Auditing Standards Board Agrees to Defer SASs 134-140 For One Year

The Auditing Standards Board just issued Statements on Auditing Standards 141, which delays required implementation changes to auditor’s reports for audits and employee benefits plans from reporting periods ending from December 15, 2020 to December 15, 2021, with early adoption permitted. These new reporting standards will change auditor’s reports and management’s responsibilities as follows: Statement […]

Spiegel is Working to Support Feeding America

Spiegel has teamed up with Feeding America in its effort to assist the millions of newly unemployed people in our communities who are turning to food pantries for help. Your gift of $50, $75, $100, or whatever you choose to provide will help support local food banks in the Feeding America network as they work […]

Did You Really Qualify For PPP?

Did you receive money through the Paycheck Protection Plan that you’re not entitled to? There are ramifications if you actually do not qualify. The section, below, from a SBA document provides the answer. Question: Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP […]

What You Should Know About the CARES Act

We’ve unpacked the information for you. In response to the coronavirus pandemic, the CARES Act was signed into law on Friday, March 27, 2020.  The Spiegel team has compiled the necessary information within two separate documents regarding: postponed dates for tax filings, payments and program contributions; and resources for financial relief and assistance for individuals […]

BREAKING NEWS Regarding the 20% Pass Through Deduction

The Department of the Treasury issued its final regulations providing clarity to the pass through 20% deduction. The final regulations indicate that the origination of a loan is not treated as purchasing securities for the determination of “dealing in securities”. As a result, mortgage bankers qualify for the 20% pass through deduction since they are […]