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ERTC & PPP expenses update & legal release under FASB ASC 470

Feb 17, 2021 · 185.1 KB Download

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On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA) was signed into law which included additional COVID-19 related relief. In this report, we discuss implications on 2020 financial statements as a result of the CAA, including PPP expenses and the retroactive ability for more entities to obtain the employee retention tax credit. We also address questions regarding the application of FASB Accounting Standards Codification (FASB ASC) 470, Debt, (debt model), including when legal release as primary obligor takes

Download the CPEA report: employee retention tax credit + PPP expenses update + legal release under FASB ASC 470

File name: cpea-report-employee-retention-tax-credit-ppp-expenses-update-legal-release.pdf

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