News
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Coming soon: Changes to income tax reporting
- March 5, 2021
- Posted by: Hood & Strong
- Category: FASB
No CommentsIn December 2019, the Financial Accounting Standards Board (FASB) issued an updated accounting standard that simplifies the complex income tax accounting requirements. Here are the details. 6 key changes Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, removes specific technical exceptions to general principles found in Accounting
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PPP revisions target smallest businesses
- February 25, 2021
- Posted by: Hood & Strong
- Category: COVID-19
The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules
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Great Hearts Always Endure
- February 17, 2021
- Posted by: Hood & Strong
- Category: Firm Perspectives
In 2004, Hood & Strong was fortunate to bid on — and win! — a beautiful San Francisco heart sculpture benefitting the San Francisco General Hospital Foundation. The Hearts in San Francisco project debuted that year, featuring works by local Bay Area artists to support the life-saving work of our hometown’s world-renowned public hospital and trauma center. In the years since,
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Reporting credit loss and debt restructuring during the COVID-19 pandemic
- February 3, 2021
- Posted by: Hood & Strong
- Category: COVID-19
The Consolidated Appropriations Act (CAA) contains various COVID-19 economic relief measures. The law includes provisions that extend previous relief provided to large banks on the accounting rules related to credit loss as well as troubled debt restructuring (TDR) until January 1, 2022. CECL guidance In 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards
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Eye on ESG disclosures
- February 3, 2021
- Posted by: Hood & Strong
- Category: FASB
Across the globe, efforts to put more emphasis on environmental, social and corporate governance (ESG) matters in financial statements are gaining momentum. Here’s an overview of the current ESG guidance in the United States and whether the Financial Accounting Standards Board (FASB) plans to expand the financial reporting guidance related to these matters. Sustainability disclosures
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Goodwill: How a recent proposal would change the rules
- February 3, 2021
- Posted by: Hood & Strong
- Category: FASB
On December 20, the Financial Accounting Standards Board (FASB) proposed an accounting alternative that would enable private companies and not-for-profit entities to perform a triggering event evaluation for goodwill only at the annual reporting date, thereby skipping having to do so during interim periods. Here are the details. Background Goodwill is an accounting term used
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How can your business benefit from the Consolidated Appropriations Act?
- February 3, 2021
- Posted by: Hood & Strong
- Category: COVID-19
The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Let’s take a closer look at the provisions that are most likely to affect your company’s bottom line. Paycheck Protection Program The CAA includes another $284 billion in funding for forgivable
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2021 Tax Calendar
- February 3, 2021
- Posted by: Hood & Strong
- Category: Uncategorized
To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for February 1 Individuals: Filing a 2020
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COVID-19 changes the landscape for single-audit compliance
- January 12, 2021
- Posted by: Hood & Strong
- Category: COVID-19
COVID-19 and its economic impact have left the nonprofit niche financially vulnerable, with corporate and individual donations dropping precipitously for many organizations. Relief funding under the CARES Act has helped some nonprofits remain reasonably stable. But funding also will likely impose new single-audit requirements on recipients already struggling to keep their heads above water. The
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Board members: Stay alert for these 4 financial red flags
- January 12, 2021
- Posted by: Hood & Strong
- Category: COVID-19
Your board members are undoubtedly well aware of your nonprofit’s financial problems during the COVID-19 pandemic. But as 2021 unwinds, the board should keep its eyes on potential problem spots, ask questions and direct remedies as needed. These four areas can present clues that the organization is headed for trouble. Financial statement flaws. Late, inconsistent