Archive for August 2020
COVID-19 Pandemic Impact on Going Concern Evaluation
The coronavirus pandemic (COVID-19) has been an unprecedented public health threat for all of us. Significant developments and spread of COVID-19 did not begin to take place until January of 2020. The World Health Organization (WHO) did not characterize COVID-19 as a pandemic until March 11, 2020. The pandemic has affected numerous economic sectors, resulting…
Read MoreCOVID-19 Pandemic Impact on Lease Concessions
The impact of the Coronavirus pandemic (COVID-19) on entities continues with a lot of unknowns related to its future effects. Entities need to monitor how they are affected and evaluate the accounting and reporting implications on their businesses, financial condition, operating results, and cash flows. Entities are encountering office and facility closures due to businesses…
Read MoreCOVID-19 Pandemic Impact on Revenue Recognition
While coronavirus, COVID-19, continues to impact companies and organizations in the short-term, the long-term impacts remain largely unknown. Companies should exercise prudence in their accounting and financial reporting functions and the regularly review resulting analysis that identifies financial, operational and compliance risks. Why is it important? COVID-19 has the possibility to impact both existing and…
Read MoreThree Important Clarifications in the SBA’s August 24th Interim Final Rule for PPP
On August 24, 2020, the U.S. Small Business Administration (SBA) released another update to the Paycheck Protection Program (PPP), the Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. Included in the latest guidance are three notable clarifications from prior guidance impacting PPP loan borrowers: 1) Certain individuals are exempt from…
Read MoreProposed Regulations for Carried Interest – Is It Time to Analyze Business Strategies?
When the Tax Cuts and Jobs Act of 2017 introduced the new carried interest rules through IRC Section 1061, it upended compensation models that had been utilized by a wide variety of professionals and industries, most notably real estate developers, private equity and hedge fund managers. The new rules extended the holding period from 1…
Read MoreWebinar: Unpacking Provider Relief Fund (PRF) Financial Reporting Requirements
Did you receive money from the Department of Health and Human Services (HHS) Provider Relief Fund (PRF)? If so, there are stringent financial reporting requirements that must be met. Watch this webinar as Aprio’s advisors guide you through what you need to know. Angela Dotson, Partner-in-Charge of Aprio’s Professional Services and Healthcare group and…
Read MoreIRS 2019 Tax Correspondence Delays – What You Should Do
Did you make a tax payment via check leading up to the 7/15 extended IRS due date? Many taxpayers did. If you’re check still hasn’t been cashed, do not worry. You are not alone, and you haven’t done anything wrong. If you have paid but receive an unpaid tax notice The IRS has a backlog…
Read MoreHow to Navigate an M&A Transaction with a PPP Loan
As the reality of the pandemic and its longevity begins to sink in for American business owners, many are realizing that they can’t put their companies’ futures on hold forever. For some, this means moving forward with potential mergers and acquisitions. In light of the various relief programs offered to companies, namely the PPP loan,…
Read MoreThe Impact of Section 889 on Federal Grant Recipients
On August 13, 2020, the Final Guidance added part 2 CFR 200.216 to align regulations for grant recipients with Section 889 of the John S. McCain National Defense Authorization Act (NDAA). What this means is that if your organization is a federal grant recipient, you can no longer use federal funds to procure certain Chinese telecommunication equipment, video surveillance equipment systems,…
Read MoreIRS 2019 tax correspondence delays – what you should do.
Did you make a tax payment via check leading up to the 7/15 extended IRS due date? Many taxpayers did. If you’re check still hasn’t been cashed, do not worry. You are not alone, and you haven’t done anything wrong. If you have paid but receive an unpaid tax notice The IRS has a backlog…
Read More