On Target Topics Blog

New Lease Accounting Standard Reminder

Just a reminder the Financial Accounting Standards Board (FASB) previously issued Lease Accounting Standard as codified in Accounting Standard Codification (ASC) No. 842, is fast approaching for nonpublic entities maintaining GAAP financial statements. Effective January 1, 2022, ASC 842 fundamentally changes the accounting for lessees with operating leases [...]

August 30th, 2021|

ARP Legislative Summary

On Thursday, March 11th, President Biden signed the $1.9 trillion COVID relief bill, the American Rescue Plan (ARP).  This is a tremendously large piece of legislation and there is a lot to unpack, but we wanted to call your attention to a few key items that are particularly [...]

March 12th, 2021|

Understanding the Business Suspension Qualification for the 2020 ERC

The IRS has released the follow Q&A article to help businesses determine if they were fully or partially suspended due to government order, and would therefore be eligible for the retroactive 2020 Employee Retention Credit. This FAQ is not included in the Internal Revenue Bulletin, and therefore may [...]

December 30th, 2020|

Retroactive Employee Retention Credit (ERC) for 2020

The Consolidated Appropriations Act that the President just signed into law GREATLY enhances the Employee Retention Credit (ERC) that was created under the CARES act. Under the new stimulus bill the ERC is improved in different ways for 2020 and for 2021. We will share information on the [...]

December 28th, 2020|

December COVID Relief Bill Highlights

The long awaited second COVID stimulus bill is here, and there’s a lot to unpack.  Here’s a quick overview of the highlights, we’ll be sharing more details on specific programs as more information becomes available. Stimulus Payments $600 for individuals and $1,200 for married couples filing jointly, plus [...]

December 28th, 2020|
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