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

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.

Treasury rule provides flexibility for state and local government pandemic aid

State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds program.

Single audit clarity provided related to pandemic relief programs

An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.

A PPP loan forgiveness update and one CPA’s 2021 reflection

Hear status updates on PPP loan forgiveness and other business relief programs and why one CPA says we should reflect on our resilience.

Early sunset of the employee retention credit gets penalty relief

The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.

Qualified sick and family leave wage reporting

The IRS provides guidelines to employers for showing these wages on Form W-2.

Persevering through supply chain disturbances

Lumber prices skyrocketed as a result of the pandemic. One homebuilder’s CFO explains how the company navigated those tough and unpredictable waters.

SBA clarifies COVID-19 EIDL application deadlines

The US SBA provided updated guidance Friday on various COVID-19 Economic Injury Disaster Loan program application deadlines.

Further guidance issued on tax treatment of PPP loan forgiveness

Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).