Posts Tagged: CARES Act

Scamdemic

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the Department of Justice, three family members were arrested in New York for misrepresenting employee payroll figures to receive COVID-19 loan funds for a chain of family-owned nail salons. Questions: According to the report, how was the payroll misrepresented by this family? What federal organizations were involve in the identification of these fraudsters?… Read more »

The Last Big Push

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Income Taxes, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to the Washington Post, the IRS is pushing to finish distributing payments to people who have yet to receive relief funds authorized earlier this year. Questions: What is the act that provides for these stimulus checks? What is the deadline that the IRS set for people to use the non-filers tool? What is the… Read more »

United Airlines’ Collective Sacrifice

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, members of the United Airlines pilots’ union agreed to a collective sacrifice to prevent the airline’s 13,000 pilots from being furloughed until June 2021. Questions: As a contract agreement looms, how many jobs are United Airlines and its pilots’ union planning to save? How much money did the passenger… Read more »

A Bigger Price for Relief

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the Washington Post, the Coronavirus Aid, Relief, and Economic Security (Cares) Act indicates that mortgagees have the right to ask for an initial forbearance of up to 180 days with interest accruing, but with fees and penalties are waived. Questions: What was actually happening when mortgagees contacted their mortgage companies for coronavirus relief?… Read more »