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FASB Proposes Lease Standard Delay, Issues Pandemic Concessions FAQs
The Financial Accounting Standards Board (FASB) on April 8, 2020 issued a proposal to defer the effective date for ASU 2016-02, Leases, and all subsequent amendments by one year in response to the ongoing coronavirus pandemic. For private companies and private nonprofits, the effective date would be for fiscal years beginning after December 15, 2021. […]
The COVID-19 Impact on the Revenue Cycle for Hospitals and Other Healthcare Providers
The impact of the COVID-19 pandemic on the revenue cycle is fluid, but providers must manage it to meet their obligations and missions. Here are key considerations with financial sustainability hanging in the balance. Billing and coding Ensure you know what is covered by health plans for both inpatient and outpatient services. With the rules […]
Unemployment Relief for Self-Insured Nonprofits as part of CARES Act
Update June 8th, 2020: Unemployment Insurance: 120-Day Deadline Extension for Nonprofits AAFCPAs would like to make clients aware of a provision in Section 2103 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provides emergency unemployment relief for governmental entities and nonprofit organizations. Emergency Unemployment Relief (Section 2103): The Act provides for additional […]
Health Centers Awarded $1.3 Billion Through CARES Act
AAFCPAs would like to make community health center clients aware that on April 8, 2020, the Health Resources and Services Administration (HRSA) awarded $1.3 billion to the nation’s community health centers under the Health Center Coronavirus Aid, Relief, and Economic Security (CARES) Act Funding. The distribution of funding was determined based on a $503,000 base, […]
Retirement Plan Provisions of the CARES Act
AAFCPAs would like to make clients aware of retirement plans provisions included in the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation. These provisions include expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and a deferral of mandatory distributions. Coronavirus-Related Hardship Distributions The 10% early distribution penalty […]
CMS Announces Extension for Specific 2019 Fiscal Year End Cost Reports
AAFCPAs would like to make healthcare clients aware that, due to recent events surrounding COVID-19, the Centers for Medicare and Medicaid Services (CMS) has granted an automatic extension for Medicare Cost Report filing for all providers with specific 2019 fiscal year ends. The following is a summary of the fiscal year ends and their extended […]
Health Center Cost Reports Extended by CHIA and CMS
AAFCPAs would like to make Community Health Center (CHC) clients aware that due to recent events surrounding COVID-19, the Centers for Medicare and Medicaid Services (CMS) and the Center for Health Information and Analysis (CHIA) have both announced deadline extensions for 2019 cost reports. CMS Announces Extension for Specific 2019 Fiscal Year End Cost Reports […]
Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations. One of the provisions is the Paycheck Protection Program (PPP) Loans which provides 100% Federally guaranteed loans to covered entities who meet certain criteria. A consideration for nonprofit organizations is whether the loans will be subject […]
Payroll Tax Credits and Other COVID-19 Payroll-Related Benefits
AAFCPAs would like to make clients aware of sections of the laws enacted over the past several weeks by the Federal government to ease the economic impact on employees and employers as they relate to payroll-related benefits. Employers are presented with two types of new tax credits, and a tax deferral option available as part […]