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Income Tax Accounting Repercussions for Public Companies
Posted by Brad Jolie and Kevin Eagan on Fri, Apr 17, 2020 @ 02:48 PM

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.

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

Impairment and the Impact of COVID-19: Is There a Triggering Event?
Posted by David Lewin on Tue, Apr 14, 2020 @ 05:02 PM

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.

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

Accounting Considerations & Relief Extension for Public Companies in the Wake of COVID-19
Posted by David Lewin on Fri, Mar 27, 2020 @ 01:33 PM

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.

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

It’s Not Too Early to Start Thinking About 2019 Financial Statement Reporting
Posted by Peter Gold on Mon, Mar 18, 2019 @ 10:39 AM

As you wrap up your 2018 financial reporting and move into 2019, you may want to take stock of the changes that will come into effect in 2019. For public companies, the long awaited changes to revenue recognition are being applied. Private companies have several small modifications that may make their reporting a little easier.

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Topics: private company, FASB, public company, Financial Accounting Standards Board, Peter Gold, Financial Statement

Executive Compensation in Public Companies: Steps to Ensure Compensation is Tax-Deductible
Posted by Michael Corrente on Mon, Mar 4, 2013 @ 09:17 AM

Executive Compensation Arrangements are Key

Author: Michael Corrente

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Topics: Michael Corrente, tax planning, IRS, compliance, incentive compensation, executive compensation, public company

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