Deferred tax asset valuation allowance
Our article discusses weighting evidence in discerning whether a valuation allowance should be recognized for deferred tax assets.
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Retirement plans under the Consolidated Appropriations Act, 2021
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
The Consolidated Appropriations Act, 2021
On December 27, 2020, the President signed the Consolidated Appropriations Act, 2021 into law. In this video, we cover the major provisions of the $900 billion stimulus relief package included in the spending bill.
Possible extension of TDR and CECL relief provided by CARES Act
Potential extension of the financial reporting relief related to TDRs and CECL provided to certain financial institutions in the CARES Act.
FASB proposes goodwill impairment triggering event alternative
FASB proposes a goodwill impairment triggering event alternative for certain private companies and not-for-profit entities.
COVID-19 relief Act extends and improves many credits and incentives
The 2021 Consolidated Appropriations Act passes Congress and includes many extended and improved tax credits and incentives.
A business guide to the December coronavirus relief package
The package provides additional funding for the Paycheck Protection Program and allows certain borrowers to draw second round of PPP funding
PPP Loan Forgiveness and Tax Planning
Recent guidance from the IRS concerning PPP loan expense deductions may have a significant effect on when you apply for forgiveness and how to maximize your loan forgiveness amount. In this video, we will share the latest IRS guidance on expense deductions, their potential impact on the amount of forgiveness you may receive, and some basics of the loan application process.
Directors reflect on how a vaccine and the election will shape 2021
After the US presidential election and looking ahead to a new year, most companies are still wondering when the world will return to normal.
Changing landscape of pandemic relief for health care providers
If health care providers can’t support the receipt of pandemic relief funds, there will be significant questions about their sustainability.
Tax Policy Now: Year-end tax planning and Paycheck Protection Program
PPP borrowers cannot deduct business expenses funded by a forgiven loan, but additional legislative action could permit such deductions.
PPP borrowers may need to extend returns and forgiveness applications
PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).
GASB proposes implementation guidance
The GASB recently released a proposed implementation guide to address a wide array of practice issues related to GASB Statements.
COVID-19: Clarification on interagency statement on loan modifications
Clarifications have been provided on the interagency statement on loan modifications for customers affected by COVID-19.
Audit & Accounting Guide:
An updated AICPA guide addresses the unique aspects of the preparation and auditing of financial institution financial statements.
Audit & Accounting Guide for employee benefit plans updated
An updated AICPA guide addresses the unique aspects of the preparation and auditing of employee benefit plan financial statements.