Bennett Thrasher, one of the nation’s largest and fastest-growing certified public accounting and consulting firms, is one of six firms in the country approved by the Georgia Department of Revenue (DOR) to conduct new mandatory film tax credit audits for production companies.
The Consolidated Appropriations Act of 2021 (CAA), signed into law on December 27, 2020, includes a temporary rule providing COVID-related relief from certain partial plan terminations for employee benefit plans. Under this provision, a plan is not treated as having a partial plan termination during any plan year which includes the period beginning on March 13, 2020, and ending on March 31, 2021, if the number of active participants covered by the plan on March 31, 2021, is at least 80 percent of the number of active participants covered by the plan on March 13, 2020.
There is no disputing that the intent of the Coronavirus Aid, Relief and Economic Securities (CARES) Act of 2020 is to provide immediate and tangible economic relief to American workers, families and small businesses. What has been less clear since its passage in March 2020 is how the acceptance of funds available through various CARES Act programs could impact single audit requirements.
As was publicized earlier this month, FASB officially approved the deferral of the new lease accounting standard (ASC 842) for private companies for another year. The new effective date is for fiscal years beginning after December 15, 2020, or 2021 for calendar year companies.
On Wednesday, FASB made the additional one-year deferral of the new Lease Accounting standard, as well as two others, official. These delays had long been sought by private companies as they attempted to implement the complex revised standards.