Keep Employees COVID-19 Free: An Employers Guide From OSHA
Naturally you care about the health and safety of your employees, and don’t need a federal agency to tell you that you should be concerned. Still, it’s helpful to know what the overall position of the Occupational Health and Safety Administration’s (OSHA) is on COVID-19. In a recent “alert,” OSHA urged employers to take the following…
DfID Merger with FCO Creates Uncertainty with UK Aid
By Tricia Katebini, CPA, MBA, Senior Manager, Audit On June 16, United Kingdom (UK) Prime Minister Boris Johnson announced a merger between the Department for International Development (DfID) and the Foreign and Commonwealth Office (FCO). Together the two departments will become the Foreign, Commonwealth and Development Office. Johnson said the merger will “unite our aid…
Williams Assumes New Board Positions
Trevor W. Williams, CPA has been elected to the Greater Washington Society of CPAs (GWSCPA) Board of Governors for the fiscal year beginning July 1. Mr. Williams was also recently re-appointed to the FAR Board of Directors for the 2020-2021 fiscal year and will assume the position of Treasurer.
Webinar Series: The Indirect Rate Toolkit for Nonprofits with Federal Grants – Part III
Building on the first two webinars in the series, this session provides a nonprofit federal award recipient an example and walkthrough of how to build an indirect rate using the Department of Health and Human Services (HHS) Indirect Cost Rate Proposal template. The example uses the post-audit trial balance and the Statement of Functional Expense…
Tax Tips for Individuals Who Haven’t Filed a Return for 2019
As part of the federal government’s tax relief measures during the COVID-19 pandemic, the IRS extended key deadlines for the 2019 tax year and for making 2020 estimated tax payments until July 15, 2020. If your 2019 personal return is still awaiting completion, you may have significant retroactive tax-planning flexibility. Postponed Due Dates The IRS pushed…
Accounting Standards Update 2020-05 Delays ASC Topic 606 (Revenue From Contracts With Customers) and Topic 842 (Leases) Effective Date for Certain Entities
As noted in a previous GRF industry alert, on April 8, 2020, the Financial Accounting Standards Board (FASB), added a project to its technical agenda to propose delaying the effective dates of its standards on revenue recognition and lease accounting for certain entities due to challenges related to the COVID-19 pandemic. The particular Accounting Standards…
How to Plan for a PPP Audit
The Small Business Administrator Jovita Carranza and U.S. Treasury Secretary Steven Mnuchin recently announced that recipients of Paycheck Protection Program (PPP) loans of $2 million or more should expect an audit if they apply for loan forgiveness. Here are some tips to position your small business or not-for-profit organization to receive the maximum allowable forgiveness,…
Virtual Audits in a Time of Crisis
As the industry moves towards a paperless environment, the virtual or remote audit is becoming more popular. Is it right for your organization? If your organization is considering it for the first time in the midst of the COVID-19 crisis, what should you consider and how should you start to implement virtual practices? FAR hosted…
Is it Time to Reopen Your Business? 10 Questions to Ask Yourself
Businesses across America that have been shut down due to the novel coronavirus (COVID-19) pandemic may now (or soon) have the option to reopen. Since no two businesses are alike — even those in the same industry and location — what makes sense for one company could be a disaster for another. But many questions that…