The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.
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PPP: Client forgiveness services Q&As for CPAs
Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.
How COVID-19 taught new ways to work
Changes once considered radical have become the norm in the accounting profession. Firm leaders share their lessons learned.
New PPP guidance addresses maturity dates, loan amounts
Updated guidance issued by the Treasury Department and the U.S. SBA addresses PPP loan maturity dates for all borrowers as well as maximum loan amounts for certain self-employed individuals.
How to handle the 2020 PTO backlog
With few employees taking extended time off this summer due to the coronavirus pandemic, firms will inevitably face scheduling challenges as the year ends.
Handling nondisclosure compilations amid the pandemic
Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
Strategies for addressing pandemic-related audit risks
Audit risk assessments and sampling procedures may need to change as a result of the coronavirus pandemic, according to Lynford Graham, CPA, Ph.D.
PPP provides a lifeline, but more may be needed
With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.
RIC shareholders can take Sec. 199A deduction for REIT dividends
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
Medicare changes in response to COVID-19
Recent changes to Medicare due to the pandemic include COVID-19 testing coverage, telemedicine coverage and a requirement that Part D plans provide a 90-day supply of covered drugs upon request. Medicare will also cover a vaccine if one is developed.
Amid uncertainty, financial planning clients stick with long-term plans
On average, only 30% of CPA financial planners’ clients have made changes to their financial plans due to the pandemic, according to the latest AICPA Personal Financial Planning Trends survey.
SEC staff guidance addresses pandemic-related disclosures
Public companies need to carefully consider their obligations in disclosing the coronavirus pandemic’s effect on their operations, liquidity, and capital resources, according to staff guidance issued by the SEC Division of Corporation Finance.
PPP recipients can apply early for loan forgiveness, SBA says
New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.
Rollover relief for required minimum distributions
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
GASB addresses component units, deferred compensation plans
GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.
Your peer review has been extended — now what?
CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.
FASB Q&As address application of taxonomy to pandemic disclosures
FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.
Proposed regs. explain disallowed transportation fringe benefits
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
SBA, Treasury to publish names of some PPP loan recipients
The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.
SBA launches tool to match underserved borrowers with PPP lenders
The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
