New Developments – 6/4/20
The Paycheck Protection Program Flexibility Act (H.R. 7010) was passed by the House and Senate and is now on its way to the President, who is expected to sign it. Here’s a summary of the changes: (more…)
COVID-19 and the Impact on Your Financial Statements
By Nick Sabbatini, CPA, Audit Manager
By now, we are all aware of the Coronavirus pandemic and the impact it is having on our lives, including the impact on businesses and the overall economy. Companies are working remotely, where possible. Disruptions to vendor and customer bases, market value declines and day-to-day changes in the global economy are also creating broad impacts to companies’ operations.
At this point, the general impacts on operations for most companies are known through media coverage and changes in our daily lives, but most of us may not be fully aware of the impact on financial reporting. We have summarized a few financial statement considerations: (more…)
Working From Home Best Practices
By Laura Mays, Director of HR & Employee Development
Due to the recent COVID-19 pandemic, working from home has very quickly become the new normal for a lot of us. For some, it’s convenient to skip the commute and jump right into a day’s work, for others, it may be a little uncomfortable and challenging to juggle a work-life balance. Here are a few tips to help keep you productive while working from a home office: (more…)
COVID-19 and Tax Updates - Recent Developments
IRS releases FAQ for C Corps carrying back a NOL to a year in which AMT applies:
- Taxpayers should treat the AMT NOL arising in a post-2017 tax year as zero
- FAQ also addresses treatment of Minimum Tax Credits in carryback years
- IRS Q&A – NOL Carrybacks of C Corporations to Taxable Years in which the Alternative Minimum Tax Applies
COVID-19 and Tax Changes
New Developments – 6/5/20
The President signed into law the Paycheck Protection Program Flexibility Act (H.R. 7010) earlier today.
- We have outlined the major provisions of the Act: The Paycheck Protection Program Flexibility Act Eases PPP Forgiveness Rules
Pandemic Emergency Unemployment Compensation Phase 2 – In early July, the EDD will start mailing notices to those who used all their UI benefits after July 2018 and before June 2, 2019, who were not included in Phase 1. If you are in this group and you are fully or partially unemployed, you will have to apply for a new UI claim before the EDD can file an extension because your benefit year has expired. If you are not eligible for a new regular UI claim, the EDD will automatically file a PEUC extension on your last UI claim.