The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) standard. Here are the details. Updated accounting rules The Financial Accounting Standards Board (FASB) issued Accounting […]
Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck Protection Program (PPP). The basics The CAA permits […]
Whew, you made it through 2020! But don’t rest easy yet. Unfortunately, fraud perpetrators enjoyed a profitable year, and there are signs they may continue to feed off Americans as long as the pandemic is active. Here are several scams to watch for in 2021. PPP fraud Struggling small-business owners have welcomed last month’s 11th […]
By now you’ve likely heard and read much about the Consolidated Appropriations Act (CAA). Among its primary purposes, of course, is to provide much-needed relief to individuals and businesses still struggling during the COVID-19 pandemic. A couple of the law’s most talked-about features are stimulus payments to individuals and expansion of the Paycheck Protection Program […]
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct […]
by David Lam | On December 8, premier information security company FireEye released in a blog post that it had been hacked. Several days later, the U.S. government reported that many federal agencies were also breached as a result of a major attack on IT software provider SolarWinds. So, how can small or medium-size businesses possibly stay secure? Read […]
If you’ve worked to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. The best […]
In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing malware to a coworker. This particular dishonest worker was caught. But your company may not be so lucky. […]
by Nicky Lipset, CPA You may think of basis mainly in terms of selling an interest in stock or selling a house, but there are many implications of basis in diverse transactions. Keeping track of basis, in partnerships specifically, is important as it can create tax implications based on various factors. Below are some […]
Miller Kaplan, a top-100 certified public accounting firm, is pleased to announce that Igal Khoshlesan, CPA has been promoted to partner. Khoshlesan, with more than 15 years of public accounting experience, specializes in employer compliance and audit and assurance services for employee benefit plans and nonprofit organizations. “Igal has proven to be a steadfast resource […]
Private sector employers have been retreating from the defined benefit (DB) pension model of retirement plans for decades. This is largely motivated by a desire to “de-risk” the organization from an uncertain, long-term financial obligation. The COVID-19 pandemic has also caused many sponsors of DB plans to consider the costs involved in their pensions. One […]
