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
Fed opens up Main Street loans to smaller businesses
The Federal Reserve board announced that it lowered the minimum loan size for three of its Main Street Lending Program facilities in an effort to make the program available to more and smaller businesses.
Guidance on deferred employee payroll tax issued
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
FASB staff weighs in on debt modifications and restructurings
FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.
Template for requesting penalty abatement available from AICPA
The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
How to land a job — from a distance
Experts share advice for remote job seekers on how to search for positions, manage the interview process, and impress potential future employers.
Pandemic resilience starts with compassion, accountants say
Panelists at an AICPA fall Council presentation on resilience explained how basic values can drive success during troubled times such as the coronavirus pandemic.
Tips for single audits amid pandemic uncertainty
An avalanche of new federal awards has left practitioners who perform single audits working under uncertain circumstances and awaiting regulators’ guidance. Here’s how practitioners can give themselves a chance to succeed under challenging conditions.
COVID-19 lessons for not-for-profits
When services are needed most and when revenue is likely dropping, not-for-profit leaders face big challenges. A finance leader at an NFP shares adaptation advice.
SBA settles confusion over PPP forgiveness application due date
Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms display an expiration date of “10/31/2020” in the upper-right corner.
3 things the COVID-19 pandemic has taught CPAs about technology
This article discusses ways to harness technology lessons from this pressure-packed year.