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
Audits of PRF for-profit funds, other issues discussed in GAQC resources
New tools offered by the AICPA Governmental Audit Quality Center discuss coronavirus relief fund audit requirements for for-profit health care entities as well as single audit tips for auditors and organizations subject to single audit requirements.
Steven Harris, CPA, CGMA
The hybrid working environment has improved productivity but requires leaders to focus more on building organizational culture and collaboration, according to Steven Harris, CPA, CGMA.
The legacy of the Paycheck Protection Program
Firms can build on the relationships with clients that were bolstered during the pandemic.
5 pandemic lessons and how to apply them to your career
The challenges of the pandemic may be an opportunity to add new career skills and habits.
PPP forgiveness too slow in some cases, inspection finds
A report by the Office of the Inspector General found that the US Small Business Administration did not meet the 90-day statutory requirement to remit Paycheck Protection Program forgiveness payments to lenders for loans totaling $66.4 billion.
PPP, ERC can lead to sustained business for CPA firms
Firms can turn the connections built doing work related to COVID-19 programs into long-term business opportunities.
SBA details process to appeal partial PPP loan forgiveness decisions
A recent notice from the US SBA outlines a new process for PPP borrowers to appeal partial loan forgiveness decisions made by their lender.
Tax treatment of COVID-19 homeowner relief payments clarified
Payments are excluded from gross income; a safe harbor is provided for itemized deductions.
Audit quality stable amid pandemic, audit committee members say
Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased or stayed the same over the past year.
Developing empathy and why it’s OK not to have all the answers
An EY executive explains how organizations can support their employees’ well-being and why leaders should focus on empathy.