The spread of the novel coronavirus presents serious concerns and challenges for many around the world. To help, below we’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos from the Journal of Accountancy. You can also read the latest news on advocacy and tax relief, the CARES Act, and the Paycheck Protection Program.
The Association, the global voice of the American Institute of CPAs and the Chartered Institute of Management Accountants, is continually monitoring the impact of the coronavirus (COVID-19) on members, staff, exam candidates, students, and the profession. Visit this page on AICPA.org for updates and details about where to find the information you need.
COVID-19 news and resources
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.
Working from home: What does the future hold?
Tom Hood, CPA/CITP, CGMA, shares what the pandemic-fueled acceleration of work-from-home practices means for business in the future.
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.
Quiz: Are you ready to audit these areas of heightened risk?
The coronavirus pandemic has increased risk in certain areas of the audit for clients with 2020 year ends. Take this quiz to see if you are ready to audit these areas.
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.
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.