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
The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.
CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.
The SBA announced the closure of the Restaurant Revitalization Fund with a final tally of how it awarded the program’s $28.6 billion in funding.
The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
A look at applications, gadgets, and other technology that can improve a CPA’s job and life.
Social distancing and other pandemic precautions don’t have to slow down your search for talent. One organization offers tips for conducting effective remote job interviews.
The IRS explains which meals qualify for a temporary 100% expense deduction.
ARPA temporary measures are quantified in a revenue procedure.
Congress clarified that business expenses resulting in loan forgiveness are deductible, but some taxpayers had followed earlier, contrary IRS guidance.
Travel restrictions led to a buildup of compensated absences and a corresponding liability that has implications for financial reporting, auditing, and management.