With the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted into law, Treasury is issuing clarifying guidance at a fast and furious pace. Many practitioners are aware that the Setting Every Community Up for Retirement Enhancement (SECURE) Act, with a few exceptions, eliminated the option for beneficiaries to stretch distributions over their life expectancies […]
Accounting for COVID-19 Impacts: A Framework for Considering the Financial Accounting and Reporting Implications of the COVID-19 Pandemic
By Richard Daisley, CPA
There are many implications of the current COVID-19 pandemic. First and foremost is the consideration of the health and well-being of those impacted by the pandemic, including those who have contracted the disease, people caring for those who have contracted the disease and the healthcare providers and personnel in related fields who are treating these […]
Perhaps no single topic has dominated the tax news of late more than the government’s extensive efforts to provide relief to small businesses devastated by the COVID-19 pandemic. The Paycheck Protection Program (PPP) provides up to 349 billion dollars to small businesses (with up to 500 employees) to primarily pay up to eight weeks of […]
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748, hereinafter “the Act”) was enacted into law on March 27, 2020. It contains many tax provisions which will impact your practice immediately. This post highlights the major tax law changes contained in the Act. QIP Fix As you know, Qualified Improvement Property should […]
Tax Day has been moved from April 15th to July 15th by Notice 2020-18 which issued on March 20, 2020. July 15th is the deadline for both filing returns and paying income tax. Contrary to a previous Notice, there is no limit on the amount that can be deferred to July 15th without interest or […]
On March 18, 2020, Notice 2020-17 issued and gave taxpayers more certainty as to filing and payment information for this season’s returns. As reported in my post of March 18, 2020, the filing deadline of April 15th remains in place. The payment deadline is extended to July 15th (which is 91 days from April 15th, […]
Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020 that the payment deadline would be extended 90 days from April 15, 2020. His comments did not alter the Form 1040 filing deadline of April 15, 2020. Individuals can defer up to $1M, and corporations are able to defer up to $10M […]
The effective date of ASC Topic 606, Revenue From Contracts with Customers, is finally here for non-public business entities. All financial statements dated on or after December 31, 2019 will need to present revenue recognized under this new accounting guidance issued by the FASB. However, just because the deadline is here doesn’t mean that your […]
In this Firm Spotlight, we chat with Claudia Albelais about what inspired her to study accounting, her internship with R&A CPAs, and how their support inspired her to join the firm full time as an Assurance Supervisor. R&A CPAs has been providing comprehensive accounting and advisory services since 1942. Based in Tucson, Arizona, this firm […]
In this Firm Spotlight, we interviewed Staff Accountant Dustin Flaspohler of Landmark CPAs in Fort Smith, Arkansas, about how he became involved in accounting, what sets Landmark CPAs apart from the rest, and how they foresee technology impacting the accounting industry. Landmark CPAs has been in operation for over 60 years, earning clients’ trust by […]
