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 […]

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 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 […]

Many auditors have begun to turn their sights to their next group of audits: clients with 2020 fiscal year ends. The World Health Organization declared a public health emergency on Jan. 30, 2020, meaning many of these clients will have been affected by the COVID-19 pandemic during the period under audit. Auditing these clients will […]

The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked […]

FASB issued an update Wednesday that delayed the effective dates of its revenue recognition and lease accounting standards for certain entities in response to the coronavirus pandemic. The board issued an Accounting Standards Update that permits private companies and not-for-profits that have not yet applied its new revenue recognition standard to implement the new rules […]

The coronavirus pandemic and the legislation designed to help employers during the crisis have added new challenges for professionals who perform business valuations. To help CPAs and other valuation experts meet those challenges, the AICPA on Tuesday issued a set of FAQs on how to adjust business valuations based on the Coronavirus Aid, Relief, and […]

Offers to sign up for a COVID-19 vaccine, an IRS agent calling to confirm a stimulus payment, or someone at the door offering to swab your nose to see you have the coronavirus. These are among the ploys scammers are implementing right now against American seniors in hopes of profiting from the uncertainty, fear, and […]

The U.S. House approved legislation Thursday making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans. The House bill, called the Paycheck Protection Flexibility Act, H.R. 7010, extends from eight weeks to 24 weeks the time PPP recipients have to spend their funds. […]

Ten billion dollars in Paycheck Protection Program (PPP) Round 2 funds are being set aside to be lent exclusively by Community Development Financial Institutions (CDFIs) in an effort to boost businesses in underserved communities. This dedication of funds is designed to make sure that PPP money reaches all communities that need relief during the coronavirus […]