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IRS 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 MoreACCTFAX Bulletin Board
The Private Company Council (PCC) met on Thursday, December 3, 2020. Below is a brief summary of issues addressed by the PCC at the meeting: PCC Issue No. 2018-01, Practical Expedient to Measure Grant-Date Fair Value of Equity-Classified Share-Based Awards: FASB staff gave an overview of the feedback received from comment letters in response to the proposed Accounting Standards Update—Compensation—Stock Compensation (Topic 718):
Read MoreExpenses Paid with 2020 PPP Loans Can Be Deducted on 2021 Tax Returns
The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, in December 2020.
Read MoreCooperatives and Covid: Managing for Safety
“Three-quarters of the world’s CEOs say more emphasis should be placed on measuring the value of non-financial assets such as intellectual capital and customer relationships,” writes Fred Reichheld, Bain & Company, quoting from a study of the AICPA (Reichheld, 2012, p.1). The expansion of performance measures beyond the traditional financial accounting measures was accelerated by the landmark Harvard Business Review article, The ...
Read MoreBest Practices: 6 Strategies for Leading Through Uncertainty
If there was ever any doubt about the importance of a leader’s ability to navigate change, uncertainty, and disruption, the emergence of the global pandemic in 2020 made this necessity abundantly clear. And while we all hope to avoid future pandemics, one thing is certain — we cannot avoid ever-increasing complexity. The leaders we work with often report feeling stuck, ill-equipped, or overwhelmed as they face the growing challenges ...
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