We’ve published a lot of content in 2020, but a few posts seem to be particularly popular! Here’s a review of our top blog posts that received the most attention this year.
**Please note that some of these blog posts may refer to outdated articles regarding the Paycheck Protection Program. Refer to our COVID-19 Resource page for the most up-to-date information regarding PPP and related topics. **
1. The IRS Clarifies the deductibility of PPP-funded expenses
The IRS issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). However, the guidance in IRS Notice 2020-32 didn’t provide the answer most borrowers hoped for.
2. Changes to Unemployment Benefits from COVID-19
With many businesses forced to layoff employees as a result of the COVID-19 pandemic, states are quickly enacting changes to Unemployment Benefits. We’ve compiled a list of changes to unemployment benefits for Virginia, Washington, D.C., Maryland and West Virginia.
3. Paycheck Protection Program Application
The Department of Treasury has released the Paycheck Protection Program application and supplemental information,
4. PPP Loan Forgiveness: Should I wait to apply?
Many organizations were fortunate to have received a much-needed financial lifeline earlier this year in the form of a Paycheck Protection Program (PPP) loan. The PPP loan roll-out was a coordinated effort between the United States Small Business Administration (SBA) and participating financial lending institutions. The PPP loan program skyrocketed in popularity as lawmakers included provisions for these loans to become fully or partially forgivable if the funds were used for qualified costs.
5. FASB Passes ASU 2020-05 In Response to Coronavirus
The Financial Accounting Standards Board (FASB) has issued ASU 2020-05 in response to the ongoing impacts to US businesses in response to the coronavirus (COVID-19) pandemic. Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities provides a limited deferral of the effective dates for implementing previously issued ASU 606 and ASU 842 to give some relief to businesses and the difficulties they are facing during the pandemic.
6. PPP Borrowers Get Concessions, Additional Guidance on Forgiveness
Borrowers originally had until June 30, 2020, to restore full-time employment and salary levels from reductions made between February 15, 2020, and April 26, 2020, and avoid reductions in the forgiveness amount. The PPP Flexibility Act extends that deadline to December 31, 2020.
7. PPP – What we know about loan forgiveness (and what we don’t)
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocated $349 billion to the Paycheck Protection Program (PPP) to be administered through the Small Business Administration (SBA). Here is what we know and don’t know about PPP.
8. The IRS issues guidance on the executive action deferring payroll taxes
On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August.
The guidance is brief, and private employers still have questions about whether, and how, to implement the deferral. The President’s action only defers Social Security taxes; it doesn’t forgive them, meaning employees will have to pay the taxes later unless Congress passes a law to eliminate the liability.
9. Getting to know COBIT 2019
With 40 governance/management objectives that have defined purposes and are then mapped to specific core processes, COBIT 2019 has been fashioned with an overall objective of creating a tailored governance and management system that fits your organization (see the core model design below). The same is true from the audit perspective. The framework keeps a similar theme to its older, COBIT brethren, but with greater emphasis on the enterprise governance factor. This article looks at each section in a little more detail.
10. Overcoming the challenges of remote auditing during the COVID-19 crisis
Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, YHB has been investing in technology and training to facilitate remote audit procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to business operations.
11. Congress Passes New Stimulus Bill
On December 21, 2020, Congress passed another stimulus bill aimed to help individuals and businesses during the COVID-19 pandemic. While we await the President’s signature, we wanted to share the major provisions of the law.
About YHB: YHB is a leading certified public accounting and consulting firm with strategic locations throughout Virginia. Established in 1947, YHB offers comprehensive accounting, auditing, tax, wealth management and risk advisory services to clients. In addition to serving individuals, estates and trusts, the firm has extensive experience in working with both public and private businesses.