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
CPAs and the historic Paycheck Protection Program
It’s a good time to reflect on the CPA profession’s role in making this historic business relief program a success and to consider what comes next, especially in four key areas.
For firms, advanced tech is no longer optional
Firms that place well-thought-out tech solutions at the forefront of their strategy will be best positioned to gain the most in the future.
Pandemic still complicates going concern disclosures
The businesses the COVID-19 pandemic has pushed to the brink of failure still face some unprecedented challenges regarding compliance with the going concern disclosure guidance.
IRS posts ARPA credit FAQs
The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.
SBA reports first 50 Shuttered Venue Operator Grants
The US Small Business Administration reported its first set of grants from the $16.25 billion Shuttered Venue Operator Grants program.
Line items
PPE is deductible as a medical expense ... IRS advises on repayments of deferred employer Social Security taxes ... Final regs. cover misdirected refunds
Automate meeting tasks with these tools
These software tools are worthy of consideration for anyone regularly running virtual meetings.
Draft employer’s payroll tax return incorporates ARPA changes
A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.
5 trends to watch during the pandemic recovery
Inflation fears, labor shortages and real estate issues all are top-of-mind as the US appears to be emerging from the COVID-19 pandemic. Former CNBC Chief Economist Marci Rossell provided AICPA Council members with advice Wednesday on what to expect in the weeks and months ahead.
Flexibility can cushion pandemic’s threat to women’s careers
Additional responsibilities around caring for children and supervising schooling are taking a toll on women, putting them at increasing risk of burnout during the pandemic.