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Retroactive Tax Relief for COVID-19 Losses

Posted by Sweeney Conrad, PS on Jul 9, 2020 7:27:32 PM

While stimulus checks and forgivable loans have received a lot of attention during the COVID-19 shutdown, businesses should not overlook other available relief provisions that could help them reduce taxes and improve cash flow. Several of these measures could enable a business to file amended federal tax returns to recover taxes paid in previous years and request a refund.

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Topics: COVID-19

More Investors Qualify For Relief Under CARES Act Expansion

Posted by Sweeney Conrad, PS on Jul 1, 2020 11:05:04 PM

The IRS recently announced expanded required minimum distribution (RMD) relief under the CARES (Coronavirus Aid, Relief, and Economic Security) Act.  Here is what has changed for investors:

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Topics: Tax, COVID-19

Accounting for Paycheck Protection Program Loans and Forgiveness

Posted by Stacey Monson on Jun 30, 2020 1:53:11 PM

The American Institute for Certified Public Accountants (AICPA) recently issued a Technical Question and Answer (TQ&A) that provides guidance on accounting for loans issued under the Paycheck Protection Program (PPP).

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Topics: Audit & Assurance, News, COVID-19

Interview: Food Lifeline's Mission to End Hunger Amidst COVID-19

Posted by Emily Taibl on Jun 25, 2020 5:41:34 PM

COVID-19 has had a tremendous impact on our community in a number of ways including creating economic complications for many families in Western Washington. We recently caught up with Nate Pedigo, Director, Corporate Foundation Relations at Food Lifeline to learn more about how Food Lifeline is working hard to fight hunger in our region, and for ways that we can help.

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Topics: Sweeney Conrad Community, Sweeney Conrad Passion

How to Build and Run an Effective Governance Committee

Posted by Wende Wadsworth, Audit Shareholder on Jun 17, 2020 6:58:20 PM

As an employee benefit plan sponsor, you could face harsh consequences for failing to satisfy ERISA requirements as they relate plan fiduciaries. One of the best ways to defend against these liabilities is to form an effective employee benefit plan governance committee.

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Topics: Audit & Assurance, Employee Benefit Plans

Employee Benefit Plan Audits- Do You Need One... and How Can You Prepare?

Posted by Wende Wadsworth, Audit Shareholder on Jun 17, 2020 6:31:53 PM

They are two of the most common questions that many businesses sponsoring an employee retirement plan ask: Do we need to have an annual audit performed on our plan? And if so, how can we best prepare for the audit?

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Topics: Audit & Assurance, News, Employee Benefit Plans

Accounting for Lease Concessions Amidst COVID-19

Posted by Stacey Monson on Jun 16, 2020 6:36:47 PM

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The COVID-19 pandemic has forced the temporary closure, or a reduction of operating hours, of office buildings, shopping centers, restaurants, and other businesses. As a result, many lessors have, or will be, providing lease concessions to tenants who have faced economic disruption due to the COVID-19 pandemic. Lease concessions may vary in form, but payment forgiveness and deferral of payments are expected to be the most common types of concessions granted. As a result of lease agreements not containing provisions for rent concessions specific to COVID-19, in early April, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (Q&A) addressing questions on the impact of the COVID-19 pandemic on lease concessions.

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Topics: Audit & Assurance, News, COVID-19

The Paycheck Protection Program Flexibility Act: What You Need to Know

Posted by Sweeney Conrad, PS on Jun 4, 2020 8:15:43 PM

President Trump is expected to sign the Paycheck Protection Program Flexibility Act which has been approved by congress. The Act will provide relief to business owners by allowing for more flexibility and extended deadlines for Paycheck Protection Program (PPP) loan money.

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Topics: Sweeney Conrad News, Tax, COVID-19

Bellevue LifeSpring is Helping Families in Need During the COVID-19 Pandemic: How You Can Help

Posted by Emily Taibl on May 28, 2020 12:49:09 AM

Bellevue LifeSpring is making a huge impact on our community during this time of uncertainty and economic struggle. We caught up with Executive Director, Jennifer Fischer to learn more about their mission.

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Topics: Sweeney Conrad Passion

3 Tips For Getting Noticed By Recruiters From a Distance

Posted by Jamie Gardner, Audit Manager on May 26, 2020 5:51:35 PM

In the past few months, COVID-19 has made our world feel like it was turned upside-down. From the way we socialize to the way we work, almost everything has changed in a very short amount of time. I’m sure you have read about accounting firms that are no longer recruiting (or even worse - doing layoffs), or have friends who have had their internships canceled. Sweeney Conrad is thrilled to still be welcoming our summer interns in about a month, and currently planning how to best train them for a work-from-home internship. We anticipate having our normal recruiting levels this fall, and we are attending as many online career fairs and college events as we can!

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Topics: Sweeney Conrad People, Recruiting

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