The bankruptcy process can be a long and difficult one. In the current economic climate, with many businesses facing financial difficulties, more and more companies…
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Emerging Accounting* Standards
Industry Updates and Clarifications
Tax and Regulatory Updates
Best Practice Reporting
Emerging Accounting* Standards
The Rise of Digital Assets in Business
Companies are beginning to set foot into unconventional investments, such as Bitcoin, and Ethereum, which are cryptocurrencies, a form of digital assets. With their tremendous…
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The Basics of ASC 842, Leases
The growing concern around the previous lease guidance, Accounting Standards Codification (“ASC”) 840, has finally been addressed as the Financial Accounting Standards Board released its…
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Accounting* for Cryptocurrency
Cryptocurrencies have been gaining more acceptance all over the world. For the past years, well-known cryptocurrencies such as Bitcoin and Ethereum have been stealing the…
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360° Approach to Libor Transition
What you need to know: London Interbank Offered Rate (LIBOR) ends on December 31, 2021. ASU 2020-04 – Reference Rate Reform (Topic 848) provides temporary…
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FASB Proposes Delay of Insurance Standard and Approves New ASU for Convertible Debts and NFP Reporting
On June 10, 2020, the Financial Accounting* Standards Board (FASB) proposed the delaying of the effective date of the standard on long-duration insurance contracts and…
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Financial Accounting* Standard Board(FASB) Defers Effective Dates For Revenue Recognition and Leases Standards
On June 3, 2020, the FASB issued an Accounting* Standards Update (ASU) 2020-05, Revenue from Contracts with Customer (Topic 606) and Leases (Topic 842): Effective…
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Management Checklist for COVID-19
Navigating this Management Checklist ensures that your business overcomes adversities such as the one we’re facing now. Every problem poses an opportunity. It can be…
Read MoreIndustry Updates and Clarifications
PPP Version 2.0: Updates on Paycheck Protection Program (“PPP”) Under the Consolidated Appropriations Act of 2021
On December 27, 2020, a second major economic relief package was signed into law. The Consolidated Appropriations Act of 2021 (the “Act”) included Additional Coronavirus…
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Main Street Lending Program Serves as an Alternative to PPP Funds Main Street
The Federal Reserve launches the Main Street Lending Program to complement the efforts to stimulate the economy through the survival of businesses, amidst prolonged losses…
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Paycheck Protection Program (“PPP) Forgiveness Eligibility Changes After Approval of Flexibility Act
On June 5, 2020, President Trump has signed the PPP Flexibility Act (“PPPFA” or the “Act”) after unanimous approval of the Senate on June 3,…
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PPP Loan Forgiveness – Navigating Businesses’ Next Steps
While the Federal Government is currently transitioning to the Round 2 PPP Loans, many businesses now ask the same question: “How do we turn this…
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What You Need to Know About the 2nd Round of CARES Act Funding
The approval of the 2nd round of funding for CARES Act economic relief programs replenishes the pot for Paycheck Protection Program (PPP), Economic Injury Disaster…
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SBA Disaster Loan Assistance
Due to the severity of magnitude of the ongoing Corona Virus Disease 2019 (COVID-19) pandemic, the US President declared a state of disaster for all…
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CARES Act – Economic and Reporting Relief for Businesses and Individuals
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by President Donald Trump on March 27, with the objective to combat COVID-19’s crippling…
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CARES ACT – What to Expect
The Economic Stimulus Package, CARES Act, aims to provide relief to individuals, businesses, and the economy in response to the grappling effects of COVID-19 to…
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SFO’S Support to Small Businesses in Response to Covid-19
Deferral of business taxes and licensing fees, launch of economic relief fund, and other support efforts aim to help struggling small businesses and workers due…
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AICPA Helps Consolidate State Taxes Filing Relief
The American Institute of Certified Public Accountants* (AICPA) is listing down series of recent developments by state regarding tax filings due to the effect of…
Read MoreTax and Regulatory Updates
Considerations for the 2022 Inflation Reduction Act
In a landmark move, President Joe Biden signs the Inflation Reduction Act of 2022 into law, covering numerous provisions to address energy security and climate…
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8 Ways to Ensure Your Nonprofit Is Tax Compliant
US tax law is complicated, especially to nonprofit organizations (NPO). So to help you successfully navigate the complexities of today’s tax code, we have compiled…
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PPP Version 2.0: Updates on Paycheck Protection Program (“PPP”) Under the Consolidated Appropriations Act of 2021
On December 27, 2020, a second major economic relief package was signed into law. The Consolidated Appropriations Act of 2021 (the “Act”) included Additional Coronavirus…
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How the Consolidated Appropriations Act of 2021 Impacts Taxation of Businesses
On December 27, 2020, the Consolidated Appropriations Act of 2021 (the “Act”) was signed into law. The Act includes both COVID-Related Tax Relief Act of…
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Main Street Lending Program Serves as an Alternative to PPP Funds Main Street
The Federal Reserve launches the Main Street Lending Program to complement the efforts to stimulate the economy through the survival of businesses, amidst prolonged losses…
Read More
Paycheck Protection Program (“PPP) Forgiveness Eligibility Changes After Approval of Flexibility Act
On June 5, 2020, President Trump has signed the PPP Flexibility Act (“PPPFA” or the “Act”) after unanimous approval of the Senate on June 3,…
Read More
PPP Loan Forgiveness – Navigating Businesses’ Next Steps
While the Federal Government is currently transitioning to the Round 2 PPP Loans, many businesses now ask the same question: “How do we turn this…
Read More
What You Need to Know About the 2nd Round of CARES Act Funding
The approval of the 2nd round of funding for CARES Act economic relief programs replenishes the pot for Paycheck Protection Program (PPP), Economic Injury Disaster…
Read More
IRS Extends More Tax Deadlines Due to Covid-19
In response to the ongoing situation due to COVID-19, the Department of Treasury and Internal Revenue Service announced that additional key tax deadlines for individuals and…
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SBA Disaster Loan Assistance
Due to the severity of magnitude of the ongoing Corona Virus Disease 2019 (COVID-19) pandemic, the US President declared a state of disaster for all…
Read MoreBest Practice Reporting
Accounting* For Impact of Coronavirus Disease of 2019
Understanding the direct and indirect effect of COVID-19 can prepare the company’s operations, future plans, and key information communicated to stakeholders. The Coronavirus Disease of…
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