Insights
Update on IRS Guidance for Foreign Branch Operations
The IRS issued guidance on May 7, 2020 to provide relief for U.S. companies with temporary activities in foreign countries.
PKF O’Connor Davies Hires Tina Wei as Director, Transaction Advisory Services
PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax, and advisory firms, announced today it has hired Tina Wei to serve as Director of Transaction Advisory Services in the Firm’s New York City office.
Financial Reporting Considerations for Higher Education CARES Grant Fund Recipients
Nationwide closures of higher education institutions as a result of the pandemic could continue into the fall semester and raises the question on how colleges and universities can continue to serve and educate their students.
GASB Officially Delays Implementation
Recognizing that the COVID-19 pandemic has caused significant disruption to the operations of State and Local Governments, the Governmental Accounting Standards Board (GASB) adopted Statement No. 95 on May 8, 2020 which postpones the effective dates of several GASB statements and implementation guides.
FAQ No. 44 Causes Panic for Some Borrowers with Foreign Affiliates
On Wednesday evening, May 6, 2020, the Treasury Department released FAQ No. 44 which seems to reverse earlier guidance (FAQ No. 3) relating to the exclusion of non-U.S. based employees from the headcount number for purposes of determining eligibility for a Paycheck Protection Program (PPP) loan.
Didn’t Get the PPP? Think About the Employee Retention Credit
By far, the most discussed aspect of the CARES Act has been the Paycheck Protection Program (PPP) loans. And with good reason.
Cyber Roundup – May 2020
As we continue the COVID-19 lockdown, we realize how truly dependent we are on our cyber connections… from ordering food, to entertainment, to schooling and even virtually attending religious services.
Are Expenses Related to Forgiven PPP Loans Deductible?
The answer appears to be NO, although some groups, including bipartisan Congressional leaders, do not agree.
CARES Act and Single Audit Requirements
The federal government has provided billions of dollars to small businesses and not-for-profits (NFPs) through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Certification of the Need for PPP Loan Funds
Since the release of several FAQs and a safe harbor provision by the Treasury Department, a number of Paycheck Protection Program borrowers have expressed a fair amount of angst regarding their need for these funds and, indeed, tens of millions of PPP loan funds have already been returned.
Wealth Transfer Planning in the Current Economic Environment
The experience of COVID-19 has motivated, if not forced, individuals and families to assess their current estate plans.
Update on IRS Transfer Pricing Compliance Activities
It may be time for multinational companies operating in the U.S. to review and analyze the quality of their existing transfer pricing documentation or start creating one if they have not done so already.