On March 18, phase two of the Coronavirus Economic Response package was signed into law. The Families First Coronavirus Response Act (HR 6201) extends paid sick leave to employees all over the country affected by the pandemic (“COVID-19”). The paid leave is paid for by the federal government and funneled to the employees through the [...]
Clients and Friends, To start, we hope that you and your family are healthy and doing well. These are challenging and unpredictable times for us all. The safety and health of our partners, staff, clients, families, and the communities in which we live and work are and will always be our top priority. We understand [...]
Clients and Friends, To start, we hope that you and your family are healthy and doing well. These are challenging and unpredictable times for us all. The safety and health of our partners, staff, clients, families, and the communities in which we live and work are and will always be our top priority. We understand [...]
Clients and Friends, To start, we hope that you and your family are healthy and doing well. These are challenging and unpredictable times for us all. The safety and health of our staff, clients, families, and the communities in which we live and work are and will always be our top priority. We understand that [...]
Clients and Friends, To start, we hope that you and your family are healthy and doing well. These are challenging and unpredictable times for us all. As mentioned in our previous communication, the safety and health of our partners, staff, clients, families, and the communities in which we live and work are and will always [...]
Clients and Friends, To start, we hope that you and your family are healthy and doing well. These are challenging and unpredictable times for us all. As mentioned in our previous communication, the safety and health of our partners, staff, clients, families, and the communities in which we live and work are and will always [...]
Clients and Friends, To start, we hope that you and your family are healthy and doing well. These are challenging and unpredictable times for us all. The safety and health of our partners, staff, clients, families, and the communities in which we live and work are, and will always be our top priority. To our [...]
Clients and Friends, We hope that you and your family are healthy and doing well. As mentioned in previous communications from our parent company, Carr Riggs & Ingram, the safety and health of our partners, staff, clients, families, and the communities in which we live and work are and will always be our top priority. [...]
Clients and Friends, To start, we hope that you and your family are healthy and doing well. These are challenging and unpredictable times for us all. The safety and health of our partners, staff, clients, families, and the communities in which we live and work are, and will always be, our top priority. Auditwerx recognizes [...]
As of March 20, 2020: Division A – Small Business Interruption Loans ($300 billion) Increase SBA loan eligibility for certain small businesses and organizations: Businesses and nonprofit organization with no more than 500 employees Maximum loan amount – the lesser of: Four times average monthly payments for payroll, mortgage, rent, and other debt, or $10 [...]
In response to the growing concern over the COVID-19 pandemic, the construction industry has taken an unexpected hit. This unprecedented occurrence can feel daunting, especially when it comes to planning for potential circumstances are not under your direct control. Rather than panic, the best approach is often achieved by taking the time to consider different [...]
The U.S. Securities and Exchange Commission (SEC) provides updates of its response to the novel Coronavirus (“COVID-19” or “Coronavirus”) on its website at https://www.sec.gov/sec-coronavirus-covid-19-response. To date, the SEC’s actions include, among others, the following: On February 19, 2020, the SEC issued a joint statement, Effects of the Coronavirus on Financial Reporting that: Urged public companies [...]
Individual taxpayers are able to defer paying up to $1 million of federal income and self-employment taxes for 90 days without penalties or interest. The $1 million cap is per tax return regardless of the filing status (single filer or a married couple) of the return. Corporations can defer paying up to $10 million of [...]
Phase 1 = Emergency Coronavirus Bill (approx. $8.45 billion) Vaccine research and development, therapeutics and other treatments (approx. $3 billion) Centers for Disease Control and Prevention to support response from federal, state and local public health agencies (approx. $2.2 billion) Medical supplies and healthcare preparedness (approx. $1 billion) Loan subsidies for small businesses (approx. $1 [...]
What is an indirect rate? One of the most perplexing aspects of cost accounting for government contractors is understanding indirect rate structures that are compliant with regulations. The Federal Acquisition Regulations (FAR) and Cost Accounting Standards (CAS) provide the requirements for distinguishing direct and indirect costs and the development of indirect rates. FAR 2.101 Defines [...]
During the compliance portion of a single audit, the auditor tests compliance with requirements that both the Office of Management and Budget and each federal awarding agency have determined to be important for each major program. The auditor also evaluates and tests internal controls over those requirements. At the start of the audit, the auditor [...]
In today’s financial climate, non-profit organizations and local governments are on the lookout for new sources of funding and new ways to serve their clientele. One potentially-untapped source of funds is grants through the federal government, which are available every year for a multitude of purposes, some of which are likely to mesh with the [...]
The not-so-popular “Parking Tax” that was imposed under I.R.C. Section 512(a)(7) as part of the 2017 Tax Cuts and Jobs Act has been retroactively repealed under the Taxpayer Certainty and Disaster Tax Relief Act. This Act was only recently signed into law on December 20, 2019. When imposed, the Parking Tax meant that exempt organizations [...]
The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) is getting more attention as financial institutions increase assets through mergers and acquisitions as well as organic growth. Bankers need to understand the requirements of this guidance at the $500 million and $1 billion asset thresholds in order to successfully implement FDICIA to prevent external [...]
Background – Legislation Effects The Controlled Substances Act of 1970 made all forms of cannabis an illegal Schedule 1 substance. Today, 33 states, plus the District of Columbia, have legalized marijuana for medical use, and 11 states allow recreational use of marijuana for adults over the age of 21. On December 20, 2018, the Agricultural [...]
