Provider Relief Fund Available for Healthcare Providers

The Department of Health and Human Services (HHS) has released information regarding additional relief for Dentists and other healthcare providers. You are now eligible to apply for federal funding through the Provider Relief Fund, created in response to the COVID-19 pandemic. The deadline to apply for funds is Friday, July 24th.  Visit the Enhanced Provider Relief Fund… Read more »

CARES Act provisions may boost cash flow

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several provisions that can help construction companies reduce their tax bills and, thereby, boost their cash flows. This article discusses a couple of such opportunities involving excess business losses and business interest expense.  The Coronavirus Aid, Relief, and Economic Security (CARES) Act may be best… Read more »

IRS guidance provides RMD rollover relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs… Read more »

Accounting for the PPP Loan and Related Forgiveness

If you are a nongovernmental entity, which includes business entities and not-for-profit entities, and you have received a loan through the Paycheck Protection Program (PPP), you may be wondering how to appropriately account for the loan and the expected partial or full forgiveness of the loan in accordance with FASB. The AICPA has recently issued… Read more »

Getting to know COBIT 2019

You don’t learn to walk by following rules. You learn by doing, and by falling over.’ –Richard Branson In 1996 ISACA, the former Information Systems Audit and Control Association (now officially known as ISACA), released a new guide framework to assist financial auditors in assessing IT governance and management:  COBIT (Control Objectives for Information and Related… Read more »

The latest news on nonprofit fraud is here

Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions from more than 2,500 fraud incidents — including 191 in not-for-profit organizations. In fact, this year’s report… Read more »

Overcoming the challenges of remote auditing during the COVID-19 crisis

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, YHB has been investing in technology and training to facilitate remote audit procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to business operations…. Read more »

Board Governance

Every organization wants proper board governance, however, most lack clarity on what it truly means. While we encourage every organization to establish a training program for new board members, it’s important to make sure even long serving members are current on relevant matters. Board governance is defined as “the set of responsibilities and practices exercised… Read more »