FASB Extends Effective Date of Revenue Recognition and Leases Standards for Certain Entities

The Financial Accounting Standards Board (FASB) voted Wednesday, May 20, 2020, to give private companies and nonprofit organizations that have not yet issued their financial statements an extra year to comply with the revenue recognition and leases standards. Why did FASB extend the effective date? The deferred implementation was based on feedback the FASB received[ … ]

Paycheck Protection Program (PPP) Loan Forgiveness Assistance Now Available

Since your business has received an SBA Paycheck Protection Program (PPP) loan, now is the time to begin planning how you will allocate and document your spending over the eight-week covered period to ensure you receive the maximum loan forgiveness. Work with our PPP Loan Task Force We have designed flat-fee consulting packages to help[ … ]

SBA issues new guidance on PPP loan necessity certification

There have been many questions regarding Paycheck Protection Program (PPP) loans and the borrowers’ required good-faith certification concerning loan necessity. Concerns over the possible ramifications of applying for the loan and then having the Small Business Association (SBA) evaluate the certification after the fact have been front and center in the national dialogue. Today, the[ … ]

Arizona’s Burgeoning Cannabis and Hemp Industry

Earlier this year, BeachFleischman’s Josephine Giordano moderated a panel discussion for the newly formed ASCPA Cannabis Special Interest Section covering legal and regulatory challenges, dispensary operations, and accounting and tax issues for cannabis and hemp industry in Arizona. Her article about that panel discussion will be in the May/June issue of AZ CPA magazine.

Distressed Businesses: Overcoming Obstacles in the Road to Recovery

The Arizona economy and our local businesses are suffering significant distress in these uncertain times. A business’ going concern premise is compromised as growth and cashflows decline and risk increases. Financial distress is a condition in which a company or individual cannot generate revenue or income resulting in challenges in paying its financial obligations. This[ … ]

Donating your stimulus check: How to make a tax-deductible donation

Stimulus checks are already arriving in mailboxes and bank accounts, but not everyone who receives a stimulus check needs the money. Part of the recent CARES Act, these stimulus checks include $1,200 for single filers or $2,400 for joint filers, plus $500 for each dependent child under age 17. The amount of the payment is[ … ]