covid-19 relief

How Does COVID-19 Affect Financial Reporting and Auditing? Here Are 10 Financial Statement Areas To Watch

October 11, 2021

The COVID-19 pandemic is still adversely impacting many businesses and nonprofit organizations. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your organization prepares statements that comply with U.S. Generally Accepted Accounting Principles only at year-end. It’s time to evaluate…

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employer tax credit

Have You Utilized the Management Letter From Your Audit Team?

September 20, 2021

A useful tool that accompanies an auditor’s annual report for an organization is the management letter. It may provide suggestions on how to fortify internal control systems, streamline operations and reduce expenses. Managers generally appreciate the suggestions found in management letters, but they may not have time to implement those suggestions because they’re concentrating on…

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tax related actions

Tax Relief for Ida Victims in New York and New Jersey

September 13, 2021

The IRS is giving victims of Hurricane Ida in parts of New York and New Jersey until January 3, 2022, to file various individual and business tax returns and make tax payments. Victims located in areas designated by the Federal Emergency Management Agency as qualifying for individual or public assistance can take advantage of the…

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Tips for Taxpayers to Develop Emergency Preparedness Plans

September 2, 2021

Did you know September is National Preparedness Month? The IRS is reminding taxpayers to create or update their emergency preparedness plans due to the upcoming hurricane season and the ongoing threat of wildfires in some parts of the country. From individuals to organizations and businesses, having a preparedness plan in place can help in the…

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Is Your Private Company on Track To Meet the 2022 Deadline for the Updated Lease Standard?

August 23, 2021

Updated accounting rules for long-term leases took effect in 2019 for public companies. And, after several deferrals by the Financial Accounting Standards Board (FASB), starting in fiscal year 2022, private companies and private not-for-profit entities must follow suit. The updated lease standard guidance requires these organizations, for the first time, to report the full magnitude…

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lease accounting

Safe Harbor for Employers Claiming the Employee Retention Credit

August 12, 2021

The IRS released a new safe harbor that allows employers to exclude certain items from their gross receipts to determine whether they qualify for the Employee Retention Credit (ERC). Under Revenue Procedure 2021-33, the amounts that can be excluded in calculated gross receipts are: The amount of the forgiveness of a Paycheck Protection Program (PPP)…

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