Accounting for Forgivable Loans Received Under the SBA Paycheck Protection Program

by Christopher L. Chonko Recent guidance provides multiple models for businesses and nonprofits (nongovernmental entities) to use when planning to account for a forgivable loan received under the Small Business Administration Paycheck Protection Program (PPP). A summary of the available options is provided below. Business Accounting Options FASB ASC 470 debt model Generally speaking, the … Read more

Reduce Check Fraud with Positive Pay

by Joseph M. Delisi, CPA, Principal Despite the continuing decline in overall paper check usage, check fraud continues to pose a risk for many organizations. Since checks are passed person-to-person on their way to payment, they can easily be stolen, duplicated, altered or cashed illegally. Are you concerned about check fraud losses at your business? … Read more

Overtime Rule Will Not Go Into Effect Dec 1

by H2R CPA Team​On November 22nd, a Federal judge issued a preliminary injunction against a US Department of Labor Final Rule updating the Fair Labor Standards Act (FLSA), which was set to go into effect December 1, 2016. The rule specified a new salary level above which certain white collar workers may be exempt from overtime pay … Read more

Updated Overtime Rule

by H2R CPA Team On May 18, 2016, the US Department of Labor issued a Final Rule updating the Fair Labor Standards Act (FLSA) salary level above which certain white collar workers may be exempt from overtime pay requirements (time and one-half) when working more than 40 hours per week. Important features of the Final … Read more