More Time: FASB Delays Long-Term Insurance Standard … Again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes amid the COVID-19 pandemic. Need for change After 12 years of work, the FASB issued Accounting Standards Update […]

Reinforce Protection Of Your Company’s Mobile Devices

Whether it’s a smart phone, tablet or laptop, mobile devices have become the constant companions of today’s employees. And this relationship has only been further cemented by the COVID-19 pandemic, which has thousands working from home or other remote locations. From a productivity standpoint, this is a good thing. So many tasks that once kept […]

Business Website Costs: How To Handle Them For Tax Purposes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching a website with some guidance as to […]

How To Report COVID-19-Related Debt Restructuring

Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that 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. Accounting for TDRs Under Accounting Standards Codification (ASC) Topic 310-40, […]

File Cash Transaction Reports For Your Business — On Paper Or Electronically

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in two or more […]

Asset Impairment is Expected to Hit 2020 Financial Statements

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing. Examples of assets that may become impaired include long-lived assets (such as equipment and real estate), […]

Nonprofits: Carefully Navigate the Upcoming Election

The 2020 presidential election is fast approaching and your not-for-profit has a stake in its outcome. But that doesn’t mean your organization is free to participate in campaign activities. In general, Section 501(c)(3)s risk losing their tax-exempt status if they participate in campaigning. However, there’s more nuance in the rules than you might suspect. 5 […]

How to make workers’ comp costs less costly

Employers usually have no choice: You’re required to pay workers’ compensation insurance for W-2 employees. But no one says you can’t look for ways to reduce the cost of coverage. The key is to lower your company’s risk. To that end: Commit to safety. Communicate and enforce safe work rules and establish a task force […]