A new reporting requirement for businesses, The Corporate Transparency Act, is officially in place with the potential for very high penalties. Do not ignore this legislative change—meet with your legal advisors as soon as possible to develop an action plan for the Beneficial Owner Information Reporting. This is part of the federal government’s anti-money laundering…
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If you are looking to take a few extra steps in order to prevent internal accounting fraud, then you may want to try dividing up tasks. First of all, accounting fraud can happen to anyone–even business owners who are smart, actively involved, and meticulous. Therefore, if it can happen to them, it can definitely happen…
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Small and medium-sized businesses are prone to internal accounting fraud for a number of reasons. In most cases, the reason these companies are at risk is that they have a one-person accounting department. Often times, these types of businesses lack the budget or simply don’t have enough work to necessitate hiring more accounting staff. The…
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Many private company owners who borrowed Paycheck Protection Program (PPP) funds have questions on how to account for the initial loan and subsequent forgiveness. Primarily, does the accounting follow existing debt guidance, or is the loan, in substance, a government grant? Two methods are available to you as a result of two different accounting standards.…
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June 1, 2020 Hello and welcome to our next installment of Off the Cuff. Today, I’d like to talk a little bit about the loan forgiveness provisions related to the Paycheck Protection Program. Forgiveness Application In the last week, the Treasury Department has come out with a loan application for forgiveness, along with additional guidance…
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May 29, 2020 Hello, and welcome to our next installment of Off the Cuff. Today, I’d like to chat a little bit about the Paycheck Protection Program. The Paycheck Protection Program was approved by Congress and signed by the president on March 27th. Many of you have received funds or are in the process of…
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