The TG Blog

Resources and articles to empower you and keep you up to date.

remote auditing

Overcoming the Challenges of Remote Auditing during the COVID-19 Crisis

May 28, 2020

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote auditing procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to…

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economic impact payments (EIP)

Did You Get an Economic Impact Payment that was Less Than You Expected?

May 22, 2020

Nearly everyone has heard about the Economic Impact Payments (EIP) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for…

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IRA contribution

There’s Still Time to Make a Deductible IRA Contribution for 2019

May 13, 2020

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can contribute to a Roth IRA…

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PPP loan

Paycheck Protection Program Loan Certification

May 13, 2020

The Small Business Administration (SBA), in consultation with the Department of the Treasury, in its update FAQs, has determined that the following safe harbor will apply to SBA’s review of Paycheck Protection Program (PPP) loans with respect to any borrower that, together with its affiliates, received PPP loans with an original principal amount of less…

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cross-training accounting personnel

COVID-19: A Reminder of Why Cross-Training Your Accounting Staff is Key

May 11, 2020

Why is cross-training important? Imagine this scenario: A company’s controller is hospitalized for the novel coronavirus (COVID-19), and she’s the only person inside the company who knows how its accounting and payroll software works. She also is the only person with check signing authority, besides the owner, who is in lockdown at his second home…

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Do You Have Tax Questions Related to COVID-19? Here Are Some Answers

May 7, 2020

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can…

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normalizing adjustments

Benchmarking: Why Normalizing Adjustments are Essential

May 5, 2020

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 conduct a benchmarking study, however, it’s important to make normalizing adjustments to avoid any misleading comparisons.…

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going concern

Going, Going, Gone: Going Concern Assessments in the Midst of COVID-19

April 30, 2020

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 to their supply chains and customers. These negative impacts have brought the “going concern” issue to…

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EIP

Answers to Questions You May Have About Economic Income Payments

April 23, 2020

Millions of eligible Americans have already received their Economic Impact Payments (EIP) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get…

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