How to Handle Gifts In-Kind and Donated Services

As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many nonprofit donors find themselves unable to provide monetary support to favorite charities. Instead, your organization may receive offers of gifts in-kind (GIK) or donated services. Although you likely welcome these gifts, you may be unsure about how to record and value […]

Going, Going, Gone: Going Concern Assessments in the Midst of COVID-19

The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns; employee layoffs, furloughs or restrictions on work; liquidity issues; and disruptions to their supply chains and customers. These negative impacts have brought the “going concern” issue to […]

Congress Expands COVID-19 Relief

Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic […]

Steps to Managing Your Business in a Crisis

Planning for a potential crisis tends to end up on the back burner until it’s too late. The crisis arrives, and your team is not prepared to deal with it, leaving you unsure how to navigate the multiple roadblocks standing between the current situation and the future health of the business. These risks can be […]

Cares Act – Qualified Improvement Property

The global pandemic caused by the Coronavirus (COVID-19) has impacted nearly every corner of the world and disrupted daily life in an unprecedented manner. At Miller Cooper, we are committed to help you navigate through this by providing you with uninterrupted service and guidance on the best course of action for your individual company needs.  […]

For NFPs: Donor Care during the COVID-19 Pandemic

One of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are […]

The IRS Announces New COVID-19-Related Assistance for Taxpayers

The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional […]

Adjusting Your Financial Statements for COVID-19 Tax Relief Measures

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP) are required to follow Accounting […]