Latest Articles

  • 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.
  • 3.3 Million File for Unemployment, Blowing Past Previous Records by Miles

    By:
    Chris Gaetano
    |
    Mar 26, 2020
    The federal government has reported that number of seasonally adjusted initial unemployment claims last week totaled about 3.3 million, completely shattering the previous record of 695,000, which was set in 1982.
  • IRS, SEC Expand Regulatory Relief Even Further

    By:
    Chris Gaetano
    |
    Mar 26, 2020
    The IRS and the SEC have both announced expansions to regulatory relief in the wake of the coronavirus pandemic.
  • Senators Reach Accord on $2 Trillion Stimulus Package

    By:
    Chris Gaetano
    |
    Mar 25, 2020
    Senators, after days of negotiations, have finally agreed on a stimulus package meant to address the economic impact of the coronavirus epidemic, a $2 trillion spending measure that includes direct cash payments to most Americans.
  • IRS Provides Further Answers on Tax Delay

    By:
    Chris Gaetano
    |
    Mar 25, 2020
    The IRS has released new information on the recent tax deadline delay, answering the questions that, so far, are frequently asked.