Newsletters
Tax Filing Reminders – June 2020
June 15th
July 15th
September 15th
September 30th
October 15th
What is Cryptocurrency and how does it affect your taxes?
Posted June 2020
Cryptocurrency is a digital or virtual currency. Virtual currency is defined by the IRS in Revenue Ruling 2019-24, as “a digital representation of value that functions as a medium of exchange, a unit of account, and a store of value other than a representation of the United States dollar or a foreign currency.” Cryptocurrency has no centralized or administrative storing house; all the transactions are stored globally in multiple locations at once. Cryptocurrency is usually stored in electronic Wallets and accounts whereby the only person with the ability to access the currency is the holder of the encryption key.
FASB delays revenue recognition and lease accounting standards
Posted June 2020
As a result of the coronavirus pandemic, the Financial Accounting Standards Board (FASB) has given some relief to private businesses and non-profit organizations that have not yet issued their 2019 financial statements. The FASB formally issued Standards Update No. 2020-05 which delays the required implementation date of Topic 606 – Revenue from Contracts with Customers and Topic 842 – Leases. The update was released and is effective on June 3, 2020.
Payroll and SE Tax Payment Delay Now Allowed with PPP loans
Posted June 2020
The CARES Act included a provision for deferred payment of Social Security taxes, but the relief was not available to taxpayers with debt forgiveness under certain loans with the Small Business Act. The June 2020 Paycheck Protection Program (PPP) Flexibility Act expands the relief to taxpayers with a PPP loan, even if the loan is forgiven in 2020.
PPP Flexibility Act
Posted June 2020
The Paycheck Protection Program (PPP) Flexibility Act, making critical changes to the PPP loan rules, has been signed.