What Can Business Owners Do Now to Prepare for a COVID-19 Business Interruption Claim?
Though many businesses are reopening, generally in a limited capacity, most are not back to their…
IRS, You’ve Got Mail…Eleven Million Pieces of It
As the Internal Revenue Service (IRS) begins to recall its employees throughout the month of June…
OMB Issues COVID Impact Update on Federal Awards
On June 18, 2020, the Office of Management and Budget (OMB) issued a new memorandum, M-20-26…
SBA Releases New PPP Forgiveness Applications
The Small Business Administration (SBA) has released a revised Paycheck Protection Program (PPP) loan forgiveness application…
Financial Accounting for PPP Loans
UPDATED June 15, 2020 – The AICPA, in consultation with the FASB and the SEC, has…
FASB Defers Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842)
As a result of COVID-19, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)…
Business Interruption Loss Calculations: Are All Relevant Factors Being Considered?
Lately, there has been a lot of attention on the issue of business interruption claims in…
Senate Passes PPP Flexibility Act of 2020
On June 3, 2020 the U.S. Senate voted unanimously to pass new Paycheck Protection Program (PPP)…
Compensation Cap for 2019 and 2020
The compensation limit for government contractor employees, as established by Section 702 of the Bipartisan Budget…
Maryland Expands Pass-through Entity Tax to Circumvent Federal SALT Limitation
Maryland has become the most recent state to adopt a workaround to the federal $10,000 state…