Substantiation rules have become more defined and burdensome for organizations.
Accounting
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The year 2020 has been full of uncertainty. The area of taxation is no exception.
On October 28, 2020, the Financial Accounting Standards Board (FASB) released a FASB Staff Educational Paper (the Paper) to help stakeholders apply borrower’s accounting for debt restructuring and modifications.
Included in the most recent SBA Frequently Asked Questions (FAQs) document, the SBA clarified that the deferral period for PPP loan borrower payments
As 2020 winds down, it’s time to consider year-end planning. It’s an unusual year, with taxpayers experiencing losses due to the economic downturn and the possibility of higher income tax rates next year.
On October 8, 2020, the Small Business Administration (SBA) released a new interim final rule and a new forgiveness application form.