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The implementation of Governmental Accounting Standards Board Statement 84, Fiduciary Activities (GASB 84), which requires compliance by June 30, 2021, will create challenges and significantly impact the accounting and reporting requirements of New Jersey school districts.

The IRS issued new rulings on November 18, 2020 in the form of Revenue Ruling 2020-27 and Revenue Procedure 2020-51, announcing guidance on the tax deductibility of expenses related to Paycheck Protection Program (PPP) loans that have not yet been forgiven.

The speed with which cybercrime continues to adapt to new technologies, preventative and resistance measures is matched by the creativity with which today’s criminals create new opportunities to wreak havoc.

While organizations continue to adapt their operating practices during the ongoing pandemic and associated recession, it is clear that some of the challenges executives and Boards face are, in fact, significant risks that could result in reputational damage, regulatory compliance failures, fraud as well as financial loss.

The U.S. Small Business Administration (SBA) announced last week that it will be issuing Loan Necessity Questionnaires to Paycheck Protection Program (PPP) Borrowers that, together with their affiliates, received PPP loans with an original principal amount of $2 million or more.