Single Audit Reporting Deadline Rescinded and Other Updates from OMB
By Tricia Katebini, CPA, MBA, Audit Senior Manager In a previous industry alert, OMB Offers Relief for Recipients of Federal Financial Assistance Directly Impacted by COVID-19, GRF reported that OMB was granting flexibility related to the use of Federal funding for the allowability of salaries and other project activities, along with extensions of Single Audit…
SBA Releases Revised Loan Forgiveness Application for the PPP
Reflecting changes made to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) with enactment of The Paycheck Protection Program Flexibility Act of 2020 earlier this month, SBA has released a revised loan forgiveness application and instructions. This follows the issuance of a new interim final rule for guidance on calculating employee and owner compensation…
Accounting Standards Update 2020-05 Delays ASC Topic 606 (Revenue From Contracts With Customers) and Topic 842 (Leases) Effective Date for Certain Entities
As noted in a previous GRF industry alert, on April 8, 2020, the Financial Accounting Standards Board (FASB), added a project to its technical agenda to propose delaying the effective dates of its standards on revenue recognition and lease accounting for certain entities due to challenges related to the COVID-19 pandemic. The particular Accounting Standards…
President Trump Signs Bill Making Significant Changes to the PPP
Today, President Trump signed a bipartisan bill that makes significant changes to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) established as part of the CARES Act on March 27, 2020. The Paycheck Protection Program Flexibility Act of 2020 provides important fixes sought after by business groups and extends the timeframe for PPP loan…
FASB Votes to Delay ASC Topic 606 (Revenue from Contracts with Customers) Effective Date for Private Nonprofits
On April 8, 2020, the Financial Accounting Standards Board (FASB) added a project to its technical agenda to propose delaying the effective dates of its standards on revenue recognition and lease accounting for certain entities due to challenges related to the COVID-19 pandemic. The particular Accounting Standards Codifications (ASCs) in the proposal for delays were…
SBA Releases PPP Forgiveness Application
The U.S. Small Business Administration (SBA) released an application form Friday for Paycheck Protection Program (PPP) loan forgiveness along with instructions for borrowers to complete the form. The PPP Loan Forgiveness Application and instructions expand on FAQs and interim final rules issued by the SBA over the past few weeks in conjunction with the Coronavirus…
SBA Addresses Certification in Good-Faith Issue for PPP Loan Recipients
The SBA updated its list of Frequently Asked Questions (FAQs) for the Paycheck Protection Program Loans to clarify the issue of certification in good faith. FAQ 46 states, “Any borrower that, together with its affiliates,20 received PPP loans with an original principal amount of less than $2 million will be deemed to have made the…
May Deadline Approaching for Filing BE-10 Forms
The Department of Commerce’s Bureau of Economic Analysis (BEA) requires all U.S. reporters including U.S. individual taxpayers, estates and trusts, partnership, corporations, and non-profit entities who hold a 10% or greater ownership interest in any foreign business enterprise disclose such interests every five years via the BEA BE-10 series forms. A foreign business enterprise in…
President Trump Signs Bill with an Additional $320B for the PPP
Join GRF for a webinar led by our tax and accounting experts who will walk participants through the PPP loan requirements for forgiveness.
IRS Issues Proposed Regulations under IRC 512(a)(6) applicable to Tax-Exempt Organizations
IRS released proposed regulations providing guidance on unrelated business income tax for tax-exempt organizations. REG-106864-18 explains how an exempt organization subject to the unrelated business income tax described in section 511 of the Internal Revenue Code (Code) determines if it has more than one unrelated trade or business, and, if so, how the exempt organization…