Assessing productivity as you cope with the pandemic The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners should ask the question so you can […]

Some people are required to return Economic Impact Payments that were sent erroneously The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. […]

Launching a business? How to treat start-up expenses on your tax return While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know […]

5 steps to streamline the month-end close Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone major changes — […]

PPP Flexibility Act: How It Impacts Businesses & PPP Loans The PPP Flexibility Act includes a number of major changes to loan forgiveness and terms under the Payroll Protection Program.  For those who already have PPP loans, you may be wondering how this will effect what you owe and what the funds can be used […]

Paycheck Protection Program Flexibility Act of 2020 Signed by President Trump Highlights: The 8-week period for PPP loan expenditures can be extended to 24 weeks. All new PPP loans are subject to a 24 week eligibility and forgiveness term. The 75% payroll requirement reduced to 60%. New deadline to restore the work force - December […]

Student loan interest: Can you deduct it on your tax return? The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed […]

Revenue recognition and leases: FASB gives certain entities more time Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain […]

Businesses revise sales compensation models during pandemic Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) […]