Latest Articles

  • A Closer Look at the CARES Act: Economic Stabilization Loans, Troubled Debt Restructuring, Moratorium on Evictions

    By:
    Chris Gaetano
    |
    Mar 31, 2020
    WIth the $2 trillion coronavirus relief package having now been signed into law, The Trusted Professional is doing a deep dive into various sections of the over-800-page bill. Today we are looking at the economic stabilization loans, changes to troubled debt restructuring rules, and the moratorium on evictions.
  • Regulatory Roundup - March 24-30

    By:
    Chris Gaetano
    |
    Mar 30, 2020
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA's regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • NYS Issues Guidance on Extension of Tax Deadline to July 15

    By:
    Chris Gaetano
    |
    Mar 30, 2020
    The New York State Department of Taxation and Finance has issued guidance on its extension of the filing and payment deadline for personal and corporate income taxes to July 15, in response to the coronavirus pandemic.
  • New Taxpayer Advocate Takes Reins Early, as IRS Shuts Down Practitioner Assistance

    By:
    Chris Gaetano
    |
    Mar 30, 2020
    The global pandemic has led Erin Collins, who was appointed weeks ago as the new IRS Taxpayer Advocate, to take the lead earlier than expected. She is beginning her term at a a time when the service has announced that it will be shuttering its Practitioner Priority Service Line, among other assistance programs.
  • A Closer Look at the CARES Act: Unemployment Insurance, Payroll Taxes, Net Operating Losses

    By:
    Chris Gaetano
    |
    Mar 30, 2020
    WIth the president having recently signed the $2 trillion coronavirus relief package into law, The Trusted Professional is doing a deep dive into various sections of the over-800-page bill. Today we are looking at the unemployment provisions, the payroll tax provisions and the changes to net operating loss rules. 
  • CARES Act Delays Implementation of FASB CECL Standard

    By:
    Chris Gaetano
    |
    Mar 30, 2020
    The $2 trillion CARES Act, meant to blunt the economic impact of the COVID-19 pandemic, includes a provision excusing all financial institutions from having to comply with the Financial Accounting Standards Board's standard on current expected credit loss (CECL).
  • Stocks Continue to Climb, but Mortgage Markets Look Dire

    By:
    Chris Gaetano
    |
    Mar 30, 2020
    Stocks continued to mount strong gains on Monday for the fourth day in a row, on news of upcoming stimulus measures and progress on COVID-19 tests.
  • A Closer Look at the CARES Act

    By:
    Chris Gaetano
    |
    Mar 27, 2020

    House legislators just approved the COVID-19 relief legislation that the Senate approved earlier this week, called the Coronavirus Aid, Relief and Economic Security Act, or CARES Act. The $2.2 trillion spending package is intended to shore up the economy in the wake of the massive disruptions taking place amid the global pandemic. The Trusted Professional will be doing a deep dive into many portions of this bill over the following days. Today we begin with the small business loans, the direct payments, retirement plans, and charitable contributions.

  • Speakers: Audits in Time of COVID-19 Require Creativity, But Still Can Be Done

    By:
    Chris Gaetano
    |
    Mar 27, 2020
    Speakers on a recent AICPA webcast acknowledged that this age of social distancing can make audits tricky, but they said that it's still possible to do them in compliance with current standards, with a little creativity.
  • Rally Ends, Stocks Fall Again

    By:
    Chris Gaetano
    |
    Mar 27, 2020
    Stocks are down again after experiencing their best day since the 1930s, but markets are regaining lost ground on news of the upcoming stimulus package just approved by the House.