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Federal Reserve
Federal Reserve Takes Historic $2.3 Trillion Action to Stimulate Economy 400 400 SAX - Advisory, Audit and Accounting

Federal Reserve Takes Historic $2.3 Trillion Action to Stimulate Economy

On April 9th, the Federal Reserve committed an additional $2.3 trillion in funds to further stimulate the economy as we continue to battle the COVID-19 pandemic.  Aimed primarily at households and businesses of all sizes, as well as state and local governments, the measures included in this policy are intended to stabilize our uncertain economic…

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Important Updates to the SBA Loan Programs
APRIL 7 WEBINAR: IMPORTANT UPDATES TO SBA LOAN PROGRAMS 400 400 SAX - Advisory, Audit and Accounting

APRIL 7 WEBINAR: IMPORTANT UPDATES TO SBA LOAN PROGRAMS

On April 2, 2020, the Small Business Administration (SBA) released additional guidance on the SBA Loan Incentive Programs available to businesses for COVID-19 relief. You’re invited to watch our informative webinar as we review the recent updates made to the two key provisions surrounding loan programs available for small businesses – the Paycheck Protection Program…

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CARES Act Paycheck Protection Program
Additional Guidance Provided for the Paycheck Protection Program 400 400 SAX - Advisory, Audit and Accounting

Additional Guidance Provided for the Paycheck Protection Program

The Small Business Administration (SBA) released additional information on the Paycheck Protection Program (PPP).  Below summarizes the key changes: Independent Contractors/1099 Recipients– These costs may not be included in “payroll cost” calculations. Interest Rate – Interest rate will be 1.00%. Forgiveness Requirements – Applicants must spend a minimum of 75% of loan proceeds on payroll…

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COVID-19 Business Relief
CARES ACT to Provide COVID-19 Relief for Businesses 400 400 SAX - Advisory, Audit and Accounting

CARES ACT to Provide COVID-19 Relief for Businesses

On March 27, 2020, President Trump signed the “Coronavirus Aid Relief, and Economic Security Act” (CARES Act), allocating $2.2 trillion in spending and tax breaks to increase liquidity in the economy, provide relief for individuals and businesses, as well as specific industries most seriously harmed by this pandemic.

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COVID-19 Sax Webinar
WEBINAR: New Small Business Administration (SBA) Loan Incentive Programs Available to Businesses Through CARES Act 400 400 SAX - Advisory, Audit and Accounting

WEBINAR: New Small Business Administration (SBA) Loan Incentive Programs Available to Businesses Through CARES Act

Join us on Wednesday, April 1 at 10:00 AM as we review the new Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – the most significant benefits package to date for COVID-19 relief.  The new law will deliver over $2 trillion in economic stimulus aimed at providing relief for individuals and businesses most seriously…

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Filing Deadline Extended
The IRS Extended the Tax Filing Deadline from April 15 to July 15 400 400 SAX - Advisory, Audit and Accounting

The IRS Extended the Tax Filing Deadline from April 15 to July 15

As an update on the tax filing deadline, Treasury Secretary Mnuchin announced on Friday, March 20 that the IRS will be extending the tax filing deadline from April 15 to July 15. Refunds are being issued.  Payment for the balance due for 2019 and 2020 1st quarter estimates can be deferred until July 15, 2020. …

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FASB Issues Exposure Draft Regarding Contributed Non-Financial Assets for Not-for-Profits 150 150 SAX - Advisory, Audit and Accounting

FASB Issues Exposure Draft Regarding Contributed Non-Financial Assets for Not-for-Profits

In February 2020, the FASB proposed an update to improve generally accepted accounting principles (GAAP) by increasing the transparency of contributed non-financial assets for not-for-profit (NFP) entities through enhancements to presentation and disclosure. Comments to the draft are requested by April 10, 2020. The term non-financial asset (or in-kind donation) includes fixed assets, use of fixed…

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Calculator
Key Changes to Construction Contractors’ Financial Statements Due to New Revenue Recognition Accounting Standard 400 400 SAX - Advisory, Audit and Accounting

Key Changes to Construction Contractors’ Financial Statements Due to New Revenue Recognition Accounting Standard

It’s hard to believe we are three months into the new year and as year-end accounting procedures are wrapping up, CPA issued financial statements are rolling out.  You will notice that these financial statements have a different look from past years courtesy of the new revenue recognition accounting standard (ASU 606) effective for all non-public…

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