Insights

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.

The answer appears to be NO, although some groups, including bipartisan Congressional leaders, do not agree.

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).

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.

The experience of COVID-19 has motivated, if not forced, individuals and families to assess their current estate plans.

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.

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.