Insights

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made (Subtopic 958-605), in part, to eliminate the diversity in practice in recognizing grants received from governmental sources.

The CARES Act has made numerous changes to help individuals and businesses recover from the financial difficulties resulting from the COVID-19 pandemic.

The Spring edition of PKF Worldwide Tax Update is currently available online.

The recent economic downturn and coronavirus have forced many business and financial executives and managers to take a 360° look at their business operations and cash flow and then devise a plan to improve operations and profitability and restructure the business.

Now that many businesses have received Paycheck Protection Program (PPP) forgivable loans, and many more have submitted their applications and remain hopeful, the focus has shifted from eligibility and application submission to loan forgiveness.

With the objective of reducing unnecessary burdens on smaller issuers, the Securities and Exchange Commission (SEC) recently adopted amendments to the definition of accelerated and large accelerated filers.

The Paycheck Protection Program (PPP) clearly represents the most popular of all of the entity focused relief programs authorized by the CARES Act of March 27, 2020.

The COVID-19 health crisis has caught everyone off-guard. Along with the challenges it has presented, there are also opportunities for positive changes.

Based on the questions we’ve been getting regarding PPP loan forgiveness, it is clear that many people do not understand the purpose of the CARES Act Payroll Protection Program.

The Treasury Department and the Internal Revenue Service (IRS) issued guidance on April 21 in the form of Revenue Procedures (Rev. Proc.) 2020-20, 2020-27 and Frequently Asked Questions (FAQs) which provide relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency.

The social and economic effects of the pandemic will be long-lasting and will play a part in the education decisions made by families now and into the future.