The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.
The COVID-19 pandemic forced many businesses to rapidly ramp up their reliance on remote work, and many employees will continue to work from home even after offices reopen. Jim Boomer, CPA/CITP, and Jessica Battaglia share advice for crafting a long-term remote work strategy.
A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.
The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.
New guidance issued by the AICPA Auditing Standards Board provides practitioners with guidance on one of their most difficult tasks — auditing accounting estimates and related disclosures.
The IRS issued final regs. on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions enacted by the TCJA.
The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.
FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.
The AICPA Auditing Standards Board issued a new standard that recognizes the evolving nature of business, including use of technology.
By developing an investigative mindset, CPAs can make themselves indispensable during this trying time.
The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.
Economic Injury Disaster Loans can provide small businesses with low-interest pandemic assistance over a 30-year term. To help their businesses and clients, CPAs need to understand the key terms that these loans provide.
A surge in passion on issues of racial justice, diversity and inclusion has led to opportunities for CPAs to lead meaningful change. Members of the AICPA National Commission on Diversity and Inclusion share best practices for CPAs who are eager to support change.
Managers can improve retention by finding the right way to motivate their employees, said ENGAGE 2020 speaker Liz Mason, CPA, the CEO and founder of High Rock Accounting. Choosing the right communication style and making employees feel supported are two more ways for managers to up their game, Mason said.
Quarantines prompted by the coronavirus pandemic have forced many organizations to deploy and configure technology to support 100% remote work and/or a mix of working remotely on certain days.
The SBA and Treasury published a trove of loan-level data about the Paycheck Protection Program. The release includes the names of all PPP recipients that received loans for $150,000 or more.
The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.
GASB issued a technical bulletin to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the pandemic.
President Donald Trump signed a bill Saturday re-opening the application window for Paycheck Protection Program loans until Aug. 8. The five-week extension is intended to keep assistance available to struggling small businesses while Congress works on a new, more targeted program.
The global pandemic has offered many lessons in impermanence, including how parts of the tax reform legislation that seemed monumental upon its passage two and a half years ago have been temporarily rolled back to provide badly needed relief.