Insights

Operating your business’s 401(k) plan during COVID-19

The disruptions caused by COVID-19 are raising many questions about the operations of 401(k) plans. 

Here are the answers to the top questions we have been receiving.

3/31/20
Services: Human Capital Management Solutions, Consulting
By: Nichole Mayer

GASB may delay some standards and implementation guidance due to COVID-19

Because of the COVID-19 virus, the Government Accounting Standards Board (GASB) is considering delaying the effective dates of its standards and implementation guides.

3/31/20
Industries: Nonprofits, Tribal Gaming and Government, Tribal Gaming, Tribal Government
Services: Audit and Accounting

Preventing fraud in a remote work world

As remote work spikes along with the spread of the novel coronavirus, our experience in creating strong internal and external accounting controls is suddenly in greater demand. Business owners are already worried about the health of their workers, their families and their bottom line. They need not add fraud to that list.

3/31/20
Services: Consulting, Cybersecurity
By: David G. Friedman

COVID-19 and commercial real estate: 3 steps to take now

With the coronavirus pandemic causing shutdowns and shelter-in-place orders throughout the country, times are uncertain for commercial lessors and lessees alike. Brick-and-mortar businesses are being hit hard by closures. Many lessors are understanding and willing to be flexible but face their own obligations to lenders and investors.

3/30/20
Industries: Construction and Real Estate
By: Lucas Rocole

The impact of the CARES Act on financial institutions

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a $2 trillion stimulus package, includes several provisions that directly impact financial institutions:

3/30/20
Industries: Financial Institutions
Services: Audit and Accounting
By: Nick G. Ansley

How small businesses can use the Paycheck Protection Program

The Paycheck Protection Program (PPP) was enacted under the CARES Act to help small businesses cover their near-term operating expenses during the COVID-19 crisis and provide a strong incentive for employers to retain their employees.

3/30/20
Services: Tax

How contractors can recover damages due to COVID-19

The economic fallout of COVID-19 is forcing contractors to juggle their need to keep employees safe while at the same time keeping projects running efficiently. That means, no matter how hard we try, there will inevitably be impacts to construction projects and contractors will need to submit requests for extras to recover damages. And, while COVID-19 seems to be changing almost everything, it hasn’t impacted the legal basis for claiming damages or the requirement of needing to link project damages with accounting records.

3/28/20
Industries: Construction and Real Estate
By: Michael R. Benes, Kevin P. Krueger

FHA extends submissions for audited financial statements to April 30

All FHA-approved lenders are required to submit their audited financial statements through the Lender’s Electronic Assessment Portal (LEAP) within 90 days of the close of their fiscal year. The FHA has now extended the 90-day filing period for audited financial statements to April 30 for all approved lenders whose financial statement reporting period ended Dec. 31, 2019. While there is an additional 30-day window, lenders that can submit their audited financial statements before April 30 are still encouraged to do so.

3/28/20
Industries: Financial Institutions, Financial Services
By: Craig Gugliemetti