8 Tips for Single Audit Requirements
Many organizations received or are receiving federal funding due to COVID-19 and are subject to single audit rules for the first time. The GAQC has also developed a great checklist, […]
Category: Accounting & Assurance
Municipal Employer Withholding Tax Update
Since the start of the COVID-19 pandemic, many employees have been working remotely instead of at their pre-COVID-19 principal place of work municipalities. Why did this cause an issue for […]
IRS Tax Tip: Depreciation of Property Deductions for Small Business Owners
The IRS issued Tax Tip 2021-173, which addresses the depreciation of property deductions for small business owners. Depreciable property includes vehicles, buildings, equipment, machinery, and furniture; it does not include […]
FASB Accounting Standards Update Requires Government Incentive Disclosures
On Nov. 17, 2021, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) No. 2021-21 that requires for-profit entities to disclose certain types of government incentives they […]
Tips on Effective Debt Management for the Consumer
Debt! Sometimes it’s good; sometimes it’s bad….and it can definitely contribute to stressful situations and relationships. Although most of us don’t love the thought of owing money to others, debt […]
New PRF Single Audit Guidance
PRF Background Our last 2 updates Provider Relief Fund (PRF) Reporting Portal is Now Open and Revised PRF Reporting Requirements including Extended Time to Expend Some Funds provide some important […]
Accounting Alternative for Goodwill Impairment Triggering Events
Under current generally accepted accounting principles (GAAP), goodwill must be tested for impairment when a triggering event occurs. Companies and organizations are required to monitor and evaluate goodwill impairment triggering […]
OMB Compliance Supplement Addendum & Single Audit Applicability of Provider Relief Funds (PRF) & Coronavirus Relief Funds (CRF)
The Office of Management and Budget (OMB) released an addendum to the 2020 Compliance Supplement on December 22, 2020. This addendum provides important updates to COVID-19 related federal funding and […]
Skimming may sound small, but losses can be significant
Skimming isn’t the biggest fraud threat for most businesses. The theft of cash receipts represents only 11% of asset appropriation schemes, according to the Association of Certified Fraud Examiners’ […]
SBA Issues New PPP Guidance for Partnerships & Self-employed
The SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April […]
FASB Rules on Delays for Leases (ASC 842) and Franchisors (ASC 606)
FASB met on April 8, 2020, to address pressing issues stemming from the COVID-19 pandemic. Specifically: Accounting Standards Codification (ASC) 842: Leases – One-year delay proposed for private companies and […]
FAQs for HUD-insured facilities
In an effort to address questions and concerns about HUD-insured facilities (FHA’s Section 232 and 242 mortgage insurance programs) and the COVID-19 pandemic, HUD (Office of Healthcare Programs) has provided […]
