COVID-19 Blog Posts

Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?

August 25, 2021

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to…

CAMs: Thumbs up or thumbs down?

August 18, 2021

Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. Now, accounting rule makers are assessing how this project has fared over…

Scholarships are usually tax free but they may result in taxable income

August 18, 2021

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational…

5 possible tax aspects of a parent moving into a nursing home

August 16, 2021

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as…

Have you followed up on the management letter from your audit team?

August 13, 2021

Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter. It may provide suggestions — based on industry best practices — on how to fortify internal control systems, streamline operations and reduce…

cybersecurity

Do You Have a False Sense of Cybersecurity?

July 27, 2021

Even before the COVID-19 pandemic, construction businesses were increasingly relying on mobile devices, cloud-based applications, online collaboration, and Internet-connected vehicles and equipment. The pandemic has only accelerated the adoption of these technologies. As the number of entry points into your company’s network increases, so does…

merger

Merging For Tax Dollars

July 27, 2021

The COVID-19 pandemic has had an enormous impact on the economy, but different types of businesses have been affected differently. Some businesses — such as restaurants, bars, entertainment venues, airlines and other transportation companies — have suffered significant losses as a result of lockdowns, travel…

EIDL

EIDLs Offer Access to Working Capital

July 13, 2021

If your construction business has struggled because of the COVID-19 pandemic, you may have received a forgivable Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA). But if those funds have run out — or if you have expenses that a PPP loan…

erc

Employee Retention Credit Guidance for 2021 Q1 & Q2

June 21, 2021

The CARES Act created a refundable payroll tax credit called the Employee Retention Credit (ERC) for qualified wages paid by an eligible employer between March 13th and December 31st of 2020.  The credit was equal to 50% of qualified wages paid, up to $10,000 in…

Liabilities for unused time off mount as pandemic lingers

Liabilities for Unused Time Off Mount as Pandemic Lingers

May 4, 2021

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 for certain employers. Here’s some guidance to help evaluate whether your company is required to…

Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

Unemployed Last Year? Buying Health Insurance This Year? You May Benefit from Favorable New Changes

April 23, 2021

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you…

news for nonprofits

News for Nonprofits: COVID-19 Relief Benefits Donors

April 8, 2021

The COVID-19 relief legislation signed into law in December 2020 includes some provisions that could be a boost to donors and the nonprofits they support. For example, it extends the temporary “universal charitable deduction” for taxpayers who don’t itemize their deductions through 2021. The deduction…

Tax Planning Construction CAA

Tax Planning: Don’t Forget About the CAA

April 7, 2021

Remember the Consolidated Appropriations Act (CAA)? It was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing 2020 tax bills, the act provides several tax benefits for 2021, so be sure to…

PPP Loan Application Window Extended to May 31, 2021

April 6, 2021

President Biden has signed the Paycheck Protection Program Extension Act of 2021, which extends the covered period for the PPP. Before the law was passed, the loan application deadline was set to expire on March 31, 2021. The new law extends the deadline to May…

Updated guidance for impairment testing: When to consider triggering events

Updated Guidance for Impairment Testing: When to Consider Triggering Events

April 6, 2021

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 simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected…

Restructuring in today’s regulatory climate

Restructuring Your Nonprofit in Today’s Regulatory Climate

March 30, 2021

Some nonprofits have been forced to restructure their organizations due to the economic challenges of the COVID-19 pandemic. Fortunately, IRS rule changes from a couple of years ago make the restructuring process far easier than it once was. If you’re considering such a change, here’s…

child tax credit

New Law: Parents and Other Eligible Americans to Receive Direct Payments

March 18, 2021

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under…

Businesses provided a lifeline CAA enhances PPP loans and extends Employee Retention Credit

Businesses Provided a Lifeline: CAA Enhances PPP Loans and Extends Employee Retention Credit

March 9, 2021

The Consolidated Appropriations Act (CAA), passed late last year, provides much needed stimulus and tax relief for businesses hard hit by the COVID-19 pandemic. Two of the provisions that business owners likely are most interested in are the $284 billion in funding for forgivable loans…

IRS Provides Clarification and Guidance for Employer's Claiming Employee Retention Credit (ERC) for 2020

IRS Provides Clarification and Guidance for Employer’s Claiming Employee Retention Credit for 2020

March 5, 2021

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) signed into law in December of 2020 retroactively amended the Employee Retention Credit (ERC) to allow eligible employers to claim credit even if the employer previously obtained a Paycheck Protection Program (PPP) loan.  Now…