Navigating the Difficulties of Using ARPA Funding The Federal American Rescue Plan Act of 2021 (ARPA), a $1.9 trillion stimulus package, was signed on March 11, 2021. Among the allocations provisions, county governments and municipalities with populations over 50,000 will receive direct assistance. The ARPA will provide states with funding for allocation to other qualifying [...]
ENTERPRISE, Ala., September 9, 2021 - Top 25 nationally ranked CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI) has increased its investment in the state of North Carolina, expanding its locations to serve clients there through the merger of Sharrard, McGee & Co., PA. "Sharrard, McGee & Co. and CRI are like-minded in our commitment to our clients, our teams, and furthering [...]
Carr, Riggs & Ingram (CRI) Opens Registration for Free Current Expected Credit Loss (CECL) Webinar and Dashboard Demonstration
ENTERPRISE, Ala., September 7, 2021 - Carr, Riggs & Ingram (CRI) has announced a complimentary webinar and software demonstration entitled "CECL: It's Getting WARM in Here," featuring CRI Partner Doug Mims and Banktrends President Michael Stinson, focusing on recent regulatory developments regarding CECL updates. This virtual event will take place on Tuesday, Oct. 5, 2021, at 2 p.m. CT. This 60-minute live webinar will provide an overview and update on the latest Current [...]
Carr, Riggs & Ingram (CRI) Prepares to Host Second Session of Accounting Outsourcing Webinar Series Powered by Xero
ENTERPRISE, Ala., September 1, 2021 - Carr, Riggs & Ingram (CRI) has announced the second session of its three-part outsourced accounting webinar series entitled, "It's a Marathon, Not a Sprint: Going the Distance for Outsourced Accounting Success; Session Two: Pace Yourself." This free live event, in collaboration with Xero, will feature CRI partners Cheri Swain and Laura Ranger and senior manager Jonathan Rogers, who will discuss the importance of routine health checks to your accounting systems to help your business be [...]
Originally part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Employee Retention Credit (ERC) is one important way in which the federal government is helping businesses affected by the pandemic. The ERC provides refundable payroll tax credits to qualifying businesses as part of an effort to incentivize businesses to keep their workers [...]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act administered trillions of dollars to assist small businesses. This funding included $349 billion earmarked for PPP, with an additional $310 billion authorized in the second round. These loans are eligible for forgiveness as long as the money is spent for the intended purposes of meeting qualified [...]
ENTERPRISE, AL., August 17, 2021 - Carr, Riggs, & Ingram (CRI) CPAs and Advisors announced that Montgomery Partner-in-Charge and Founding Firm Partner, Phyllis Ingram, was named to the American Institute of Certified Public Accountants' (AICPA) and CPA Practice Advisor's "2020-2021 Most Powerful Women in Accounting" list. Nominations for this award are open to the public, [...]
CRI BIRMINGHAM – Jason Harpe: Government Finance Officers Association of Alabama (GFOAA)- Summer Conference
CRI Partner Jason Harpe recently spoke at the Government Finance Officers Association of Alabama (GFOAA) 2021 Summer Conference. Jason's session covered the new and improved updates to the GASB processing.
CRI Partner April Shuping will be speaking at the Florida Institute of Certified Public Accountants (FICPA) State & Local Government Conference on August 26-27 2021. April's session will cover the CARES Act and discuss some of the lessons learned and single audit concerns.
“Why do some digital transformation (DT) efforts succeed and others fail? Fundamentally, it’s because most digital technologies provide possibilities for efficiency gains and customer intimacy. But if people lack the right mindset to change and the current organizational practices are flawed, DT will simply magnify those flaws.” (Digital Transformation Is Not About Technology, by Behnam Tabrizi et [...]
ENTERPRISE, Ala., August 5, 2021 - Carr, Riggs & Ingram (CRI) has announced a free webinar entitled "What's New from GASB: An Update on the Latest Standards," featuring CRI partners Alan "A.J." Bowers, Jr. and Tina Stewart. The two-hour live event will begin at 10:00 a.m. (CT) on Tuesday, Sept. 7, 2021. This CPE-eligible webinar will cover [...]
As part of the American Rescue Plan Act, signed into law on March 11, 2021, the Treasury created the Homeowner Assistance Fund (HAF), which allocates $498 million of funding to Tribes or Tribal housing entities with a fund utilization deadline of September 30, 2026. The objectives of the HAF program are to prevent mortgage delinquencies, [...]
As part of the American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the Treasury Department created the Homeowner Assistance Fund (HAF), which contains $9.961 billion of funding to prevent mortgage delinquencies, loss of utilities, and displacement of homeowners. A large majority of the funding, $9.39 billion, is allocated to states, $498 [...]
As hope for regulatory relief and legislative intervention has faded, financial institutions are set to adopt FASB Accounting Standards Codification Topic 326 (ASC 326) – Financial Instruments – Credit Losses (aka CECL) on January 1, 2023. While approximately 150 banks adopted CECL on January 1, 2020, there are still almost 5,000 community banks that are [...]
In 2021, a variety of significant tax proposals have been introduced that have the potential to cause tremendous bearing on individual estate plans. For individuals with irrevocable trusts, these proposals create potential unintended income tax consequences depending on the circumstances. There are currently three primary proposals, one by President Joe Biden, one by Senator Chris [...]
CRI Partner Brian Barksdale is scheduled to speak at the GFOAA Summer Conference 2021 on August 12. Brian will provide an update on the Governmental Accounting Standards Board pronouncements, including those that are recently effective, those with upcoming implementation dates and current exposure drafts under consideration by GASB.
Throughout the COVID-19 pandemic, the federal government has provided numerous financial stimulus packages to support the community and the economy. However, local governments have seen their largest funding source come from the signing of the American Rescue Plan Act (ARPA). The CARES Act funding primarily landed with states and counties, but for the first time [...]
Carr, Riggs & Ingram to Host Live Webcast For Financial Institutions Operating in the Cannabis Industry
ENTERPRISE, AL, July 26, 2021 - Carr, Riggs & Ingram (CRI) has announced a free webinar entitled, "Anti-Money Laundering (AML) and Cannabis Banking: Is Your Financial Institution Ready?" This live event will feature CRI Partner and Industry Line Leader Phyllis Ingram CRI Partner and Financial Institutions Practice Leader Doug Mims. The webinar will take place [...]
CRI Partner Chris Cain will be speaking at the Alabama Bankers Association CEO Bank Exec & Directors' Conference on August 6, 2021 at the Grand Hotel in Point Clear, Alabama. Chris will be speaking on the presence and considerations of cryptocurrency as well as the regulatory guidance that is available.
The U.S. Department of Treasury states that the American Rescue Plan (ARP) Act will deliver $350 billion for eligible state, local, territorial, and Tribal governments to respond to the COVID-19 emergency and bring back jobs. The guidance includes information on how the substantial infusion of resources is to help turn the tide on the pandemic, [...]