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Returns affected by e-filing outage will be timely if filed by Sept. 17
For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.
Safety of employees, customers ranks as top pandemic-related concern
A survey of U.S. finance decision-makers sheds light on the precautions businesses are taking and how they plan to address future office space needs.
SEC amends rules for whistleblowers, shareholder proposals
The SEC voted to amend rules that govern its whistleblower program and the amount a shareholder must hold to have a proposal included in a company’s proxy statement.
PPP loan forgiveness: What CPAs should be doing now
The forgiveness aspect of the Paycheck Protection Program remains a source of uncertainty for CPAs. This collection of facts and frequently asked questions can help CPAs understand what to do amid the confusion.
New FAQs address health care entity pandemic accounting
Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.
Lenders will not file Form 1099-C for forgiven PPP loans
The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
Final regs. outline trust and estate expenses still deductible under TCJA
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
New ESG reporting metrics released by World Economic Forum
Environmental, social and governance measures and disclosures released by the World Economic Forum are designed to make it easier for companies to benchmark their sustainable business performance.
IRS issues more bonus depreciation rules
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
AICPA ethics proposal would limit firms’ loaning of staff to attest clients
CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.
Final regs. govern CFC downward attribution
The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.
FASB proposes expedient for private company franchisors
FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.
Corporate governance in COVID-19: Cybersecurity and technology considerations
The coronavirus pandemic has resulted in a realignment of company strategies to enable success during these disruptive times. Some of these decisions — such as the sudden shift to remote work due to stay-at-home orders — have created additional risk corporate boards must consider.
AICPA urges passage of ‘PPP 2’ legislation
The AICPA issued a news release renewing the organization’s call for the swift passage of legislation to extend and expand the Paycheck Protection Program (PPP).
Treasury report on CECL standard is inconclusive
The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.
FASB alters not-for-profit accounting rules for gifts-in-kind
Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.
E-filing problems plague some Sept. 15 tax returns
Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.
Premium tax credit unaffected by zeroing of personal exemptions
The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.
Final regulations define ‘qualifying relative’
The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
