Due to the effects the pandemic has had on organizations, auditors, accountants, and financial statement preparers need to brush up on the existing going concern requirements to be ready to address those situations. There will likely be few exceptions where organizations do not have some amount of doubt about events and conditions being present that could indicate a going concern problem.
The technical accounting guide explains how lenders should report forgivable loans made under the Paycheck Protection Program (PPP). Click the link to learn what banks and other financial institutions should know before they file their 2020 financial statements.
The end of the year is in sight. Therefore, this is an appropriate time for a charitable organization to review 2020 operations and activities. Particularly this year, it’s a good time to consider what this year’s COVID-19 pandemic revealed about the organization.
State tax authorities becoming very aggressive when you move.