Topic 842: Lease Accounting Standards: What You Need to Know in 2021
In early 2016, the Financial Accounting Standards Board (FASB), the body that sets accounting principles for U.S. entities, released a new accounting standard on how
Discount rate for lessees that are not PBEs
(authored by RSM US LLP) The FASB tentatively decided to allow lessees that are not PBEs to make the risk-free rate election by class of underlying asset.
Claiming the Employee Retention Tax Credit? Received a PPP Loan? Know Your Accounting!
The Employee Retention Tax Credit (ERTC) and the Paycheck Protection Program (PPP) were created to incentivize businesses to keep workers employed through the worst parts
Strong internal controls can help minimize losses
(authored by RSM US LLP) There are a number of steps construction companies can take to help avoid unintended losses resulting from error or outright fraud.
COVID-19 Impact on Asset Impairment
The coronavirus pandemic infused unprecedented levels of uncertainty into our economy. When the virus became more widely spread in March, businesses closed, workers self-isolated, and
LaPorte Director Named Secretary/Treasurer of Board for CICPAC
LaPorte CPAs & Business Advisors is proud to announce that Christina Chifici, CPA, CCIFP, Director-in-Charge of Audit and Assurance Services, has been elected Secretary/Treasurer to
IRS enhances employee retention credit guidance for open questions
(authored by RSM US LLP) Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
Withdrawal of SBA loan necessity questionnaire for PPP loans
(authored by RSM US LLP) The SBA has formally notified PPP lenders that it no longer will require submission of loan necessity questionnaires. Learn more.
SBA formally withdraws loan necessity questionnaire
(authored by RSM US LLP) Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
Worker Classification Guidelines Not Changing Yet
In January, the Department of Labor (DOL) published a final rule that detailed how a business was to determine a worker’s employment status under the
Businesses Required to Subsidize COBRA Premiums Will Be Reimbursed with Payroll Tax Credits
To help Americans struggling with job loss, the American Rescue Plan Act of 2021 (ARPA) will subsidize the costs of COBRA insurance premiums effective April
RSM Middle Market Business Index: April 2021
(authored by RSM US LLP) Middle market business conditions improved in April as the prospect of rising revenues and net earnings offset cost pressures.