CPA Never under estimate the value
FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.
Source: JOA News
Read More here – FASB Q&As address application of taxonomy to pandemic disclosures
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
Source: Tax News
Read More here – Proposed regs. explain disallowed transportation fringe benefits
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
Source: JOA News
Read More here – Proposed regs. explain disallowed transportation fringe benefits
The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.
Source: JOA News
Read More here – SBA, Treasury to publish names of some PPP loan recipients
The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.
Source: JOA News
Read More here – SBA launches tool to match underserved borrowers with PPP lenders
Accountants can play a role in making sure the money set aside to help small business goes to the right places.
Source: JOA News
Read More here – Heading off Paycheck Protection Program fraud
Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.
Source: JOA News
Read More here – Lease accounting effective date deferred for federal entities
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
Source: Tax News
Read More here – Guidance on how to take CARES Act distributions from qualified plans
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
Source: JOA News
Read More here – Guidance on how to take CARES Act distributions from qualified plans
Firms must consider strategic as well as practical issues as they reopen. These questions can help you think through some of these issues and point you toward ways to preserve positive changes made during the lockdowns.
Source: JOA News
Read More here – 17 strategic questions to answer before reopening
