Accounting News

1. IRS reopens registration for $500 stimulus claims for children

   The Internal Revenue Service is giving parents another chance to list their kids so they can receive an extra $500 per child in economic impact payments under the CARES Act.

2. Valuation considerations relating to NOL limits under CARES Act and TCJA

   The limitation on net operating losses under the 2017 tax reform were mostly reversed in the stimulus package in March, but there are some complexities to keep in mind.

3. Hertz’s ex-CEO will repay $2M over misstatements in 2013

   Mark Frissora will return nearly $2 million in incentive-based compensation to settle a U.S. regulator’s claims that he played a key role in causing the now-bankrupt car-rental company to file inaccurate financial statements in 2013.

4. Firms giving back: Grant Thornton names Purple Paladin recipient

   Blumshapiro Foundation donates $24K to support New England food banks; and the Georgia Society 7th annual Georgia Accounting Food Fight goes virtual to end hunger.

5. FloQast adds amortization automation, and is hiring

   New capabilities include automatic calculations of monthly amortization, remaining balance, and full account reconciliation for prepaid expense and deferred revenue accounts.