Accounting

The Governmental Accounting Standards Board released a technical bulletin with guidance for applying existing GASB standards to transactions related to the CARES Act and outflows incurred in response to the COVID-19 pandemic. It answers some of the questions raised by GASB stakeholders, especially state and local governments. Technical Bulletin 2020-1, Accounting and Financial Reporting Issues
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The House gave final last-minute congressional approval Wednesday to extending the popular Paycheck Protection Program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available. The Senate had passed the extension Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications
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CohnReznick, New York, elected two members to its executive board: Sheslie Royster, tax partner and leader of the Baltimore office tax practice who also assists the Charlotte office tax group; and Kristen Soles, partner and leader of the government contracting industry practice in Tysons, Maryland. Additionally, Alan Wolfson, regional managing partner, Northeast, is currently on
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The Internal Revenue Service is extending timelines for performing some of the actions associated with the low-income housing tax credit and bonds for qualified residential rental projects to give businesses more time during the COVID-19 pandemic. The IRS issued Notice 2020-53 Wednesday to offer regulatory and tax relief to issuers, operators, owners, and tenants of
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Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases. Denver: Tax defier Lawrence Birk has pleaded guilty to failing to surrender to serve his prison sentence for tax evasion and illegal possession of a firearm. Birk, convicted a year ago of tax evasion, founded a sole proprietorship,
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Three worldwide accounting groups have banded together to issue a report offering guidance on how CFOs and finance teams can steer their organizations toward long-term value creation during the COVID-19 pandemic. The report, issued last week by the International Federation of Accountants, the International Integrated Reporting Council and the Association of International Certified Professional Accountants
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The Institute of Management Accountants appointed accounting professor Paul Juras as chair of IMA’s Global Board of Directors for fiscal year 2021 from July 1, 2020 to June 30, 2021. Juras (pictured), a professor at Babson College in Wellesley, Massachusetts, plans to focus on creating educational opportunities for students and developing technological strategies to drive
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Sports fans have heard the adage, “The best offense is a good defense.” I feel the same way about the financial planning process. To be competitive in the ever-changing landscape of professional services, financial planners need to be as holistic as possible. Your defense against competitors is going to be your thoroughness and attention to
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The Sustainability Accounting Standards Board voted during an online meeting last week to open a new standard-setting project to address single-use plastics and bio-alternatives in the chemicals and pulp and paper industries. Increased public scrutiny of the environmental impacts of plastics use has led to increased regulation and changing customer demands for packaging, creating risks
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BKD CPAs & Advisors, Springfield, received two Marketing Achievement Awards from the Association for Accounting Marketing. In the social corporate responsibility category, the We AAM to Serve award for promotion of the BKD Foundation, and in Collateral and Content Marketing category for its “2020 Annual Higher Education Outlook: The Race to Financial Sustainability.” In other
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