Professional Accounting Blog

    Accounting For Your Prosperity

    Internal Controls in the Age of the CARES Act

    Posted by Brian Dunfee on Jul 7, 2020 2:41:01 PM

    Topics: Accounting & Auditing, Benefit Plan Advising & Auditing, COVID-19

    The CARES Act (the “Act”) has been around for just over 3 months, providing much needed relief for retirement plan participants as they and their employers continue to navigate the pandemic.  While this is good news for all involved, the provisions of the Act also create an opportunity for plan sponsors to evaluate the impact on their system of internal controls as they relate to the plan itself.

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    IRS Guidance Provides RMD Rollover Relief

    Posted by Natalie Takacs on Jul 2, 2020 10:00:10 AM

    Topics: Accounting & Auditing, Accounting and Tax Resource, COVID-19

    The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans.

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    Can I use Data Analytics in my Business?

    Posted by Carlin Culbertson on Jun 30, 2020 10:37:09 AM

    Topics: Small Business, Accounting & Auditing, Accounting and Tax Resource, Strategic Leadership

    Data analytics can mean different things to different people, so it ends up being a relatively broad term used to describe anything from cross-referencing Excel spreadsheets to predicting sales trends using data from a variety of sources. 

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    Updates and Revisions to PPP Loan Forgiveness – File Early, Reduced Business Safe Harbor

    Posted by Carlin Culbertson on Jun 24, 2020 3:02:02 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19, Featured

    They say change is life's only constant, and Treasury, the SBA, and Congress have driven that point home over the past couple months.  Late on June 22, 2020, Treasury and the SBA posted an updated interim final rule concerning forgiveness, making updates and adding explanations for changes made by the PPP Flexibility Act Congress recently passed, and adding some further explanations for the updated loan forgiveness applications that were posted on June 16, 2020.  Here are the application and instructions and the new EZ application and instructions.

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    WEBINAR: Where Do We Go From Here?

    Posted by Meaden & Moore on Jun 17, 2020 5:37:11 PM

    Topics: Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    The COVID-19 pandemic continues to turn the world upside down. Operating an organization in this environment can be challenging. 

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    Guidance Issued by the AICPA on Accounting and Reporting for PPP Loan Forgiveness

    Posted by Kelli Bernstein on Jun 12, 2020 9:43:36 AM

    Topics: Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    We have all been waiting for guidance to be issued related to accounting for forgiveness of Paycheck Protection Program (PPP) Loans. On June 10, 2020, the AICPA issued such guidance in the form of a Technical Question and Answer (TQA)  3200.18 Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program. The TQA specifically addresses nongovernmental entities.

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    Should I use 8-weeks or 24-weeks for my PPP Loan Covered Period?

    Posted by Carlin Culbertson on Jun 10, 2020 11:58:02 AM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19, Featured

    As I’m sure you’ve heard, there’s a new PPP Loan law that created some significant changes.  The details of which we discussed here and here.  With new rules come new questions, and the one that keeps coming up from clients is should I still use the 8-weeks or use the 24-weeks?  Or can I use any time period in between?

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    Expectations of Value and Garages

    Posted by Lloyd Bell on Jun 5, 2020 12:06:11 PM

    Topics: Small Business, Accounting & Auditing, Corporate Finance, COVID-19

    During the last week of February 2020, public equity markets began their largest decline since the financial crisis of 2007-2008. By the time it had bottomed out nearly 30 days later, the S&P 500 lost about a third of its value. The question I often get asked these days is “how has this impacted my private company value?” I also get asked if I’m ever going to paint the garage. That one’s easier to answer: Maybe.

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    Cash flow considerations related to defined contribution retirement plans under COVID-19

    Posted by Michelle Buckley on May 27, 2020 9:49:48 AM

    Topics: Accounting & Auditing, Benefit Plan Advising & Auditing, retirement plan review, COVID-19

    In the last three months, many employers have had significant decreases in their top line revenue and have attempted to cut costs to offset that revenue decrease.  The IRS has provided relief to retirement plans through the CARES’s act to assist plan participants manage through these difficult times.  Today, we wanted to share some strategies for managing cash flows as it relates defined contribution retirement plans from an employer perspective.   

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    Considerations on Accounting and Reporting for PPP Loan Forgiveness

    Posted by Kelli Bernstein on May 22, 2020 8:36:32 PM

    Topics: Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    Here we are at the end of May, and there is still no guidance that has come out under U.S. GAAP, which specifically addresses the accounting for loan forgiveness from the government under the Paycheck Protection Program (PPP)Due to the lack of such guidance at the current time, borrowers have two different ways they could account for PPP loans, as follows:

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