Data security is a critical part of the audit risk assessment. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of your internal controls. While
The IRS announced on April 13, 2021 the penalty relief provided by Notice 2020-22 to apply to deposits of employment taxes reduced in anticipation of the following credits has been extended: Paid sick and family leave credits under the
All recipients of Provider Relief Fund (PRF) payments must comply with the reporting requirements as set by the Department of Health and Human Services (HHS). At this time you only need to complete the registration. Once further guidance is
The statement of cash flows essentially tells you about cash entering and leaving a business. It’s arguably the most misunderstood and underappreciated part of a company’s annual report. After all, a business that reports positive net income on its
Multiple State Department of Transportations and Federal Highway Administrations have both recently issued guidance and their interpretation on the proper treatment of forgiven Payroll Protection Program loans. While there are still unanswered questions with both sets of guidance, we
Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. During the COVID-19 pandemic, however, many struggling companies are using it to evaluate how much longer
Some people who already received a third stimulus check will get an additional payment from the IRS. Will you be one of them? After many Americans have received a third stimulus check following President Joe Biden‘s $1.9 trillion COVID relief
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The
Your company’s financial statements should be transparent about any restrictions on cash. Are your reporting practices in compliance with the current accounting guidance? The Basics Restricted cash is a separate category of “cash and cash equivalents” that isn’t available
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless
The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF), a senior SBA official testified during a Senate Small Business Committee hearing. The American Rescue Plan
It’s just human nature. Offer people more time to do something, and they’ll take it. The IRS announced this week it is extending the tax deadline from April 15 to May 17. Listed below are some significant reasons why
