A Deloitte partner with a CFO focus explains why finance chiefs have reason for optimism, what concerns them, and why “we’re entering into a new realm.”
COVID-19 news and information
Restaurant Revitalization Fund recipients revealed
The US Small Business Administration has published a database of the more than 100,000 approved grants from the $28.6 billion Restaurant Revitalization Fund.
SBA officially drops PPP Loan Necessity Questionnaire requirement
The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.
Restaurant industry recovery aided by CPAs, 2 leaders with longtime ties
CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.
SBA officially closes Restaurant Revitalization Fund
The SBA announced the closure of the Restaurant Revitalization Fund with a final tally of how it awarded the program’s $28.6 billion in funding.
Farm businesses receive guidance on tax treatment of losses
The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
Vacation and sick pay accruals resulting from the pandemic
Travel restrictions led to a buildup of compensated absences and a corresponding liability that has implications for financial reporting, auditing, and management.
2021 child tax credit, EITC, and premium tax credit limits updated
ARPA temporary measures are quantified in a revenue procedure.
When is food and drink ‘provided by a restaurant’?
The IRS explains which meals qualify for a temporary 100% expense deduction.
Safe harbor for deducting PPP loan expenses
Congress clarified that business expenses resulting in loan forgiveness are deductible, but some taxpayers had followed earlier, contrary IRS guidance.
Features
FROM THIS MONTH'S ISSUE
Making the right choice when no one is watching
The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.
