News
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Celebrating Women’s History Month – and the Women of H&S
- March 18, 2021
- Posted by: Hood & Strong
- Category: H&S Perspectives
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As the U.S. marks Women’s History Month in March 2021, Hood & Strong is proud to recognize our legacy of achievement and contributions of women in all aspects of our business. The origins of Women’s History Month can be traced back to the first Women’s Day on February 28, 1909, when more than 15,000 women
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Extended tax filing deadline provides relief to individual taxpayers and the IRS
- March 18, 2021
- Posted by: Hood & Strong
- Category: Tax
The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The IRS extended the deadline to provide relief to taxpayers facing challenges as a result of the pandemic and because it’s grappling with a rising backlog
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The American Rescue Plan Act provides sweeping relief measures for eligible families and businesses
- March 16, 2021
- Posted by: Hood & Strong
- Category: COVID-19
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive
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The American Rescue Plan Act has passed: What’s in it for you?
- March 11, 2021
- Posted by: Hood & Strong
- Category: COVID-19
Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPA
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New IRS guidance on health FSAs and dependent care assistance programs
- March 5, 2021
- Posted by: Hood & Strong
- Category: COVID-19
On Feb. 18, 2021, the IRS published Notice 2021-15 which provides guidance on health flexible spending arrangements (FSAs) and dependent care assistance programs (DCAPs). This notice addresses new provisions in the Consolidated Appropriations Act (Act) enacted on Dec. 27, 2020, which give employers greater flexibility in administering their health FSAs and DCAPs due to the COVID-19 pandemic.
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Employee Retention Credit: Answers to frequently asked questions
- March 5, 2021
- Posted by: Hood & Strong
- Category: COVID-19
Eligibility, Paycheck Protection Program effects and more The Employee Retention Credit (ERC) offers substantial liquidity potential for many businesses, a crucial boon, perhaps, to those pushing through difficulties caused by the pandemic. Better yet, the ERC was expanded by relief legislation in December 2020. Those changes could result in payroll tax refund opportunities and prospective
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Time is running out to transition away from LIBOR
- March 5, 2021
- Posted by: Hood & Strong
- Category: Audit & Assurance
The London Interbank Offered Rate (LIBOR) was once the most common reference rate in the global financial markets. However, due to previous scandals, banks and other entities will cease using LIBOR as a benchmark interest rate by the end of 2021. Reference rate reform impacts trillions of dollars in loans, derivatives and other financial contracts.
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Coming soon: Changes to income tax reporting
- March 5, 2021
- Posted by: Hood & Strong
- Category: Audit & Assurance
In 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: H&S 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,