News
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PPP Forgiveness and Repayment: What Businesses Need to Know Now
- July 22, 2021
- Posted by: Hood & Strong
- Category: COVID-19
No CommentsA critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the
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IRS Denies Like-Kind Exchange Treatment for Most Cryptocurrency Trades
- July 6, 2021
- Posted by: Hood & Strong
- Category: Tax Alert
On June 18, 2021, the IRS finally weighed in on whether cryptocurrency trades and swaps could qualify for like-kind exchange treatment before the Tax Cuts and Jobs Act (TCJA) limited section 1031 to real property. In IRS Legal Memo (ILM) 202124008, the IRS states its opinion that swapping certain cryptocurrencies for others cannot qualify for
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Will the FASB Expand Income Statement Disclosures?
- July 6, 2021
- Posted by: Hood & Strong
- Category: Uncategorized
The devil is in the details when it comes to financial reporting, and investors want to know exactly what those details are, according to Financial Accounting Standards Board (FASB) Chair Richard Jones. “Investors and other allocators of capital have indicated support for more disaggregation of financial reporting information,” said Jones during a Securities and Exchange
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Contingent Consideration: FASB Deliberates Rules for Business Combinations
- July 6, 2021
- Posted by: Hood & Strong
- Category: Uncategorized
The M&A market is currently hot in many industries. However, due to uncertainty in the marketplace, many buyers are tying a portion of the purchase price to whether the company achieves prescribed financial benchmarks after the deal closes. Subsequent reporting of so-called “contingent consideration” can be confusing, especially for companies new to the M&A arena.
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Update On Government Assistance Disclosures
- July 6, 2021
- Posted by: Hood & Strong
- Category: Uncategorized
The Financial Accounting Standards Board (FASB) unanimously voted to finalize a revised version of rules it proposed about six years ago on government assistance disclosures. This decision on May 26 is an important step towards consistency in the way companies report those items. Inconsistency in practice Government assistance refers to perks and other incentives policymakers
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Here Come the Child Tax Credit Payments: What You Need to Know
- June 30, 2021
- Posted by: Hood & Strong
- Category: Tax Alert
Here come the child tax credit payments: What you need to know The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments,
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PPP Forgiveness and Expenses: State Tax Implications
- June 1, 2021
- Posted by: Hood & Strong
- Category: COVID-19
This article was originally published on Jan. 15, 2021 and has been updated One of the largest relief measures in the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is the Payroll Protection Program (PPP). The intent of the PPP is to assist both for-profit and nonprofit employers in maintaining their payroll during
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Biden Tax Plan Targets Cryptocurrency Compliance
- June 1, 2021
- Posted by: Hood & Strong
- Category: Tax Alert
On May 20, 2021, the Treasury released The American Families Plan Tax Compliance Agenda (Compliance Agenda), which outlines proposed ways to increase compliance measures that will help close the “tax gap” and, consequently, will help to fund the President’s plan to rebuild the IRS, which is estimated to cost over $80 billion over the next
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Cryptocurrencies: A Hot Tax Topic and Alternative Investment
- May 27, 2021
- Posted by: Hood & Strong
- Category: Team Perspectives
Everyone has heard about Bitcoin, but there are more than 5,300 cryptocurrencies to choose from if you are thinking of investing in this relatively new — and hot — investment space. There is lots of talk about these decentralized currencies, and many of us know people who have gotten in and made a lot of
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Analytical Procedures Are a Critical Part of the Audit Process
- May 25, 2021
- Posted by: Hood & Strong
- Category: AICPA
During the pandemic, many audit procedures are being performed remotely, forcing auditors to rely more heavily on analytical procedures, such as trend, ratio and regression analysis, than in the past. But so-called “analytics” aren’t a novel concept for auditors. They’ve been using analytics for decades to make audits more efficient and effective. Audit Analytics The