Anthony LaNasa CPA CFE

Posted in: Accounting & Assurance, Articles, Fraud

Skimming may sound small, but losses can be significant

  Skimming isn’t the biggest fraud threat for most businesses. The theft of cash receipts represents only 11% of asset appropriation schemes, according to the Association of Certified Fraud Examiners’ 2020 Report to the Nations. But with a median loss of $47,000, your business will likely feel the pain if it becomes a victim of […]

Read the full article

Posted in: Accounting & Assurance, Articles, COVID-19, Federal, Resources, Tax

SBA Issues New PPP Guidance for Partnerships & Self-employed

The SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April 2. This new rule focuses on two areas that may  come into play when making a PPP application: Self-employment income of partners in a partnership […]

Read the full article

Joseph Sbrocco CPA CGMA

Posted in: Accounting & Assurance, Articles, COVID-19, Federal

FASB Rules on Delays for Leases (ASC 842) and Franchisors (ASC 606)

FASB met on April 8, 2020, to address pressing issues stemming from the COVID-19 pandemic.  Specifically: Accounting Standards Codification (ASC) 842: Leases – One-year delay proposed for private companies and not-for-profit (NFP) entities ASC 606, Revenue from Contracts with Customers – Delay proposed only for franchisors that are not public business entities (PBE)   Proposed […]

Read the full article

Joseph Sbrocco CPA CGMA

Posted in: Accounting & Assurance, Articles, COVID-19, Federal

FAQs for HUD-insured facilities

In an effort to address questions and concerns about HUD-insured facilities (FHA’s Section 232 and 242 mortgage insurance programs) and the COVID-19 pandemic, HUD (Office of Healthcare Programs) has provided guidance, and possibly some relief, for borrowers. On April 6th, HUD published this list of FAQs for External Stakeholders.  Of specific note is question five […]

Read the full article

David Reape CPA

Posted in: Accounting & Assurance, Articles, COVID-19, Federal, Tax

The new COVID-19 law provides businesses with more relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]

Read the full article