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The Governmental Accounting Standards Board is working on several fronts to offer relief to state and local governments and other stakeholders in the midst of the coronavirus pandemic and to help them identify accounting and financial reporting guidance that’s especially relevant right now, including delaying the effective date of some of its standards. GASB said […]
The coronavirus, COVID-19, is playing havoc on world markets and the 2020 business environment. While waiting for the impact of the recent stimulus packages passed by Congress and other measures now being considered, all companies should look at their 2019 tax filings to ensure they have maximized all deductions. Many taxpayers have already filed and […]
Over the Topps; a thirst for fraud; the sky is limited; and other highlights of recent tax cases. Grand Prairie, Texas: A federal court has permanently enjoined preparers Smart Ajayi and JoAnn Villarreal from owning or operating a tax prep business and preparing returns for others. The complaint against Ajayi (d.b.a. Harplett Marketing, Topps Tax […]
For years, my CPA firm has had the ability to work remotely, as I’m sure yours did. Never, though, did I consider a scenario where everyone would be working from home for weeks on end. Yet, here we are in another unprecedented scenario stemming from public policy aiming to stop the spread of COVID-19. This […]
Some people counting on $1,200 stimulus checks from the government may not see the money until mid-September, according to a House Ways and Means Committee analysis. The Internal Revenue Service will begin making about 60 million direct deposit payments in mid-April to the people who have bank account information on file with the agency, according […]
The Trump administration’s $349 billion small-business rescue kicked off Friday surrounded by concerns about its ability to handle an expected flood of applications and deliver enough aid to mom-and-pop firms hit hardest by the coronavirus pandemic. Hours before the program started taking applications, lenders complained they lacked sufficient guidance from the Small Business Administration on […]
The accounting scandal at Starbucks Corp.’s biggest competitor in China triggered a rout in shares linked to the company’s chairman, wiping out most of his wealth and knocking the tycoon out of the ranks of China’s billionaires. Luckin Coffee Inc.‘s Lu Zhengyao, a former civil servant who built a name for himself as a successful […]
As we face the uncertainties of COVID-19, we’re all grappling with the unknowns ahead of us — both personally and professionally. Accounting and tax professionals are especially in the throes of the evolving situation as federal and state governments discuss how they will provide relief to struggling families and American businesses. In this article, I […]
Richard Law was hired as a managing director in the corporate value consulting practice at Grant Thornton, Chicago. The Illinois CPA Society, Chicago, announced its board of directors who will serve from April 1, 2020 until March 31, 2021. The board of directors, and their organizations are: chairperson Dorri McWhorter, YWCA Metropolitan Chicago; vice chairperson […]
Chief financial officers are playing a key role in helping their companies cope with the fallout from the coronavirus pandemic and the economic devastation it’s causing, according to officials from the Institute of Management Accountants. As the finance function takes on a greater operational role at companies, CFOs often find themselves acting as the key […]
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