COVID-19 and continuing as a going concern

Under U.S. GAAP, an entity is presumed to be a going concern until the entity’s liquidation becomes impending. But what exactly does that mean? Going concern signifies that the company is financially stable enough to meet its current obligations and can continue operations for the foreseeable future. Don’t miss: COVID-19 leads to slow moving and …

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$15B in COVID-19 relief grants for arts and cultural organizations will soon be available

The new COVID-19 Relief Act has set aside $15 billion to be given out as “grants for shuttered venue operators”. This includes many types of nonprofit arts and cultural organizations such as performing arts organizations, theatrical producers, certain types of “relevant” museums and others. “Relevant” museums generally include arboretums, botanical gardens, art museums, children’s museums, …

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PPP, business meals and more – Key takeaways from new stimulus legislation

Last week the president signed into law the next COVID-related economic stimulus package, and many of it’s provisions will be especially helpful, or are even geared specifically towards assisting the restaurant industry. As many states go into a second phase of full or partial lockdowns with restrictions on indoor, or even outdoor dining, these provisions …

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Your stimulus check is in the mail

The Internal Revenue Service has fired up the printers to get stimulus checks into American’s pockets. They began processing the payments yesterday. The official payment date is January 4, 2021. The economic impact payments are part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 signed into law on Sunday night. The act …

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New stimulus law adds to PPP program

On Sunday, December 27, President Trump signed the $900 billion relief package passed by Congress before Christmas into law. The act includes modifications to the current PPP loan provisions contained in the CARES Act and adds another round of PPP funding that we will call PPP2. The bill that was passed was over 5,000 pages …

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Latest on the PPP forgiveness process

The Paycheck Protection Program (PPP) was probably the biggest part of the CARES Act passed in late March. Since its passing, there have been never ending questions and changes from how to apply a loan to how to apply for forgiveness. This has been such an impactful piece of legislation that I will say that …

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Did You Hire An In-Home Teacher? You Might Be A Household Employer!

With the rise of COVID-19, many families have had to switch to online or home school learning for the safety and wellbeing of their children. Kudos to all of the parents out there right now – I cannot begin to imagine the hardships and challenges this year must have brought. One choice that many parents …

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COVID scammers texting promises of additional stimulus payments

We all know the saying about “death and taxes”, but sometimes it seems like scams should be added to that list. Every year, and probably even more frequently than that, scammers are coming up with clever new ways to trick taxpayers out of their personal information, money or both. In a year like 2020, the …

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Sick leave credit for eligible self-employed Individuals

Prior to the COVID-19 pandemic self-employed people likely felt they were overlooked. The availability of financing under the paycheck protection program and certain tax credits have shone a light of hope for the self-employed individual. A self-employed individual may be eligible to claim a tax credit under the qualified sick leave and qualified family leave …

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