Article Archives: 2020

Posted by: Steve Vasconcellos

Is your software provider following best practices in keeping their data, and by extension your data, safe? A System and Organization Controls (SOC) report can help you determine how closely a third-party organization is adhering to federal guidelines on cybersecurity. This article will highlight why SOC reports exist and why you should request them from […]

Posted by: Sarah Huang

This is the first post in a series of articles on Paycheck Protection Program loan forgiveness. Parts II and III will be published in the coming weeks.  As borrowers near the end of their covered period for Paycheck Protection Program (PPP) loans, many questions are surfacing on the forgiveness process. These uncertainties have arisen from […]

Posted by: Julie Eisenhauer

It’s no secret the COVID-19 pandemic has had a substantial negative impact on businesses. Companies deemed non-essential have closed their doors, employees have been furloughed or laid off, supply chains have been disrupted, and consumer demand is down. In these trying times, a quote by John F. Kennedy can help remind us of the opportunities […]

Posted by: Joseph O’Meara

This post originally appeared on the Humentum blog on 5/05/2020. Many of you with a December 31 year end are preparing for your annual external audit. For many, this isn’t a time you eagerly anticipate. However, I challenge you to ask yourself why not? I understand it takes additional work to prepare for the auditors on […]

Understanding the different types of commercial loans can be a challenge if you’re not in the finance sector. Before I became an accountant, I spent 12 years working in the banking industry. During my time there, I opened accounts, underwrote loans, worked on loan collection, and restructured problem loans. In summary, I have been involved […]

Posted by: Troy Rector

Note: This article is of importance to tax exempt organizations administering federal grant assistance. On June 18, 2020 the Office of Management and Budget (OMB) issued OMB Memo M-20-26 (the Memo). The Memo provides authorization to federal awarding agencies to further administrative relief exceptions as a result of the COVID-19 crisis. The Memo extends certain flexibilities […]

Posted by: Rene Schaefer

The CARES Act provided a technical correction for Qualified Improvement Property (QIP) that enables taxpayers to claim 100% bonus depreciation on eligible improvements. This change was made retroactive to property placed in service on or after January 1, 2018. About the Provision After the Tax Cuts and Jobs Act (TCJA), the various pre-existing categories (qualified […]

Posted by: Sarah Huang

On Friday, June 5, the Paycheck Protection Program Flexibility Act of 2020 was signed into law by President Trump. The bill passed the House last week and cleared the Senate on Wednesday with a unanimous vote. It provides increased flexibility to current and future recipients of Paycheck Protection Program (PPP) loans. Below is a summary […]

Due to the COVID-19 pandemic, many companies have been required to adopt mandatory work-from-home procedures. This shift has forced employees to drastically change their way of working and find new ways of interacting with others. These sudden shifts can elicit anxiety over an uncertain future and stress from a lack of normalcy. In this new […]

On April 23, 2020, the IRS issued the proposed regulations on the unrelated business taxable income (UBTI) siloing rules required under the Tax Act of 2017 and section 512(a)(6) of the Internal Revenue Code. Exempt organizations with multiple unrelated trades or businesses have been eagerly awaiting the guidance as it helps define the extent to […]

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