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COVID-19

Monday, 18 May 2020

More COVID-19 relief: FASB to defer implementation deadlines

Written by Thomson Reuters

During the novel coronavirus (COVID-19) pandemic, many businesses are, at best, facing unprecedented operational challenges and, at worst, struggling to avoid bankruptcy. In such dire circumstances, the last thing management wants to think about is updating the company’s systems and records to comply with new accounting rules. Fortunately, the Financial Accounting Standards Board (FASB) has unanimously decided to propose one-year deferrals of the updated revenue recognition and leases standards for certain entities, including specific types of businesses and nonprofits. Here are the details...

Monday, 18 May 2020

COVID-19 pandemic to trigger midyear goodwill impairment

Written by Thomson Reuters

Airlines, cruise ships, restaurants, entertainment venues, hotels and many other types of businesses are expected to report goodwill impairments for the first quarter of 2020 because of the novel coronavirus (COVID-19). The contagious disease that’s wreaking havoc worldwide is a clear triggering event that would cause many companies to have to test for impairment on an interim basis — before the scheduled annual testing date. What is goodwill impairment? Goodwill is an intangible asset recorded on balance sheets following merger and acquisition (M&A) activity...

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a welcomed technical correction that assigns a 15-year recovery period to qualified improvement property (QIP) placed in service after 2017. Without the technical correction a 39-year recovery period applied. While the shortened 15-year recovery period is good news, its real significance is that most post-2017 QIP retroactively qualifies for the bonus depreciation deduction. Any MACRS property with a recovery period of 20 years or less is bonus depreciation property...

Published in Tax, COVID-19
Monday, 11 May 2020

Municipal Liquidity Facility

Written by The Federal Reserve

Effective May 11, 20201 The Federal Reserve established the Municipal Liquidity Facility to help state and local governments better manage cash flow pressures in order to continue to serve households and businesses in their communities. Additional information can be found below.   Municipal Liquidity Facility FAQ Municipal Liquidity Facility Pricing The Federal Reserve   If you would like to talk through the Municipal Liquidity Facility and how it impacts you, please reach out to your Rehmann advisor. You also may contact us at info@rehmann...

Published in COVID-19
Friday, 01 May 2020

Main Street Lending Program

Written by The Federal Reserve

Last updated on May 4, 2020 The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF) and the Main Street Expanded Loan Facility (MSELF). Frequently Asked Questions (FAQs) providing more information regarding eligibility and conditions can be found below.   Main Street New Loan Facility Main Street Expanded Loan Facility Main Street Priority Loan Facility           [Podcast] Breaking Down the Main Street Lending Program | 5...

Published in COVID-19
Thursday, 30 April 2020

Main Street New Loan Facility

Written by The Federal Reserve

The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. For additional Main Street Lending Program term sheets, click the buttons below.   Main Street Expanded Loan Facility Main Street Priority Loan Facility           Effective April 30, 20201         Program The Main Street New Loan Facility (“Facility”), which has been authorized under section 13(3) of the Federal Reserve Act, is intended to facilitate lending to small and medium-sized Businesses by Eligible Lenders. Under the Facility, the Main Street Priority Loan Facility (“MSPLF”), and the Main Street Expanded Loan Facility (“MSELF”), the Federal Reserve Bank of Boston (“Reserve Bank”) will commit to lend to a single common special purpose vehicle (“SPV”) on a recourse basis...

Published in COVID-19
Thursday, 30 April 2020

Main Street Priority Loan Facility

Written by The Federal Reserve

The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. For additional Main Street Lending Program term sheets, click the buttons below.   Main Street New Loan Facility Main Street Expanded Loan Facility           Effective April 30, 20201         Program The Main Street Priority Loan Facility (“Facility”), which has been authorized under section 13(3) of the Federal Reserve Act, is intended to facilitate lending to small and medium-sized Businesses by Eligible Lenders. Under the Facility, the Main Street New Loan Facility (“MSNLF”), and the Main Street Expanded Loan Facility (“MSELF”), the Federal Reserve Bank of Boston (“Reserve Bank”) will commit to lend to a single common special purpose vehicle (“SPV”) on a recourse basis...

Published in COVID-19

The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before the pandemic. When the initial terms of Main Street were announced, the Board indicated that, because the financial needs of businesses vary widely, it was seeking feedback from the public on potential refinements. More than 2,200 letters from individuals, businesses, and nonprofits were received...

Published in COVID-19
Tuesday, 28 April 2020

What to Know About Payroll Tax Relief and Advance Payments

Written by Marie Shebuski, MBA, ERPA, QPA, QKA and Anthony Licavoli Jr. CPA

SUMMARY | Employer Tax Provisions   Eligible businesses can take advantage of payroll tax relief, thanks to both the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus Response Act (FFCRA). These federal acts contain changes to federal tax law that provide immediate and short-term economic relief. Here’s what you need to know about the kinds of tax relief available, how to qualify and the conditions that must be met. Employee Retention Credit This credit is for employers adversely affected by the COVID-19 pandemic...

Published in COVID-19, Tax

As the coronavirus pandemic forces companies to re-tool operations and in many cases consider work-at-home protocols for the first time, cybersecurity becomes of utmost importance.  Establishing safe and secure access for your remote workforce can prove overwhelming – as leaders seeking optimal productivity and for team members, who are adjusting to this new workplace culture – but there are simple steps IT departments can take to ensure a smooth transition for everyone during this time. From assessing remote capabilities and setting expectations, to implementing procedures and preventing cyber breaches, here’s what you need to know to be successful moving forward. Inventory and assess your company’s remote work capabilities While 92% of businesses offer remote work, the opportunity has not been afforded to all employees equally...

Published in COVID-19, Cybersecurity
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