Orange County & San Diego CPA firm
In March 2020, the Securities and Exchange Commission (SEC) voted to adopt amendments to the “accelerated filer” and “large accelerated filer” definitions. These definitions are of critical importance to public companies because they determine whether an auditor attestation of an issuer’s internal control over financial reporting is required and the amount of time an issuer […]
The year 2020 has been anything but typical and filled with change. So smaller public companies should be ready to embrace the first substantive changes to the standard auditors’ report in more than 70 years. For years ending after December 15, 2020, for the first time ever, the audit report of smaller public companies will […]
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and […]
The CARES Act, passed by Congress and signed into law by President Trump on March 27, 2020, waived required minimum distribution requirements for 2020, and further guidance released by the IRS has now provided additional taxpayer-friendly relief. Before the passage of the CARES Act, existing tax law under IRC §401(a)(9) required that retirement plan participants […]
The coronavirus pandemic has introduced many unprecedented challenges and opportunities to the professional service sector. On the podcast Beyond the Resume, our director of recruiting, Nancy Weber-Brough, recently shared how Haskell & White has managed to find continued success in the new economy, and offered tips for people seeking employment at an accounting firm. As […]
Accounting departments across the country are facing multiple challenges, from daily cash management to complex accounting matters. In addition, most entities are navigating the available governmental relief programs related to the COVID-19 pandemic and are negotiating rent deferrals and concessions with their lessors. Accounting for rent deferrals and concessions raised a number of questions by […]
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered property of the […]
The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements. In a nutshell, the changes will spread more of the costs of implementing […]
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a […]
The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday, June 4, 2020, tripling the time allotted for small businesses and allowing for more flexibility. The Senate approval was signed by President Trump, on Friday, June 5, 2020. Borrowers can choose to extend the eight-week period to 24 weeks, but […]