Hot Topics Article Archives - Page 30
Pandemic Alters Lease Accounting Landscape
In addition to causing enormous disruption to health, safety, and the economy across the globe, the coronavirus pandemic has significantly altered the landscape for CPAs related to the lease accounting standard. The changes include a potential effective date delay of FASB’s new lease accounting standard for certain entities, including private companies; a monumental increase in the number of lease modifications requested by lessees ...
Read MoreLease Accounting Fallout from COVID-19
The coronavirus pandemic is upending the ability to collect and pay rents or other lease obligations, as well as hampering lease accounting and compliance with ASC 842. Without the right accounting tools to handle the various changes, companies may spend hours or days creating tedious workarounds to make adjustments for compliance requirements. Here are the significant areas of lease accounting that will be affected by Coronavirus or ...
Read MoreCoronavirus Relief Law Includes Tax Breaks for Paid Sick Leave, Family Leave
A package of coronavirus relief legislation that was signed into law Wednesday includes provisions for paid sick leave, family leave and medical leave, along with tax credits to help employers and the self-employed pay for them. The Families First Coronavirus Response Act also includes provisions for free coronavirus testing, enhanced unemployment insurance, expanded food security initiatives and increased Medicaid funding from the ...
Read MoreIRS Not Processing Paper Tax Returns Due to Coronavirus
The Internal Revenue Service has stopped processing paper tax returns, with much of its staff now working remotely because of the novel coronavirus pandemic, and is encouraging taxpayers to file their taxes electronically during the three-month extension period for this year’s tax season. The IRS said that to protect the public and its own employees, and in compliance with orders of local health authorities across the U.S., some IRS ...
Read MoreIRS Accepting Email and Digital Signatures on Tax Documents Due to Coronavirus
The Internal Revenue Service is now accepting email and digital signatures on tax documents to make it easier for tax professionals and taxpayers to communicate with the agency during the novel coronavirus pandemic. The IRS said Monday that, effective immediately, it would “begin temporarily accepting images of signatures (scanned or photographed) and digital signatures on documents related to the determination or collection of tax ...
Read More