Accounting
PCAOB offers 45 days of relief from inspections during coronavirus outbreak
The Public Company Accounting Oversight Board is giving firms a pause until May 11, given the difficulties businesses are facing from COVID-19. Original Article Posted at : https://www.accountingtoday.com/news/pcaob-offers-audit-firms-45-days-of-relief-from-inspections-during-coronavirus-outbreak
Read MoreNew York’s Road to Legalized Marijuana
New York Governor Andrew Cuomo (D) has become an avid supporter of legalized recreational marijuana and has vowed to legalize it this year. This is the second year in a row Gov. Cuomo has included legalization in his budget. In 2019, the measure was eventually taken out of the budget, despite support among voters, as…
Read MoreOverview of Previous Tax Rebates During Economic Downturns
Lawmakers are currently debating the size and structure of “recovery rebates” for individual taxpayers as part of a package addressing the current health and economic crisis. The exact mechanism and timing of these potential rebates, designed to provide a one-time income boost for individuals to weather the economic crisis, is at this point unknown. How…
Read MoreAICPA joins coalition urging U.S. government to use payroll processors to fund small businesses in coronavirus pandemic
The coalition proposed the federal government set up and fund a central payroll account for small-business payroll processors to use to direct funds to small businesses to keep paying employees. Original Article Posted at : https://www.accountingtoday.com/news/aicpa-joins-coalition-urging-u-s-government-to-use-payroll-processors-to-fund-small-businesses-in-coronavirus-pandemic
Read MoreFASB may need to revise CECL to deal with coronavirus fallout
The Financial Accounting Standards Board is coming under pressure to relax its credit losses standard as banks and other financial institutions see the value of their assets plunging from the sell-off in the capital markets amid the coronavirus pandemic. Original Article Posted at : https://www.accountingtoday.com/news/fasb-may-need-to-revise-cecl-to-deal-with-coronavirus-fallout
Read MorePwC donates $2.85M to coronavirus-related efforts
The Big Four firm’s Charitable Foundation will split its donation among Feeding America, Direct Relief and local nonprofits. Original Article Posted at : https://www.accountingtoday.com/news/pwc-donates-2-85m-to-coronavirus-related-efforts
Read MoreEmployers can use payroll tax credits for paid leave for coronavirus
Two new refundable payroll tax credits are aimed at immediately and fully reimbursing employers, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees. Original Article Posted at : https://www.accountingtoday.com/news/employers-can-begin-using-payroll-tax-credits-for-paid-leave-for-coronavirus
Read MoreDirect Payments In Coronavirus Stimulus Bill Are Well Targeted to Low- And Middle-Income Households
The direct payments (called recovery rebates) included in the Senate’s latest coronavirus stimulus plan would target two-thirds of their benefits to low- and middle-income households,…
Read MoreArt of Accounting: Tax season in the new reality
What we did yesterday is no longer relevant during the coronavirus pandemic, and we need to adapt and quickly. Here are some issues to consider. Original Article Posted at : https://www.accountingtoday.com/opinion/art-of-accounting-tax-season-in-the-new-reality
Read More