Archive for May, 2020

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May 29, 2020/Furniture Insights

May 2020 Furniture Insights

As March stats emerged, the economic decline expected was felt across the furniture industry as new orders for March were down 29% from March 2019 and 23% from February in our latest Furniture Insights.

FASB Approves Deferral of Leasing and Revenue Standards for Certain Private Companies

FASB votes to approve the proposed deferrals of the effective date for ASC 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts with Customers (“ASC 606”), for certain entities.

May 19, 2020/Tax, Business Planning, COVID-19

PPP Forgiveness Application and Guidance Issued

The much-anticipated PPP forgiveness application and related guidance have now been released. As many anticipated, the steps to securing forgiveness may be challenging. We break down the key components for you as you seek to apply this to your business.

May 5, 2020/Tax, COVID-19

NC Impact: Gov Cooper Signs COVID Relief Into Law

NC Senate Bill 704 was recently signed into law and effectively waives interest penalties accrued during April 15 to July 15. NC estimated tax payments for Q1 and Q2 2020 are also now both due July 15.

May 1, 2020/COVID-19, Tax

The Price of PPP – Guidance for Management & Boards on Mitigating PPP Risk

One thing now clear from the PPP is that while the application process is primarily based on certifications made by the applicant, there will be significant oversight and scrutiny of many borrowers from the government, lenders, the public, and other third-parties. This is in addition to the government publishing the names and PPP loan amounts of borrowers and any current and future self-reporting requirements imposed on borrowers.

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