What qualifies as a “coronavirus-related distribution”?

What qualifies as a “coronavirus-related distribution” from a retirement plan? As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In…

Financial Statements and Revenue Recognition

Financial statements, revenue recognition, and leases: FASB gives certain entities more time Private companies and most nonprofits were supposed to implement (in their financial statements) updated revenue recognition guidance in fiscal year 2019, and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board…

Accounting and Your Month-End Close

5 accounting steps to streamline the month-end close Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone…

Sales and Your Business During Pandemic

Businesses revise sales compensation models during pandemic Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19)…

Health Savings Account: IRS Releases 2021 Amounts

Health Savings Accounts for 2021 Recently the IRS released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). Health Savings Account Basics A HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” A HSA can only be established for the benefit of an…

Virtual Team Building – How to Succeed

Virtual team building while working remotely Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It’s become feasible to procure laptops, set up security protocols, and use cloud servers.  We also rely on employees’ home Wi-Fi connections to create functional virtual workspaces. In turn, many of…