Update May 28, 2020
House passed the Paycheck Protection Program Flexibility Act today. The Senate is expected to vote next week but likely the Senate bill will have different provisions than the House approved today.
By Deepa Bhat, CPA, Audit Principal
In response to the widespread disruption caused by COVID-19, the Financial Accounting Standards Board (FASB) announced in their Board meeting on April 8, 2020, a proposal for delays in the following accounting standards for certain entities: (more…)
By Jeff Faust, CVA, Director of Valuation Services
ASL Business Valuation Services
There is quite a bit of uncertainty with businesses given the global coronavirus pandemic. This uncertainly also means that a company’s value has been impacted since uncertainly creates risk and increased risk lowers value. What is this doing to a business owner? What are they thinking and how are they navigating through all of this? (more…)
By Nick Sabbatini, CPA, Audit Manager
Please be aware of potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration (SBA): https://www.sba.gov/document/report–sba-programs-scams-fraud-alerts
Links in emails and texts. Those few words, in the context of fraud, likely lead you to think of a range of potential threats to your business. If you’ve addressed the risk appropriately, you’ve trained your employees that such communications may even appear to come from management, others within your organization, or from known vendors and customers. However, these types of attacks are likely to increase in times of crisis, when curiosity, empathy, philanthropy, and fear push people to seek new information, help others in need, and find ways to protect themselves. (more…)
The CARES Act contains several provisions to get cash directly into the hands of taxpayers who are either currently employed or not working. These sources of cash include:
While businesses are carefully watching their cash flow, The CARES Act contains several provisions to provide cash for immediate operating needs:
On April 3, 2020, the IRS has released Form 7200 to claim advance payment of tax credits discussed below.
The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, requires private employers with fewer than 500 employees to provide employees with paid sick leave or extended family and medical leave for specific reasons related to COVID-19.
Effective Date: April 1, 2020, and applies to leave taken between April 1, 2020 – December 31, 2020 (more…)
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…)