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 »

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 »