New Law Provides Option to Delay Implementing the Updated CECL Standard

The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) standard. Here are the details. Updated Accounting Rules The Financial Accounting Standards Board (FASB) issued Accounting […]

New Second Draw IFR and Application Form for Paycheck Protection Program

On December 27, 2020, the Consolidated Appropriations Act, 2021 (“the Act”) was signed into law. The Act includes several modifications and additions to the Paycheck Protection Program (PPP). As anticipated, the SBA has released two new Interim Final Rulings (IFRs) and two new application forms. The first IFR consolidates previously issued PPP guidance and IFRs, […]

Key Provisions of The Consolidated Appropriations Act, 2021

The Consolidated Appropriations Act, 2021 (the “Act”) has been passed by Congress and now signed into law by President Trump. The Act contains a wide array of provisions that will impact Americans and their businesses in a multitude of ways. As a follow up to our Tax Update dated December 22 on the enhancements to […]

The Consolidated Appropriations Act, 2021 – Paycheck Protection Program Updates

The Consolidated Appropriations Act, 2021 (“the Act”) has been signed into law by President Trump as of December 27, 2020. This long-awaited legislation followed weeks of negotiations amongst lawmakers.  This bill is structured to provide some much-needed aid to small businesses impacted most by the COVID-19 pandemic. The Act includes several modifications and additions to the Paycheck […]

How COVID-19 Could Impact Year-end Inventory Counts

Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here’s how you can identify and overcome the challenges associated with inventory counts during the […]

COVID-19 Resource Page

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides economic relief to individuals, businesses, nonprofits and state and local governments. Its far-reaching provisions will impact Americans in dozens of ways. Miller Cooper’s COVID-19 professional response team has put together a series of executive briefings to help you understand how the various provisions will […]

New Guidance on Claiming Deductions in Context of a PPP Loan

The US Department of Treasury and IRS recently issued administrative guidance addressing the deductibility of certain expenses paid with proceeds from a Paycheck Protection Program (PPP) loan. Background The PPP loan program was designed to assist small businesses impacted by the COVID–19 emergency with payroll costs (and certain other expenses). The period for receiving a […]

Minimize Accounting Department Turnover

The demand for qualified accounting and finance personnel has grown, as business owners struggle to manage unpredictable cash flows, increased costs, and new government policies and financial aid packages. Plus, the potential job market for these professionals has expanded, thanks to technological changes that now allow them to transcend geographic boundaries and work from virtually […]