Fake COVID-19 treatments and other new fraud schemes

Like the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of 2020 COVID-19-related complaints doubled in just one recent week. As of March 31, losses attributed to the outbreak stood at $5.9 million. Here are some of the… Read more »

The CARES Act Employee Retention Tax Credit

Answers to Questions about the CARES Act Employee Retention Tax Credit The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with… Read more »

Security Implications and Resources for Enabling Your Remote Team

We are more than two weeks into the “new normal” created by COVID-19. An unprecedented number of employees have been sent home to work and the immediate goal has been enabling the workforce to be productive, responding to Human Resource challenges like paid time off and child care, and protecting revenue streams by adjusting operations…. Read more »

Senate Passes CARES Act

[ Updated April 3, 2020 | 2:13pm ] Small Business Owner’s Guide The U.S. Senate Committee on Small Business and Entrepreneurship recently published a PDF that provides some fairly detailed answers to most organizations questions. Particularly, the document addresses the following areas: Using capital to cover the cost of retaining employees through Paycheck Protection Program… Read more »

Business Decisions During the Epidemic

“So, first of all, let me assert my firm belief that the only thing we have to fear is…fear itself — nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.”                         – Franklin D. Roosevelt We are experiencing an unprecedented time: exponential growth of Covid-19 cases, social distancing, and growing unemployment. Just… Read more »

What you need to know about the Families First Coronavirus Response Act

President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law: Requires certain employers to provide paid leave benefits to employees affected by the coronavirus outbreak; expands unemployment benefits and offers grants to states to process and pay claims; and mandates coverage of coronavirus testing with no cost-sharing…. Read more »

House passes bill to provide coronavirus relief; Senate expected to act this week

Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as… Read more »

Implementation of ASC 606: Higher Education

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance for recognizing revenue from contracts with customers. The core principle of ASU 2014-09 is that revenue should be recognized when promised goods or services are transferred to customers in an amount… Read more »

Being Smart in a Smart World

Some days I feel pretty darn old, though I’d be lying if I said I actually was. But what I am, is old enough to remember the days when most homes had just one computer (if you were lucky). I’m old enough to remember the computer making the funky dialing tone when it would establish… Read more »

“Yeah, I Know I Need to Work On My Estate Plan, But……”

As CPAs, we assist our clients with many aspects of their financial life, such as tax matters, acquiring and disposing of assets, how their investments are structured, and more. Therefore, we often assist clients with their estate planning, from the initial planning, to periodic updates, and the implementation of the plan, as well as assisting… Read more »