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So far Thomson Reuters has created 227 blog entries.

Benchmarking: Why Normalizing Adjustments Are Essential

Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses. Before you [...]

By |2020-05-04T12:59:29-04:00May 4th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , |Comments Off on Benchmarking: Why Normalizing Adjustments Are Essential

Hiring Independent Contractors? Make Sure They’re Properly Classified

As a result of the coronavirus (COVID-19) crisis, your business may be hiring independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them [...]

By |2020-04-27T13:19:23-04:00April 27th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Hiring Independent Contractors? Make Sure They’re Properly Classified

Going, Going, Gone: Going Concern Assessments In The Midst Of COVID-19

The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns; employee layoffs, furloughs or restrictions on work; liquidity issues; and disruptions [...]

By |2020-04-24T14:49:32-04:00April 24th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , |Comments Off on Going, Going, Gone: Going Concern Assessments In The Midst Of COVID-19

New COVID-19 Law Makes Favorable Changes To “Qualified Improvement Property”

The law providing relief due to the Coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall [...]

By |2020-04-20T17:57:32-04:00April 20th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , , |Comments Off on New COVID-19 Law Makes Favorable Changes To “Qualified Improvement Property”

Adjusting Your Financial Statements For COVID-19 Tax Relief Measures

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies [...]

By |2020-04-17T20:11:01-04:00April 17th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , |Comments Off on Adjusting Your Financial Statements For COVID-19 Tax Relief Measures

Relief from Not Making Employment Tax Deposits Due to COVID-19 Tax Credits

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws [...]

By |2020-04-13T13:07:29-04:00April 13th, 2020|Categories: Blog, COVID-19, Tax|Comments Off on Relief from Not Making Employment Tax Deposits Due to COVID-19 Tax Credits

Answers to Questions about the CARES Act Employee Retention Tax Credit

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to [...]

By |2020-04-06T12:48:33-04:00April 6th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Answers to Questions about the CARES Act Employee Retention Tax Credit

CARES Act Provides Option to Delay CECL Reporting

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the controversial current expected credit loss (CECL) standard. Here [...]

By |2020-04-03T13:57:59-04:00April 3rd, 2020|Categories: Audit, Blog, COVID-19|Tags: , , , |Comments Off on CARES Act Provides Option to Delay CECL Reporting

New CARES Act Provides Businesses with More Relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee [...]

By |2020-03-30T12:40:00-04:00March 30th, 2020|Categories: Blog, COVID-19, Tax|Tags: , |Comments Off on New CARES Act Provides Businesses with More Relief

Coronavirus (COVID-19): Tax relief for small businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of [...]

By |2020-03-25T18:13:32-04:00March 23rd, 2020|Categories: Blog, COVID-19, Tax|1 Comment