Accounts receivables are classified under current assets on the balance sheet if you expect to collect them within a year or within the operating cycle, whichever is longer. However, unless your company sells goods or services exclusively for cash, some of its receivables inevitably will be uncollectible. That’s why it’s important to record an allowance … Read More
Although most not-for-profits have been hurt by the coronavirus (COVID-19) pandemic, your organization’s specific challenges probably depend on your mission, constituency and other factors. For example, social distancing rules have forced most arts organization to temporarily shut down and furlough employees. Many social services charities, on the other hand, have remained open and are struggling … Read More
In a Tax Tip, the IRS is reminding taxpayers that they have the right to challenge the IRS’s position on their taxes. This means taxpayers have the right to object to formal IRS actions or proposed actions and provide additional documentation in their response; to expect the IRS to consider their timely objections and documentation … Read More
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates … Read More
While most businesses have been forced to lay off employees during the coronavirus (COVID-19) pandemic, others (such as delivery providers) are hiring. New employees must complete a Form I-9 (Employment Eligibility Verification) and present it to their employers with supporting documentation. Under the usual procedures, employers must examine these documents in the employee’s physical presence. … Read More
Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan. However, with a life shock as monumental as the coronavirus (COVID-19) pandemic, now is a good time to review … Read More
The IRS says its new Get My Payment tool is now up and running. It allows taxpayers to check on the status of their Economic Impact Payments (EIPs), which are being sent to help ease the coronavirus (COVID-19) crisis. If you filed a 2018 or 2019 tax return, you can use the application to find … Read More
The Government Accountability Office (GAO) is urging citizens, government workers, contractors and others to report allegations of fraud, waste, abuse and mismanagement related to money distributed under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Reports should be made through FraudNet, the GAO hotline that processes allegations submitted via an online form and email … Read More
To accommodate the need for social distancing brought by the coronavirus (COVID-19), the IRS is temporarily lifting an established policy involving signatures. The IRS will now accept electronic signatures on documents and will allow the sending and receiving of documents electronically, in keeping with President Trump’s emergency declaration on March 13, 2020. Per a memorandum … Read More
Efforts to contain the spread of the novel coronavirus (COVID-19) have led to suspension of many economic activities, putting unprecedented strain on businesses. The Securities and Exchange Commission (SEC) recently issued guidance to help public companies provide investors and other stakeholders with useful, accurate financial statement disclosures in today’s uncertain marketplace. New disclosure guidance On … Read More