Scott Lawrence, Author at Bennett Thrasher | Page 24 of 27 Skip to main content
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Time to Consider Goodwill Impairment?

By Insights

Even in normal economic times, it is crucial for financial managers of businesses that have goodwill and other intangible assets on their books to understand the requirements of ASC 350 Intangibles- Goodwill and Other. The standard includes guidance on the subsequent measurement of intangible assets and goodwill. The current coronavirus (COVID-19) pandemic could affect the subsequent measurement of goodwill and the fair value of an entity.

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Planning for What’s Next

By Insights

Here we are, a month after the world was upended due to the coronavirus. In the first few days, leaders had to respond to the urgency of the situation. For some, the workforce began to work remotely. Others adapted and some have temporarily closed their doors. We don’t know how long the current pandemic will last or how long it will take the economy to recover, but we do know that now is not the time to lose sight of your long-term plans.

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IRS Clarifies How Payroll Tax Deferral Works

By Insights

One of the tax provisions in the CARES Act designed to give businesses immediate help with their cash flow allows them to defer payment of the employer’s Social Security tax of 6.2% (OASDI) of employee wages (up to an annual limit) incurred from March 27, 2020 through December 31, 2020. One half of the deferred amount will be due on December 31, 2021, and the other half will be due on December 31, 2022.

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IRS Provides Comprehensive Relief to Taxpayers

By Insights

On April 9, 2020 the IRS issued Notice 2020-23 which significantly broadens its relief to taxpayers in response to the ongoing coronavirus pandemic. All taxpayers with a federal filing or payment deadline (original or pursuant to a valid extension) on or after April 1, 2020, and before July 15, 2020, have until July 15, 2020 to file the returns and make payments without penalties or interest.

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U.S. Department of the Treasury FAQs

By Insights

On Monday, April 6, the U.S. Department of the Treasury provided an update to its frequently asked questions on the Small Business Administration’s Paycheck Protection Program loans. The newly released FAQs address common questions and provide further guidance to borrowers and lenders concerning the implementation of the PPP.

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Introducing Bennett Thrasher’s Coronavirus (COVID-19) Resource Center

By News

With many COVID-19 legislative measures and related resources available, Bennett Thrasher is dedicated to providing you with the information your business needs. Our team of accounting and consulting professionals are continuously monitoring developments as they occur in real-time order, in order to provide you with important updates on legislation and relief efforts that affect you and your business.

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5 Steps to Business Continuity During the Coronavirus Pandemic

By Insights

As the coronavirus (COVID-19) rapidly spreads within the U.S., how do business leaders ensure continuity during this pandemic? Employee, customer and vendor safety is paramount, but as more activities are canceled and face-to-face meeting aren’t advised, how can business leaders take steps to continue serving their customers? While many employers are encouraging employees to work from home, that’s not always possible for industries like manufacturing, retail and many others.

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