On May 21, 2020, The U.S. Department of Labor (DOL) adopted a new, additional safe harbor for plan administrators to use electronic media, as a default, to furnish covered documents to participants and beneficiaries. Plan administrators will no longer have to send potentially large volumes of paper documents through the
The first Paycheck Protection Program (PPP) loans were disbursed after April 3, 2020, so thousands of US small businesses are approaching the end of their 8-week covered period for the purpose of PPP loan forgiveness. An extension of time allowing small businesses to spread their PPP loan proceeds beyond 8
The CARES Act contains robust tax provisions effective for years 2018, 2019, and 2020, including those that allow taxpayers to take advantage of specific expensing rules for the affected years. How can you maximize those provisions for your business? There are many options to consider, and you may be wondering
The first few weeks of the COVID-19 pandemic in the United States brought back memories of the 9-11 attacks for many: Sports and flights cancelled. Society in a state of shock. Calls to band together and be resilient. For me as an IT professional, it also brought back memories of
In a surprise move, on May 20, 2020, the Financial Accounting Standards Board (FASB) approved a one-year deferral to the effective date of the revenue standard (FASB ASC Topic 606, Revenue from Contracts with Customers) for all nonpublic and not-for-profit entities that have not issued their financial statements.
Paycheck Protection Program Flexibility Act of 2020: Correction to Some of the Restrictions to PPP Relief The House is reported to vote next week on the bipartisan “Paycheck Protection Program Flexibility Act of 2020” to correct some of the flaws in the original Paycheck Protection Program (PPP). Many small businesses