Webinar: Accounting & Audit Impact of COVID-19
OnDemand Webinar Recorded May 4th, 2020 The Coronavirus pandemic has required businesses to quickly make changes to how employees work, and in many cases, has had a significant impact on Revenue & Expenses. These changes to processes, procedures, and finances may have exposed your organization to new risks and have had an impact on your […]
CARES Act Healthcare Provider Relief Fund
AAFCPAs would like to make healthcare providers aware that as part of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, $100 billion in Provider Relief Funds was pledged to hospitals and other healthcare providers. These funds are designed to reimburse healthcare-related expenses and lost revenue related to COVID-19, and to guarantee uninsured Americans […]
Federal Reserve Authorizes Main Street Loans for Companies Impacted by COVID-19
AAFCPAs would like to make clients aware that the Federal Reserve, effective April 9, 2020, authorized a series of programs to provide up to $2.3 trillion in loans to households, businesses, and state and local governments struggling to deal with the COVID-19 pandemic. AAFCPAs has provided the below overview based on available information of the […]
IRS Extends More Tax Deadlines for Individuals and Businesses
The Internal Revenue Service has released Notice 2020-23 expanding the list of filers eligible for deferred filing of returns and related payments. Equally important, it allows for a postponement of all time-sensitive actions listed in Revenue Procedure 2018-58. In addition to postponements previously granted to filers of Individual, Fiduciary, Corporation, and Gift tax returns, the […]
FASB Proposes Lease Standard Delay, Issues Pandemic Concessions FAQs
The Financial Accounting Standards Board (FASB) on April 8, 2020 issued a proposal to defer the effective date for ASU 2016-02, Leases, and all subsequent amendments by one year in response to the ongoing coronavirus pandemic. For private companies and private nonprofits, the effective date would be for fiscal years beginning after December 15, 2021. […]
The COVID-19 Impact on the Revenue Cycle for Hospitals and Other Healthcare Providers
The impact of the COVID-19 pandemic on the revenue cycle is fluid, but providers must manage it to meet their obligations and missions. Here are key considerations with financial sustainability hanging in the balance. Billing and coding Ensure you know what is covered by health plans for both inpatient and outpatient services. With the rules […]
Unemployment Relief for Self-Insured Nonprofits as part of CARES Act
Update June 8th, 2020: Unemployment Insurance: 120-Day Deadline Extension for Nonprofits AAFCPAs would like to make clients aware of a provision in Section 2103 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provides emergency unemployment relief for governmental entities and nonprofit organizations. Emergency Unemployment Relief (Section 2103): The Act provides for additional […]
Health Centers Awarded $1.3 Billion Through CARES Act
AAFCPAs would like to make community health center clients aware that on April 8, 2020, the Health Resources and Services Administration (HRSA) awarded $1.3 billion to the nation’s community health centers under the Health Center Coronavirus Aid, Relief, and Economic Security (CARES) Act Funding. The distribution of funding was determined based on a $503,000 base, […]
Retirement Plan Provisions of the CARES Act
AAFCPAs would like to make clients aware of retirement plans provisions included in the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation. These provisions include expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and a deferral of mandatory distributions. Coronavirus-Related Hardship Distributions The 10% early distribution penalty […]