COVID-19

FASB Issues Statement on Prudential Regulator Guidance Concerning Troubled Debt Restructurings. On Sunday, March 22, 2020, the FASB has issued the following relating to a statement by Federal and state prudential regulators banking regulators:  “Earlier today, the Federal and state prudential banking regulators issued a joint statement that included guidance on their approach to the accounting for loan modifications in light of the economic impact of the coronavirus pandemic. This guidance was developed in consultation with the staff of the FASB who concur with this approach and stand ready to assist stakeholders with any questions they may have during this time.”  The agencies involved include Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the State Banking Regulators...

The COVID-19 virus is closing businesses, canceling events and changing daily life across the world. Undoubtedly, the obvious and important health implications must take priority. However, it is important to recognize the substantial economic suffering and work to mend both health and wealth. Many businesses, albeit vendors, restaurants, large corporations, small and family-owned businesses, are relying on the steady stream of customers...

With the IRS having officially announced an extension to July 15 for income tax payments, otherwise due April 15, states are beginning to develop their own responses to the filing and payment deadlines. Below you will find a few key specifics for Michigan, Florida, and Ohio as of Thursday, March 19. We will continue to provide further updates as they develop. Click here for the full AICPA report regarding the state’s responses...

Families First Coronavirus Response Act, H.R. 6201 Available at https://www.congress...

Tampa, Florida – Florida’s three United States Attorneys today joined with Florida Attorney General Ashley Moody to warn scam artists that they will vigorously pursue anyone trying to capitalize on the coronavirus pandemic by cheating Florida consumers, especially the state’s vulnerable elders. The federal law enforcement team is now actively collaborating and cooperating with the state’s top prosecutor team in a concerted effort to stop the scams relating to coronavirus.   The state’s top prosecutors at the federal and state levels vowed that their offices are committed to remaining vigilant in preventing, pursuing, prosecuting, and punishing individuals and businesses that try to take advantage of the crisis for personal profit. They emphasized the importance of this effort in light of Florida’s large elderly population and reports of everything from bogus COVID-19 “cures” to phishing scams that purport to be official government health websites...

Without question, this crisis is proving stressful for many, but navigating the ever-evolving pandemic landscape does not have to be. Please know that we’re here to help individuals and guide organizations as we all adjust to new ways of working and conducting business, and ultimately, ensure the continued strength of your operations. We have compiled our top recommendations that business leaders should review as part of continuity planning to minimize the impact and disruption this virus has on businesses.   Your valued workforce: Employ a strategy of frequent and clear communication with your workforce...

Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as of this writing, is expected to be taken up by the Senate this week...

While it may appear that we are getting through the initial market shock, coverage of the coronavirus continues and as the scope of the virus remains uncertain, it is common for the global market to follow suit. Equities detest uncertainty. The market’s reaction to the coronavirus are justified — events like this certainly have negative impacts on the economy and short-term growth. There will be a point in time when the scope of the impact becomes clearer and stability should return shortly after...