Articles
- Legislative Update: IRC Update (Conformity Bill) Passes House Heads to Governor's Desk
Breaking News – The Georgia IRC Update (Conformity Bill), now HB 846, has just passed both the Senate Floor (yesterday) and now the House with a vote of 110-56. It is now headed to Governor Brian Kemp next for his signature. HB 846 can be... read more
- The Four Basic Food Groups of Audits: Satisfying Your Audit Risk Appetite
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Audit risk is defined by AU-C Section 200 as the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. In other words, the auditor messed up and missed something big.... read more
- Post-Pandemic Nexus in Georgia
The Georgia Department of Revenue (DOR) recently updated their FAQ on nexus as a result of the COVID virus. This results from the use of the word “temporary” in the original pronouncement. The original FAQ response from DOR is shown... read more
- How the Georgia CPA Community is Responding to COVID-19
For many people, working from home occasionally is a nice perk. But when stay at-home/shelter in place orders were issued as a result of the COVID-19 pandemic, working from home was no longer a luxury – it was a necessity. Read how GSCPA... read more
- Guidance for Coronavirus-Related Distributions and Loans from Retirement Plans Under the CARES Act
Notice 2020-50 provides guidance relating to the application of section 2202 of the CARES Act for qualified individuals and eligible retirement plans. Under section 2202 of the CARES Act, qualified individuals receive favorable tax treatment... read more
- Relief For Taxpayers Affected By COVID-19 Who Take Distributions Or Loans From Retirement Plans
WASHINGTON – The Internal Revenue Service today released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan... read more
- SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
Washington—Today, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP... read more
- IRS Provides Guidance on Employer Leave-Based Donation Programs That Aid Victims of the COVID-19 Pandemic
WASHINGTON – The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. Notice 2020-46 provides that cash payments employers make to... read more
- U.S. Treasury Releases Revisions to PPP First Interim Final Rule, Lenders Application Form and Borrowers Application Form
After the passing and signing of H.R. 7010, The Paycheck Flexibility Act, the U.S Department of Treasury and the Small Business Administration has amended past guidance and forms to reflect the update. PPP Revisions to First Interim Final Rule... read more
- Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Coronavirus Disease 2019 Pandemic
Notice 2020-39 answers questions regarding relief from certain requirements under section 1400Z-2 of the Internal Revenue Code and the implementing regulations in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic, such as... read more