Worst-case health scenarios, advance directives, and long-term-care options aren’t the easiest topics to broach. But CPAs can be the ideal professionals to talk with clients about the cost of future health care needs, both expected and unexpected. CPA financial planners offered advice on how to begin conversations with clients about planning for future health care […]
Q&A: Advocating for justice, diversity, and inclusion
The death of George Floyd and the protests that followed have brought on a range of emotions for Steven Harris, CPA, CGMA, and Herschel Frierson as they advocate for racial justice, diversity, and inclusion in the accounting profession and the world. As African American men and leaders in the accounting profession, they have wrestled with […]
PPP provides a lifeline, but more may be needed
As a deadly pandemic hit the United States, drivers stayed off the roads. Accidents didn’t happen. And people skipped urgent medical treatments, fearing that they’d be infected by the novel coronavirus in the hospital. All of that led to a 40% drop in demand the last two weeks of March for the services of Life […]
GASB proposes accounting guidance for CARES Act aid
GASB issued a proposed technical bulletin Thursday to assist state and local governments in their accounting for funds received as a result of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. The exposure draft, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES […]
Take care of your staff’s mental health during COVID-19
As the COVID-19 pandemic swept into the United States this spring, accounting firm Seiler LLP activated its crisis plan, allowing employees to make arrangements to work from home. On March 23, as employees from four offices logged on and work continued, departments ranging from HR to marketing remained involved to keep employees engaged, optimistic, and […]
Falling demand, safety concerns fuel finance leaders’ pessimism
‘Going to take at least a year’ East Coast Warehouse specializes in food and beverage logistics. Demand from large retailers remains strong. But kegs of beer for restaurants and bars have been sitting in the warehouse, and the freight trucking arm has seen a 10% decline in business, Harris said. Food supply chains will start […]
AICPA issues guidance on accounting for forgivable PPP loans
A nongovernmental entity may account for a Paycheck Protection Program (PPP) loan as a financial liability in accordance with FASB ASC Topic 470, Debt, or under other models, if certain conditions are met, according to new guidance for borrowers issued Wednesday by the AICPA. The AICPA worked with many of its volunteer members, and also […]
Rules proposed for direct primary care arrangements, health care sharing ministries
The IRS issued proposed rules (REG-109755-19) on the treatment of amounts paid for certain medical care arrangements, including direct primary care arrangements and health care sharing ministries. Sec. 213 allows individuals to take an itemized deduction for expenses for medical care, including insurance for medical care, to the extent the expenses exceed 7.5% of adjusted […]
Partial PPP loan forgiveness remains if 60% threshold not met
Borrowers under the Paycheck Protection Program (PPP) can qualify for partial loan forgiveness if less than 60% of the PPP loan is used for payroll, the U.S. Small Business Administration (SBA) and Treasury said Monday. Legislation signed June 5 lowered to 60% from 75% the minimum percentage of PPP funds borrowers have to spend on […]
GASB addresses subscription-based technology arrangements
GASB issued accounting and financial reporting guidance Friday for subscription-based information technology arrangements used by state and local governments. The accounting guidance for these subscriptions, which have become increasingly common in recent years, is included in GASB Statement No. 96, Subscription-Based Information Technology Arrangements. The new standard is based on the rules established in Statement […]