BLS Insights

In light of the COVID-19 pandemic, Congress passed the CARES Act which provides qualified individuals the ability to take hardship distributions from their IRA or employer plan during 2020 and … Continued

Yesterday, the Senate approved H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020), a bill that amends several provisions of the Paycheck Protection Program (PPP). The bill, which passed the … Continued

On May 20, 2020, FASB voted to extend by one year the effective date of its revenue recognition standard (FASB ASC Topic 606, Revenue From Contracts With Customers) to all … Continued

Late on Friday, the SBA released the PPP Loan Forgiveness Application. Along with the Application came instructions and answers to some questions related to the calculation. Although some questions still remain … Continued

One of the steps for slowing the spread of the COVID-19 outbreak was the closure of many public places, including colleges and universities. This action led to classroom instruction being … Continued

On May 5, 2020, the Governmental Audit Quality Center (GAQC) issued GAQC Alert No. 404 which provides important governmental auditing updates related to COVID-19. GAQC Alert No. 404 included the … Continued

Important guidance related to Paycheck Protection Loans was recently shared by the United States Treasury via their Frequently Asked Questions. Out of the 42 questions listed, there are two ‘hot … Continued

Yesterday, the Senate passed amendments to the Payroll Protection Program (PPP), economic disaster loans, and emergency grants section of the CARES Act. It is expected to be passed by the … Continued

Last month the IRS extended the traditional tax filing deadline for certain taxpayers from April 15, 2020, to July 15, 2020. On April 9, 2020, the IRS issued Notice 2020-23 … Continued

IRS Notice 2020-23 – Extended Time to File and Pay Taxes<   Yesterday, the IRS released Notice 2020-23 which vastly broadens the scope of tax returns and tax payments originally due … Continued