IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
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Accounting for certain leases with variable lease payments
ASU 2021-05 addresses the accounting for a lease with variable lease payments that do not depend on a reference index or a rate.
PRF distributions: Delayed reporting and new reporting portal
HHS recently opened the Provider Relief Fund Reporting Portal and published a related User Guide and FAQ document.
Paid leave for employees impacted by COVID-19 in 2021
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
IRS updates its Employee Plans Compliance Resolution System (EPCRS)
EPCRS is a summary of the rules that the IRS uses to assist employers in correcting retirement plan mistakes without disqualifying the plan.
Consumer Compliance Supervisory Highlights for March 2021
Per the CCSH publication by the FDIC, 99% of all FDIC-supervised institutions were rated satisfactory or better for consumer compliance.
SBA formally withdraws loan necessity questionnaire
Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
Interagency statement on model risk management for bank systems
The recent supervisory guidance on the model risk management for bank systems supporting BSA/AML compliance and key points of consideration.
IRS extends relief for leave-based donation programs
Notice 2021-42 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
Coronavirus: Updates about certain Provider Relief Fund requirements
We updated the discussion about certain government assistance in our Coronavirus: Financial reporting considerations white paper.
GASB proposal: Accounting changes and error corrections
A recent GASB Exposure Draft addresses financial reporting requirements related to accounting changes and error corrections.
President Biden unveils his American Families Plan
Biden’s plan to grow the middle class, expand economic growth to all Americans and leave the US more competitive funded with tax changes.
Paid leave for employees impacted by COVID-19 in 2021
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
ASC 740: Q1 2021 Provision Considerations
A roundup of recent tax law changes and other income tax provision considerations for the first quarter of 2021.
IRS expands filing and payment deadline extension
This Alert describes and explains the postponement of certain federal tax filing and payment deadlines in IRS Notice 2021-21.
GASB issues Exposure Draft regarding compensated absences
A recent GASB Exposure Draft proposes a unified model for the recognition and measurement of all types of compensated absences.