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
Congressional report criticizes contractor used by IRS during pandemic
The statement says ID.me inflated the amount of work it could provide and the amount of federal dollars lost to pandemic fraud, the latter in an effort to increase demand for its services. In his response, the CEO says he would not use such a crisis to help his company.
One deadline approaches for over 9 million eligible for pandemic-era benefits
In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.
Resources for organizations requiring an audit related to COVID-19 relief
AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.
Understand the tax consequences of remote work
CPAs can play crucial roles in helping navigate the evolving landscape as state tax authorities ramp up efforts to source additional revenue from out-of-state workers and the companies they work for.
IRS relieves penalties for 2019 and 2020
As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.
Bills extend statute of limitation for prosecuting PPP, EIDL fraud
President Joe Biden signed bills that give the government more time to catch and prosecute fraud related to two of the most popular COVID-19 small business relief programs.
Is it time to rethink your firm’s physical footprint?
The rise of remote work is an opportunity to evaluate where work gets done.
Accounting for employee retention credits
Companies that received financial assistance during the pandemic have questions about which standards to apply related to accounting for the ERC.
CPA Q&A: Parenthood in the pandemic and finance purpose statements
A CPA leader discusses his love of space leading to a job at Virgin Galactic, how finance purpose statements can be “a guiding light,” and advice for aspiring accountants in this podcast episode with transcript.
How accounting firms deal with hybrid working
Switching from remote to hybrid working brings with it challenges accounting firms have not had to deal with before. Here is how five firms are tackling these challenges.