The Ledger @ Hancock Askew
Your news source for the accounting and business world.
Our team has curated the articles and publications below to help you stay up to date with the latest information in tax, audit, accounting, advisory and general business.
General
Federal Law Changes
- CARES ACT: TAX & RELIEF MEASURES – an overview of all elements
- CARES Act tax provisions aim to stabilize pandemic-ravaged economy
- First Guidance Issued by DOL on Families First Act
- CARES Act Highlights from the Tax Foundation
- As of March 20, 2020, the Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. States will make decisions individually.
- The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. – Coronavirus Tax Relief at IRS.Gov
- Coronavirus Stimulus Check Calculator
- When You File Your 2019 Tax Return Will Impact Your Stimulus Payment
State Law Changes
- Chart showing states’ responses to the extension of payments.
- States issuing new or updated guidance will now be highlighted in yellow. As of 4/30/20, this Excel document is being updated daily.
Other News
- Your COVID-19 tax and business questions answered
- Tax Free Payments for COVID-19 related Employee Expenses under Sec. 139
- Overcoming Financial Difficulties of Coronavirus Environment – Steve Keaveney, CFO Outsourcing Services Leader/Clarity Capital Advisors Partner, interview with Supply Chain Now Radio
- Update on Services During COVID – 19 Pandemic From Andrew Saul, Commissioner of Social Security
- Tech Tips for Firms responding to Coronavirus
Business Topics
PPP Loan Forgiveness Guidance & Tools
PPP Loan Forgiveness Application:
Preparing for the PPP Loan Forgiveness Application:
Loan Forgiveness Calculators:
PPP Loan Application Guidance:
- Additional PPP Interim Final Rule from SBA – 4.14.20
- First PPP Interim Final Rule from SBA – 4.2.20
- SBA issues PPP guidance on laid-off employees who refuse to be rehired
- Applications for small business Paycheck Protection Program open April 3
- Paycheck Protection Program – Description
- Paycheck Protection Program Borrower Application Form
- Georgia Banks Mobilized for Small Business Lending Program, SBA Provides Helpful Clarity
- CARES Act Business Owner’s Guide; helpful FAQs from U.S. Senate Committee
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act; aka the “CARES Act.” Below is a summary that addresses the stimulus funding for business owners.
SUMMARY – Keeping American Workers Paid and Employed Act under the CARES Act
Facebook to grant $100M for COVID Disruption
Coronavirus Business Disruption Resources
- Includes topics like cash spend measures, tax measures, and emergency financing measures.
COVID-19 Important Considerations Checklist For You and Your Business
Families First Coronavirus Response Act – Overview
SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
Small Business Owner – Resources page from While At Home
Georgia
- The Georgia Department of Labor (GDOL) has adopted an emergency Rule 300-2-4-0.5 Partial Claims, effective March 16, 2020. The rule mandates all Georgia employers to file partial claims online on behalf of their employees for any week during which an employee (full-time/part-time) works less than full-time due to a partial or total company shutdown caused by the COVID-19 public health emergency. Any employer found to be in violation of this rule will be required to reimburse GDOL for the full amount of unemployment insurance benefits paid to the employee. Download the How Employers File Partial Claims Desk-Aid found on the GDOL Alert Page and follow the step-by-step instructions.
- Filing partial claims results in your employees receiving unemployment insurance (UI) benefit payments faster, usually within 48 hours for claims filed electronically. Employees for whom you file a partial claim are NOT required to report to a Georgia Department of Labor career center, register for employment services, or look for other work. Please continue to monitor their website at gdol.ga.gov for any updates to these guidelines.
Florida
- Florida Short-Term Compensation Program
- CareerSource South Florida Program
- The Florida Department of Economic Opportunity is in the process of surveying businesses in the state that have been impacted by the COVID‐19 pandemic through a Business Damage Assessment Survey (available at https://www.floridadisaster.biz). Note that a response to the survey does not constitute an appliance for assistance Florida Small Business Emergency Bridge Loan Program.
- Florida businesses seeking a bridge loan pursuant to the program must submit an application and all required supporting documentation at https://www.floridadisasterloan.org/. Direct inquiries regarding the program can also be made with the Florida Small Business Development Center Headquarters via email at Disaster@FloridaSBDC.org or toll free at (866) 737‐7232.
Disclaimer: The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant. Please contact your HAC advisor for assistance and to discuss your specific situation.
Other Recent News
- IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
- Opportunity Zone investment relief by the IRS
- Congress Agrees On Favorable Changes To Paycheck Protection Loans: What Does It Mean For Borrowers?
- Current developments in S corporations
- NOL Carryback Refund Claim Guidance under the CARES Act
- IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others
- The IRS has a good FAQ page to address the 7/15 extension.
- Coronavirus relief bill contains tax credits for employers
- Optimal choice of entity for the QBI deduction
- No need to report some transactions in video game currency, IRS says
- IRS updates guidance on business expense deductions for meals and entertainment
- IRS proposes rules to update income tax withholding, revises Form W-4
- Bonus depreciation regs are favorable for taxpayers
- Who should consider a Roth conversion under the SECURE act?
- Final rules determine maximum vehicle values
- Who should consider a Roth conversion under the SECURE act?
- Final rules determine maximum vehicle values
- Cost Segregation Study Provides For Immediate Expense Of Leasehold Improvements
- IRS Increasing Audits of Micro-Captive Insurance Companies
- Current developments in partners and partnerships
- Which Expenses are Deductible in 2020
- IRS issues 2020 standard mileage rates
- More taxpayers qualify for student loan COD relief
- The SECURE Act is changing retirement — here are the most important things to know
- Is A New Tax World Order Coming Soon?
- IRS Grinch Ruining Christmas For Syndicated Conservation Easements
- The IRS Tried to Crack Down on Rich People Using an “Abusive” Tax Deduction. It Hasn’t Gone So Well.
- Accounting for cloud computing: What you need to know
- IRS to Open Tax Season Jan 27, 2020
- 2020 tax filing season preview
- How much money do you need to fund retirement?
- How the coronavirus may affect financial reporting and auditing
- FASB to propose private company expedient for share-based payment accounting
- FASB proposes changes to not-for-profits’ reporting of gifts-in-kind
- ARSC further converges SSARSs with international standards and aligns closer with GAAS
- New GASB standard addresses lease accounting, OPEB, other issues
- A Proper Risk-Based Approach to the Search for Unrecorded Liabilities
- Technical Accounting: The CFO’s Secret Weapon
- 10 Steps to a Successful Audit
- Interesting CPA stories of how tech has transformed accounting
- Why audit firm leaders need to practice what they preach
- How firms are delivering value with audit data analytics
- New GASB standard addresses lease accounting, OPEB, other issues
- A Proper Risk-Based Approach to the Search for Unrecorded Liabilities
- Technical Accounting: The CFO’s Secret Weapon
- 10 Steps to a Successful Audit
- Interesting CPA stories of how tech has transformed accounting
- Why audit firm leaders need to practice what they preach
- How firms are delivering value with audit data analytics
- The Importance of Retaining and Protecting Plan Records
- Brief summary of issues addressed by the Private Company Council
- FASB clarifies interaction between standards
- Conversations with Audit Committee Chairs: What We Heard & FAQs
- PCAOB Issues Quality Control Concept Release
- Accounting for cloud computing: What you need to know
- How auditors can stay independent while advising on revenue recognition
- SEC proposes updating auditor independence rules
- Revenue recognition tips from the SEC staff
- New standard adds flexibility for agreed-upon procedures
- Consideration in Negotiating and Drafting Gift Agreements
- FASB officially delays 4 major standards
- Inspector General Warns About New Social Security Benefit Suspension Scam
- F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Bill
- Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package
- Gift cards, merchandise and to-go orders: Here’s how restaurants say customers should support them
- Here’s exactly what banks are offering to do to help Americans affected by coronavirus
- Consumer confidence, spending are top coronavirus concerns
- Fed Makes Emergency Rate Cut, but Markets Continue Tumbling
- The ‘stranded employee’ is a coronavirus problem the work world has never seen
- More businesses using AI as tools emerge
- What’s an effective perk to attract top talent?
- Tell us about a mistake and what you learned.
- If you could write a letter to your 21-year-old self what would it say?
- 5 Questions to Evaluate New Tech Tools
- How to delay or ditch Medicare and pick it up later without paying penalties
- Owning a Home in Retirement Could Be a Big Financial Mistake, Advisor Says
- Use Excel’s Flash Fill to automatically fill in data quickly
- Excel video walk-through: Sparklines
- 5 Questions to Evaluate New Tech
- Develop your team — or lose them
- 6 tips for not-for-profit board members to improve volunteer retention
- Finance priorities for post-merger integration
- 3 ways to defeat ransomware: Plan, prevent, not pay
- Where accounting really stands with blockchain
- Excel video walk-through: Icon sets
- Why You Need to Consider Outsourcing in 2020
- When Is The Best Time To Claim Social Security Benefits?
- SEC Files Charges Against Scheme to Sell Fictitious Interests in Marijuana Company
- 4 ways CPAs can manage their stress
- UNEMPLOYMENT INSURANCE WEEKLY CLAIMS
- U.S. DEPARTMENT OF LABOR INVESTIGATION UNCOVERS FEDERAL CHILD LABOR LAW VIOLATIONS AT RESTAURANT LOCATIONS IN 9 STATES
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