Nonfinancial Assets: Gifts in kind

Nonfinancial assets, new reporting requirements for nonprofits On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about nonfinancial assets.  Or noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for change Gifts in kind can play…

Working From Home

Tax implications of working from home and collecting unemployment COVID-19 has changed our lives in many ways, like working from home.  And some of the changes have tax implications. Here is basic information about two common situations. Working from home Many employees have been told not to come into their workplaces due to the pandemic.…

Complex Accounting Rules During COVID-19

Accounting Rules and How to Report COVID-19-related Debt Restructuring Today, many banks are working with struggling borrowers on loan modifications. As recent guidance from the Financial Accounting Standards Board (FASB) confirms.  Short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs). Here are the details.…

Financial Statements in Times of Crisis

Your financial statements and on-time financial reporting is key Financial Statements.  Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting or natural disasters in 2020. Lenders and investors want to know how your business has weathered…

Social Security Tax Deferral – Questions?

Employers have questions and concerns about deferring employees’ Social Security taxes The IRS has provided guidance regarding the Social Security Tax deferment to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President…