NSAC Happenings and Latest News - Page 46
Continue to Focus on Accounting and Disclosures Related to the Pandemic
Entities need to continue to consider the effects of the COVID-19 pandemic and its economic fallout in their accounting and disclosures for the latest period, and their disclosures should evolve as facts and circumstances change. As a reminder, that includes considering whether the pandemic-induced recession has triggered asset impairments; whether any accounting estimates, such as the amount of variable consideration an entity expects to ...
Read MoreThe Rise of Cybercrime in the Accounting Profession Continues
The July 15 tax filing deadline is finally behind you. Now is the perfect time to address the growing number of cyberattacks still taking place in the accounting industry. Many accounting practices are reporting that IT vendors and employers rushed to provide access for remote employees without fully understanding how to properly implement and secure it. This has resulted in an increased number of cyberattacks on accounting practices of ...
Read MoreIRS Says Companies Are Responsible for Deferred Payroll Taxes
The Internal Revenue Service said companies will be responsible for collecting and paying back any deferred payroll taxes under a directive by President Donald Trump aimed at helping workers while the administration and Democrats are stalemated on a stimulus deal. The agency issued guidance that implements Trump’s order to delay the due date for payroll taxes for millions of workers from Sept. 1 through year-end. Come next ...
Read MoreGuidance Issued on Payroll Tax Deferral
The IRS issued much-anticipated guidance on the payroll tax deferral that was ordered by President Donald Trump in a presidential memorandum on Aug. 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of 2021. Under the guidance, employers can defer the withholding, deposit, ...
Read MoreWill PPP Fraud Turn into the Next Wave of 'Liar's Loans'?
In April, Andrew Marnell of California applied for millions of dollars of loans in federal assistance through the Paycheck Protection Program. Based on his applications, Marnell received approximately $9 million in federally awarded funds from banks authorized to make the loans. It was only after funding the loans that the lenders discovered the funds were going directly to Marnell rather than the small businesses listed in the applications, ...
Read More