Liabilities for unused time off mount as pandemic lingers During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals [...]
President Biden details his tax proposals for individuals President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains [...]
Updated guidance for impairment testing: When to consider triggering events On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This [...]
Extended tax filing deadline provides relief to individual taxpayers and the IRS. The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May [...]
Due to the ever-evolving financial state, the IRS and California FTB have decided to give taxpayers a month-long respite. This change only applies to individuals and does not impact other taxpayers like corporations and trusts due on April 15. [...]
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. [...]
The latest on COVID-related deadline extensions for health care benefits The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply [...]
Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring [...]
Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year [...]
FEDERAL — Employee Retention Credit The Employee Retention Credit is meant to reward employers that kept employees on their payroll during the COVID-19 impacted months. The refundable tax credit is 50% of up to $10,000 in qualified wages paid [...]
