Audits

  • Revenue recognition and leases: FASB gives certain entities more time

    • June 9, 2020
    • Posted by: Jason Schilling
    • Category: Audits, FASB, rev-rec, Revenue Recognition
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    Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they

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  • IRS extends some (but not all) employee benefit plan deadlines

    • April 24, 2020
    • Posted by: Jason Schilling
    • Category: Audits, COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends

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