/Tag: Gumbiner Savett COVID-19

School expenses may be tax deductible for teachers

By |2020-07-30T21:34:26+00:00July 30th, 2020|Categories: Articles, Business Advice, COVID 19, Tax Planning|Tags: , , |

Although the school may look a little different this year, the IRS is advising eligible teachers and other educators that they can still deduct certain unreimbursed expenses on their tax return next year. IRS: Educator Expense Deduction, Topic Number 458. Who is considered an eligible educator: The taxpayer must be a kindergarten through grade 12 [...]

Bartering is a taxable transaction even if no money changes hands

By |2020-07-21T21:56:17+00:00July 21st, 2020|Categories: COVID 19, News, Tax Planning|Tags: , , , , , |

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. In addition, if you [...]

Four Retroactive Tax Relief Opportunities for your Business from the CARES Act

By |2020-06-30T01:42:10+00:00June 30th, 2020|Categories: COVID 19, Tax Planning|Tags: , , , |

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Four Retroactive COVID-19 Business Relief Provisions   The Coronavirus Aid, Relief and Economic Security (CARES) Act, which [...]

Auditing remotely during the pandemic

By |2020-06-15T21:32:03+00:00June 15th, 2020|Categories: Audit & Accounting, Business Advice, COVID 19|Tags: , , , , , |

During the novel coronavirus (COVID-19) pandemic, many people have been working from home, including most accounting professionals. These remote working conditions have altered the traditional audit process. Benefits of technology for remote auditing Fortunately, in recent years, many accounting firms have been transitioning to remote auditing for certain procedures. Specifically, they’ve invested in staff training [...]

A new mindset for the external audit during the COVID-19 pandemic

By |2020-06-04T05:14:10+00:00June 4th, 2020|Categories: Audit & Accounting, COVID 19|Tags: , , , |

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, most audit firms have been investing in technology and training to facilitate remote audit procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to [...]

COVID-19 Tax Relief Impact on Your Financial Statement

By |2020-06-12T16:43:27+00:00April 30th, 2020|Categories: Audit & Accounting, COVID 19, Tax Planning|Tags: , , |

CARES Act contains several tax-related provisions for businesses impacting financial statement reporting, changes aim to help improve operating cash flow.

Impact of COVID – 19 Brings “Going Concern” Issues to the Forefront

By |2020-05-07T22:44:33+00:00April 28th, 2020|Categories: Articles, Audit & Accounting, Blog, COVID 19|Tags: , , |

Companies of all sizes in all industries are faced with disruptions to their supply chains and customers due to COVID-19, creating “going concern” issues.

“Qualified improvement property” aided by CARES Act

By |2020-05-07T22:45:37+00:00April 24th, 2020|Categories: Articles, Blog, COVID 19, News, Tax Planning|Tags: , , |

Coronavirus law contains tax rules changes for improvements to interior parts of nonresidential buildings known as qualified improvement property (QIP).

Current Expected Credit Loss (CECL) Reporting Delayed by CARES Act

By |2020-04-15T21:00:33+00:00April 7th, 2020|Categories: Audit & Accounting, Blog, COVID 19, News|Tags: , , , , |

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the current expected credit loss (CECL) standard. Here are the details. Updated Standard The Financial Accounting Standards Board (FASB) issued Accounting Standards Update [...]

Retirement Changes Due to the CARES Act

By |2020-04-10T23:22:51+00:00April 3rd, 2020|Categories: Blog, COVID 19, News|Tags: , , , , , |

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act)  1. Does the CARES Act contain special rules that affect qualified retirement plans? Yes, the CARES Act contained provisions that allows certain individuals to take a new type of “coronavirus-related distribution”, increases the limitation for plan loans from the plan for certain individuals and [...]

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