Keeping you informed and prepared amid the coronavirus crisis

Updated daily

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

Senate shows bipartisan support for mobile workforce tax legislation

The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.

Eligible educators may deduct personal protective equipment expenses

The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.

AICPA raises PPP concerns with SBA

The AICPA sent a letter urging the US Small Business Administration to address problems small businesses are encountering when trying to apply for Paycheck Protection Program forgivable loans.

PPP advice for firms: Preach patience to clients

Accounting firms are juggling competing client demands thanks to tax season coinciding with the reopening of the Paycheck Protection Program. How can firms keep from dropping the ball? It starts with taking the time to do the job right.

SBA issues FAQs for Shuttered Venue Operators Grants

New guidance from the US Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant program but does recommend actions potential applicants should be taking now while the SBA builds the application platform for the $15 billion COVID-19 relief initiative.