affected by the Coronavirus Disease 2019 (COVID-19). Congress anticipated that the amount of money that would be involved, and the parameters for the different assistance programs established by the CARES Act would require some additional monitoring.  Hence, the reason for the creation of the Special Inspector General for Pandemic Recovery (SIGPR), an independent federal law enforcement agency charged with the oversight.

Topics: John Mulvaney, COVID-19, CARES Act, disaster relief, SIGPR

The state and local tax implications for your business will require careful attention in the COVID-19 pandemic environment. Remote work during shutdown orders led to many workers finding themselves working for an organization from a different state. Some may even opt to change locations now that working virtually has become a more permanent option.

Topics: Tarra Curran, state and local tax (SALT), new england state and local tax, Ann Brown, COVID19, Coronavirus, COVID-19, remote work

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).

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 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.

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

The $2.2 trillion economic stimulus package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes many tax and non-tax provisions to assist individuals, businesses, and the unemployed. Tax changes in the CARES Act and other tax law changes that have come about to offset the economic impact of the COVID-19 pandemic create many potential issues to consider with accounting, from going concern evaluations to financial statement disclosures. For public companies with quarterly financial filings to prepare, there will be a number of income tax accounting implications that will need to be addressed now.

Topics: tax, public company, Taxes, Brad Jolie, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, SEC, Kevin Eagan, Public Companies

As more states are extending their COVID-19 shelter-at-home orders into the summer months, businesses may be operating remotely longer. The logistics of allowing employees to work from home can be difficult, given the increased demand on IT infrastructures alone, but complying with state and local tax laws will also be a challenge.

Topics: state and local tax (SALT), new england state and local tax, Ann Brown, COVID19, Coronavirus, COVID-19, remote work

During the first quarter of 2020, the economic decline caused by the COVID-19 pandemic has raised many questions about the fair value of a variety of assets held in a broad range of industries and companies. This has been demonstrated by the significant declines in public share prices by many public companies as well as the declines noted in the broader stock market indices.

Topics: goodwill impairment, impairment testing, public company, David Lewin, ASC Topic 606, Coronavirus, COVID-19

The new coronavirus (COVID-19) outbreak continues to be a top-of-mind concern for organizations and individuals across the globe. As COVID-19 becomes increasingly widespread, it’s not only raising fears about the well-being of the general public, but it’s also disrupting business operations and creating insurance exposures.

Topics: COVID-19

On April 3, the Massachusetts Department of Revenue (“DOR”) released a Technical Information Release (“TIR”) that announced tax filing and payment relief for personal income tax and payment relief for corporate excise tax, in response to the COVID-19 pandemic.

Topics: state and local tax (SALT), new england state and local tax, SALT cap tax, Ann Brown, COVID19, Coronavirus, COVID-19

The Coronavirus disease (COVID-19) pandemic has effected countless aspects of our daily lives and business, and accounting is no exception. Many companies will need assistance navigating the complexities of accounting guidance—particularly during these times of uncertainty and business and workflow disruptions. The COVID-19 pandemic will likely impact a variety of your accounting estimates and the application of current accounting guidance. It may also require your organization to perform a number of analyses and tests during an interim period that may otherwise have not been necessary. You will be required to create detailed memoranda and documentation to illustrate that the proper analysis supports the conclusions reached for your auditors and Q1 filing. We are here to help Securities and Exchange Commission (SEC) filers navigate and interpret the applicable accounting guidance during these ever-changing times, as well as aid with the preparation of technical memoranda and other documentation that you are required to prepare.

Topics: goodwill, public company, Revenue recognition, David Lewin, intangible assets, ASC Topic 606, Coronavirus, COVID-19, sec filer, ROU assets, ASC 350, SEC extension