The 2020 ACAMS Annual AML & Anti-Financial Crime Conference was held this week, and Financial Crimes Enforcement Network (FinCEN) Director Ken Blanco was among the presenters. Blanco acknowledged the COVID-19 crisis has placed credit unions, banks, and financial regulators in untraversed territory, which requires them all to adapt and evolve. He spoke about FinCEN’s response
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As an automotive dealership, your inventory is your largest current asset, so properly measuring inventories against expenses and revenue is imperative. Key financial and operational decisions are made based on the information in your financial statements, forecasts, and projections, including decisions that help you manage shortfalls and overcome industry-wide obstacles. And properly accounting for automotive
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On September 17th, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 on Topic 958, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The FASB ASU requires nonprofits to change their financial statement presentation and disclosure of contributed nonfinancial assets, or gifts-in-kind. The FASB issued the update in an effort
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Update as of September 21, 2020: The DECD has announced Phase II of the Maine Economic Recovery Grant Program. Phase I of the Program, launched in August, ended on September 9th. Phase II is a continued effort to stabilize Maine’s economy by providing funds for Maine businesses and nonprofits that need COVID-19 relief funds to
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On July 8th, the U.S. Treasury Department and Internal Revenue Service issued Notice 2020-54, Guidance on Reporting Qualified Sick Leave Wages and Qualified Family Leave Wages Paid Pursuant to the Families First Coronavirus Response Act. According to Notice 2020-54, employers will be required to report qualified leave wage amounts in Box 14 of Form W-2
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