November 22, 2023
The FDIC has proposed guidelines on corporate governance and risk management practices for banks with $10 billion or more in assets.
August 15, 2023
Regulators provide new risk management guidance for banks partnering with third-party organizations.
July 3, 2023
Financial institutions face a rapidly evolving business environment. Here are five ways financial institutions can ensure the efficient allocation of IT spending.
March 31, 2023
Lenders will be required to compile and analyze more information about small business loan applicants under a new federal rule finalized March 30.
March 28, 2023
Bank collapses in the U.S. aren’t common, but when it happens, it can be a harrowing experience for customers whose money is at risk. Limit your potential losses by remembering these key points of FDIC coverage.
March 15, 2023
President Biden’s 2024 budget proposal includes a variety of changes that could impact taxes for individuals and businesses.
February 24, 2023
Purchasing a heavy SUV could provide a more generous tax break than a smaller vehicle for business owners.
December 18, 2022
The Securities and Exchange Commission advises business owners to keep five key areas in mind when preparing 2022 financial statements.
June 10, 2022
The IRS has increased the optional standard mileage rate by 4 cents per mile, its first mid-year mileage rate adjustment in 11 years.
April 6, 2022
Businesses and nonprofit groups are gradually adjusting to requirements of the new lease accounting standard, such as bringing most leases onto the balance sheet. Since ASC 842 can seem confusing, here’s a quick guide to ease the adjustment period.
December 3, 2021
Diversity, equity, and inclusion are buzzwords in modern strategic management. Here are some of the benefits that initiatives in these areas bring to public and private companies and how companies can showcase their progress in footnote disclosures and separate diversity, equity, and inclusion reports.
October 13, 2021
The outcome of two big pieces of legislation remains uncertain as negotiations continue in Congress. Here’s a look at the proposed bills and the potential tax law changes that could affect you or your business.
August 24, 2021
The Office of the Chief Accountant has provided new insight into three of the biggest questions posed in recent months by banks and other financial institutions.
July 9, 2021
A new Fed program requires all financial institutions utilizing FedLine solutions to perform an assessment of their compliance with FedLine security requirements and submit an attestation that the assessment has been completed.
June 2, 2021
The estimated number of going concerns for the fiscal year 2019 fell to the lowest amount in 20 years, but the pandemic caused financial distress that could bring an end to this downward trend for the fiscal year 2020.
May 11, 2021
Cybercrime isn’t just an issue for big corporations. Your small business can be a target, too. Are you protecting your QuickBooks data?
April 30, 2021
What could President Biden’s tax proposals mean for you? Here’s a brief rundown of the American Families Plan.
April 7, 2021
The value of an internal audit is different for everyone and can change based on circumstances, but a solid framework can provide the conditions necessary to deliver value to you.
March 31, 2021
Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the latest updates on the popular loan program.
March 22, 2021
Is your business taking full advantage of the Employee Retention Credit? Discover how you could make the most of the year-old ERC.
March 18, 2021
Did you resolve to pay bills on time in 2021? QuickBooks offers tools to help you enter, pay, and track them, so you can avoid late payments. Here’s how.
March 17, 2021
Because the new American Rescue Plan Act is such an expansive piece of legislation, it’s likely that you, your family, or your business can benefit from it.
March 11, 2021
The latest COVID-19-related stimulus bill, the American Rescue Plan Act, has passed and awaits signing by President Biden. What does this legislation mean for you individually or as an employer?
December 29, 2020
The banking industry rose to the occasion to answer investor questions quickly about potential credit losses on loans during the current economic crisis, according to FASB advisory discussions.
November 5, 2020
New SBA questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan but also about its economic experience after receiving the loan.
October 22, 2020
The FDIC has approved an interim final rule to provide temporary relief from the Part 363 Audit and Reporting requirements for financial institutions that have experienced temporary growth due to participation in a variety of federal stimulus activities.
August 31, 2020
The AICPA has updated its technical accounting guide to explain how a lender should account for a forgivable loan that a borrower received under the Paycheck Protection Program (PPP). Because of the unique nature of PPP loans, the AICPA has been issuing staff answers to technical accounting questions.
June 23, 2020
Many financial institutions are working with borrowers on loan modifications, but a joint statement from a group of financial institution regulatory agencies details certain short-term modifications due to COVID-19 and the classification rules for troubled debt restructurings.
April 16, 2020
Banks and credit unions have some wiggle room under FASB rules when reporting interest income on loans modified as a result of the coronavirus economic stimulus package, an issue critical to earnings.
April 7, 2020
The Coronavirus Aid, Relief, and Economic Security Act enacted a variety of changes for financial institutions, businesses, and individuals, including a chance for lenders and borrowers to explore a more streamlined assistance process.
March 26, 2020
The FASB supports a new regulatory statement to push banks to work with borrowers impacted by the coronavirus so that loans can be modified quickly and easily.
December 11, 2019
The FASB recently issued amendments to clarify five issues under its credit loss accounting standard.
October 21, 2019
The FASB has approved proposals to delay the effective dates of its leases, credit losses, hedging, and long-duration insurance contract standards.
October 8, 2019
Congress has taken a big step toward making it easier and safer for cannabis businesses – and the businesses that serve them – to engage in the mainstream financial services sector.
October 6, 2019
The FASB intends to give smaller financial institutions more time to adopt its new credit loss standard, but banks should not use this as an excuse to delay preparations for the accounting change.
August 14, 2019
The London Interbank Offered Rate is the most common reference rate in the global financial markets. But, by 2021, it will have been phased out in response to a series of scandals.
January 14, 2019
Community banks and credit unions will have more time before they’re required to apply the credit losses standard as a result of new FASB guidelines.
January 24, 2018
Fraud can have a major impact on a company’s value. In their 2016 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) estimates that companies lose approximately 5 percent of revenues to internal theft and financial misstatement each year.
December 8, 2017
As financial institutions face increased regulatory scrutiny and mounting risks, a robust risk assessment process and internal audit function are essential to help protect the bank, its management and board.