NSAC Happenings and Latest News - Page 28
Modernize the Monthly Financial Close Process
Knowing where your client’s business stands financially has never been more critical for its financial health than now. As the past year-plus has shown, you never know when a sweeping global event such as a pandemic will fundamentally change the way businesses operate. That said, real-time visibility into your client’s business finances isn’t possible without the appropriate resources in place. At times, what might feel like functioning ...
Read More4 Reopening Mistakes Employers Must Avoid
I love the public accounting profession and want the absolute best for the people within it. I have been so proud of the quick pivot firms made to remote work and the practitioners’ ingenuity and productivity as they sought to help others during the COVID-19 pandemic. Now, as the vaccine process continues, I’m excited by the possibility of a real reopening in our workplaces.
Read MoreTAXFAX- Updates to the PPP Loan Program and Cooperatives
Under the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) enacted in April of 2020, Congress announced the Paycheck Protection Program (“PPP”) to help small businesses weather the negative economic impact caused by the COVID pandemic. Loans under the PPP are 100% guaranteed by the Small Business Administration (“SBA”), and the full principal amount of the loans and any accrued interest may qualify for loan forgiveness.
Read MoreFASB Proposes Changes to Hedge Accounting Standard
The Financial Accounting Standards Board released a proposed accounting standards update to better line up a company’s hedge accounting with its risk management strategies.
Read MoreIRS Offers Safe Harbor for Claiming PPP Loan Deductions
The IRS and the Treasury Department are giving small businesses that received Paycheck Protection Program loans in the first round a way to deduct expenses they couldn’t claim last year.
Read More