FASB Passes ASU 2020-05 In Response to Coronavirus

The Financial Accounting Standards Board (FASB) has issued ASU 2020-05 in response to the ongoing impacts to US businesses in response to the coronavirus (COVID-19) pandemic. Accounting Standards Update  (ASU) 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities provides a limited deferral of the effective dates for implementing previously… Read more »

Businesses revise sales compensation models during pandemic

Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses across a variety of industries… Read more »

PPP Borrowers Get Concessions, Additional Guidance on Forgiveness

Paycheck Protection Program Flexibility Act of 2020 The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an… Read more »

Do you have tax questions related to COVID-19? Here are some answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can… Read more »

The EIP Debit Card Debacle

The Economic Impact Payment (a/k/a “Stimulus Payment) – Debit Card Debacle If you are like me, the first thing you do after leaving your mail “rest/sanitize” for 24-hours is to weed out the junk.  Well, if you have not yet received your Economic Stimulus Payment, you may want to open all envelopes right now, and be extra careful in deciding… Read more »

The Story Behind Pac-Man

As I sit and dream of the sand, sunlight and ocean water, I’m a reminded of a game that my kids were introduced to during last year’s family reunion.  It’s a simple game with not many rules so when they asked if they could play I sent them off to figure it out themselves.  As time passed,… Read more »

COVID-19 Related Tax Credits

Due to Covid-19, many businesses in our communities are facing extremely difficult situations. Whether you’re seeking support for paid leave or are facing a cash flow issue, there are many credits and tax savings opportunities that can benefit your business.  Included in this article is information on many of the newly released tax credits offered… Read more »

PPP Loan Forgiveness Application

On Friday, May 15, 2020 the Small Business Administration (SBA) and the Department of the Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for the application. Applying for Loan Forgiveness To apply for forgiveness of your Paycheck Protection Program (PPP) loan, Borrowers should complete this application and submit it to your… Read more »

Does someone who has died qualify for the Economic Impact Payment?

The bottom line: No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS. The IRS is requiring anyone who received a payment for a deceased person to return the entire Payment. Unless the Payment was made to joint filers and one spouse had not died before… Read more »

SBA Clarifies Good-Faith Certification

The Treasury Department and the Small Business Administration have been slowly providing additional clarity to the massive Paycheck Protection Program via their Frequently Asked Questions PDF. On May 13, 2020 a new FAQ was added to help bring some insight concerning the good-faith certification. FAQ #46 – One we’ve been waiting for FAQ #46 answers… Read more »