News
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Update On Government Assistance Disclosures
- July 6, 2021
- Posted by: Hood & Strong
- Category: Uncategorized
No CommentsThe 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
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Will the FASB Simplify the Debt Modification Rules for Private Companies?
- May 25, 2021
- Posted by: Hood & Strong
- Category: FASB
The Private Company Council (PCC) is the primary advisory body to the Financial Accounting Standards Board (FASB) on private company matters. The PCC advises the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s technical agenda. The PCC also advises the FASB on possible alternatives within U.S.
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COVID-Related Disclosures: Getting It Right
- May 25, 2021
- Posted by: Hood & Strong
- Category: COVID-19
Many private companies are nervous about missing the mark on COVID-related disclosures, fearing they’re overlooking items. The guidelines on the topic for private companies aren’t as specific as those for public companies. In general, the Private Company Council (PCC) recommends that you should plan for the worst and hope for the best when drafting financial
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Are Your Operating Reserves at a Good Level?
- May 18, 2021
- Posted by: Hood & Strong
- Category: Nonprofits
Operating reserves — generally, unrestricted assets you can easily tap — are often called “rainy day funds.” But stable reserves are critical for far more pressing reasons than the metaphorical rainy day. Many nonprofits, for example, have drawn on their operating reserves since the spring of 2020 to cope with the economic backlash of the
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More News for Nonprofits
- May 18, 2021
- Posted by: Hood & Strong
- Category: Nonprofits
GoFundMe Charity to Shut Down GoFundMe Charity, the fundraising-dedicated website launched in November 2019, is now scheduled to shut down on September 30, 2021, when it will merge with GoFundMe.com. The last day to start a new fundraising campaign on the platform is June 30, 2021. Nonprofits have through December 31, 2021, to view and