Finance executives in the United States rank safety of employees and customers as their greatest pandemic-related business concern as some return mainly or entirely to traditional, on-site operations, according to a third-quarter survey. Supplemental questions in the AICPA Business and Industry Economic Outlook Survey, released Sept. 3, dealt with how companies are thinking about remote […]

The SEC voted Wednesday to amend the rules governing its whistleblower program and change its shareholder proposal rule. The whistleblower program amendments provide a mechanism for whistleblowers with potential awards of less than $5 million, subject to certain criteria, to qualify for a presumption that they will receive the maximum statutory award amount. Awards of […]

In the six months since the Paycheck Protection Program (PPP) was created, the only certainty about the program has been uncertainty. The PPP came into being as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, which was signed into law March 27. With the coronavirus shutting down much of the […]

New frequently asked question guidance for health care entities on pandemic-related questions have been added to a list that was first posted Aug. 3. All the FAQ guidance was developed by the AICPA with assistance from a group of health care experts and is designed to assist financial statement preparers and auditors as they work […]

New frequently asked question guidance for health care entities on pandemic-related questions have been added to a list that was first posted Aug. 3. All the FAQ guidance was developed by the AICPA with assistance from a group of health care experts and is designed to assist financial statement preparers and auditors as they work […]

Taxes, relief and partisanship; more than a nickel; a new pair; and other highlights from our favorite tax bloggers. Big surprises Taxbuzz (https://www.taxbuzz.com/blog): Unemployment benefits, taxes and the shock therein. Eide Bailly (https://www.eidebailly.com/taxblog): Understatement of the Week: “The death of Justice Ginsberg is setting up a very contentious period in Washington.” This contention only stands […]

To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP) (Announcement 2020-12). The PPP was created under the Coronavirus Aid, Relief, and […]

The IRS on Monday issued ownership attribution rules for determining the status of corporations as controlled foreign corporations (CFCs) and whether their shareholders are U.S. shareholders (T.D. 9908). The regulations finalized the proposed rules (REG-104223-18) with a few changes in response to one comment. Before its repeal by the law known as the Tax Cuts […]

The economy is a mess, and profits are under extreme pressure. Now comes the corporate spin to cast ugly results in the best possible light. The glow is most radiant at Exela Technologies, a software company in Texas with $1.5 billion in annual revenue. It has run up a $500 million net loss in the past […]