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 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.
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.
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.
Being aware of national trends can help financial professionals assist their individual and business clients prepare for future health spending needs.
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.
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).
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.
As employees are welcomed back to work or back to the office amid the coronavirus pandemic, the most successful employers will help them care for their mental, physical, and emotional well-being.
Treasury and the IRS have issued much-anticipated guidance on just how the deferral applies and how the taxes are likely to have to be repaid. Hear more in this podcast episode.
Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.