IRS Will Allow Midyear Changes to Health Coverage Elections in 2020

In light of the COVID-19 pandemic, the IRS has increased flexibility for 2020 midyear elections under a Sec. 125 Cafeteria Plan in regard to employer-sponsored health coverage, flexible spending arrangements (FSAs) and dependent care assistance programs.

Are Your Internal Controls Effective in a Remote Work Environment?

The COVID-19 pandemic has changed life as we know it over the last several months, and businesses have been forced to adapt to the ‘new normal’, which in many cases, means having an entirely remote workforce for the first time ever.

SBA Closes EIDL Advance Program

The Small Business Administration (SBA) has announced that it has closed its Economic Injury Disaster Loan (EIDL) Advance program after granting the entirety of its $20 billion in emergency funding to nearly 6 million small businesses, including non-profit organizations, sole proprietors, and independent contractors impacted by the COVID-19 pandemic.

Assessing Productivity as You Cope with the Pandemic

The COVID-19 pandemic is impacting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners should ask the question in order to adjust expectations and objectives accordingly.

SBA Reopens EIDL Program to Small Businesses and Non-profits

The Small Business Administration (SBA) has announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic.

Reevaluating Your 2020 Budget in Light of COVID-19

As we approach the halfway mark of one of the most unprecedented years in recent history, many businesses are operating under completely different financial circumstances than they were when they outlined their 2020 budget. As states begin to reopen, now is a critical time to reevaluate your budget and forecast for the remainder of the year and beyond.

5 Ways to Position Your Business for Maximum PPP Loan Forgiveness

The Small Business Administration's (SBA) Paycheck Protection Program (PPP) has been seen as a lifeline for small businesses impacted by the COVID-19 pandemic, with the most significant benefit being that up to 100% of the loan is eligible for forgiveness.

FASB Votes to Delay Revenue Recognition & Lease Accounting Standards for Private Companies

On May 20, 2020, the Financial Accounting Standards Board (FASB) voted to implement a one-year delay on the effective date of its Revenue Recognition Standard (ASC 606) for all non-public entities that have not yet issued their financial statements. The decision was based on the financial challenges faced by private companies who are currently focused on surviving the coronavirus pandemic, with FASB stating, “they may not have the technology or resources to effectively implement the standard”.

How Your Financial Statements Can Help You During an Economic Crisis

The economic impact of the COVID-19 pandemic has forced business owners to reevaluate their operations and make difficult decisions on how to best move forward. Looking to your financial statements—your statement of cash flows, balance sheet, and income statement—can help you make rational, informed decisions during these tough times.

Cyber Crime in the Era of COVID-19

The Coronavirus pandemic has changed life as we know it, almost overnight. Amidst unprecedented health and economic concerns, cybersecurity is likely the last thing on most people’s minds. Sadly, malicious attackers are capitalizing on the fear and uncertainty surrounding the pandemic to initiate new scams and cyber-attacks.