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OMB Issues Guidance to Federal Agencies for Administering Federal Awards
The Office of Management and Budget (OMB) has issued Memorandum M-20-22, which provides federal agencies with guiding principles to aid federal contractors and award recipients
President Trump Signs Additional Stimulus Bill into Law
On Friday, April 24, 2020, President Trump signed an additional coronavirus aid bill into law, the Paycheck Protection Program and Health Care Enhancement Act, which
Treasury Department Updates FAQs to Address Questions About Publicly Traded Companies Receiving PPP Loans
Many people have read the Treasury Department’s Frequently Asked Questions. Last night Question #31 was added to the document, which addresses media coverage of several
The CARES Act: A Closer Look at Charitable Contributions
For individuals, businesses, and nonprofit organizations alike, the time to consider long-term plans for economic recovery is now. As the COVID-19 crisis continues, we want
Senate Passes COVID-19 Relief Package
Update: The House of Representatives voted to approve the Senate bill on Thursday, April 23. It will now go to President Trump, who is expected
The CARES Act: A Closer Look at Certain Provisions for Businesses
We’re now more than two weeks out from the enactment of the Coronavirus Aid, Relief, and Economic Securities Act (CARES Act), legislation that put $2.2
PPP Loans and Buying or Selling a Dealership
We are seeing more buy/sell activity in the auto industry. During the documentation phase of these transactions we’ve been advising sellers, and buyers, what should
FinCEN Director Calls on Credit Unions and Banks for Help: SARs Related to COVID-19
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
Accounting for Automotive Inventory: LIFO, Specific Identification, & Valuation Method Considerations
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
FASB ASU 2020-07: New Standard Addresses Nonprofit Gifts-in-Kind
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
Maine DECD Announces Phase II of the Maine Economic Recovery Grant Program
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