Monthly Archives: October 2020

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Fed opens up Main Street loans to smaller businesses

The Federal Reserve board announced that it lowered the minimum loan size for three of its Main Street Lending Program facilities in an effort to make the program available to more and smaller businesses.
Source: JOA News
Read More here – Fed opens up Main Street loans to smaller businesses


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Guidance on deferred employee payroll tax issued

The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
Source: Tax News
Read More here – Guidance on deferred employee payroll tax issued


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Guidance on deferred employee payroll tax issued

The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
Source: JOA News
Read More here – Guidance on deferred employee payroll tax issued


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FASB issues minor codification changes

FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.
Source: JOA News
Read More here – FASB issues minor codification changes


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FASAB proposal would clarify presentation requirement

A proposal issued by the Federal Accounting Standards Advisory Board would clarify how an advance should be presented in component entity financial statements.
Source: JOA News
Read More here – FASAB proposal would clarify presentation requirement


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FASB proposes scope clarification for reference rate relief

Accounting relief from reference rate reform would be extended to a modification known as the “discounting transition” under a proposal issued by the Financial Accounting Standards Board.
Source: JOA News
Read More here – FASB proposes scope clarification for reference rate relief


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Companies seek ways to report diversity progress

Investors are looking for actions that back up statements about equity.
Source: JOA News
Read More here – Companies seek ways to report diversity progress


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FASB staff weighs in on debt modifications and restructurings

FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.
Source: JOA News
Read More here – FASB staff weighs in on debt modifications and restructurings


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Template for requesting penalty abatement available from AICPA

The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
Source: Tax News
Read More here – Template for requesting penalty abatement available from AICPA


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Template for requesting penalty abatement available from AICPA

The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
Source: JOA News
Read More here – Template for requesting penalty abatement available from AICPA