Keeping you informed and prepared amid the coronavirus outbreak

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Keeping you informed and prepared amid the coronavirus outbreak

The spread of the novel coronavirus presents serious concerns and challenges for many around the world. To help, we’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos from the Journal of Accountancy and FM magazine on this page, along with curated items from our archives to help with uncertainty and disruption.

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.

CARES Act tax provisions aim to stabilize pandemic-ravaged economy
The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
JofA

Regulators clear way for certain loan modifications amid pandemic
A move Sunday by regulators to ease certain restrictions for borrowers in good standing will facilitate loan modifications linked to the coronavirus pandemic. But borrowers will need to act fast to secure relief while  still in good standing with their lenders, which has been defined as being less than 30 days past due on contractual payments at the time a modification is implemented.
JofA

AICPA-led coalition calls for small business funding
An AICPA-led coalition is urging quick government action to avert layoffs and allow small businesses affected by the coronavirus pandemic to continue paying workers. A key step is a federal payroll funding account that small business payroll processors could use to get money directly to employees. Small businesses that use the federal funding facility would be required to maintain their workforce.
JofA

Coronavirus paid sick leave and family leave guidance issued
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
JofA

Gift and GST returns added to postponed tax and filing deadlines
The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.
JofA

Relieving the April 15 'pressure point'
Ed Karl, CPA, the AICPA's vice president–Tax Policy & Advocacy, outlines how the IRS tax filing delay came about — and what it means for CPA tax practitioners and their clients.
JofA podcast

AICPA requests broader relief for taxpayers
In a letter to Treasury and the IRS, the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
JofA

IRS posts FAQs about coronavirus-related filing and payment extensions
In response to the national coronavirus emergency, the IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.
JofA

Practitioners seek further clarity on tax filing, payment delay
Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
JofA

IRS provides guidance for April 15 filing delay
The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.
JofA

IRS announces more operational changes related to coronavirus
The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.
JofA

IRS alters certain operations in effort to protect employees, taxpayers during outbreak
To protect taxpayers and its employees, the IRS is scaling back its operations during the coronavirus pandemic to focus on mission-critical activities. Here’s a look at what services are being affected.
JofA

Tax filing deadline moving to July 15, Treasury secretary announces
Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
JofA

Coronavirus relief bill contains tax credits for employers
Here’s a look at the payroll tax credit provisions for employers in the coronavirus relief bill President Donald Trump signed on Wednesday, March 18.
JofA

How auditors can test inventory without a site visit
Inventory counts for March 31 year-end financial statements are a challenge for auditors during the coronavirus outbreak. But there are a few methods that can provide sufficient appropriate evidence of inventory even when the auditor can’t make a site visit.
JofA

AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines or apply to any other type of tax.
JofA

Treasury secretary announces 90-day delay in tax payment deadline
Treasury Secretary Steven Mnuchin on Tuesday announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
JofA

Remote auditing comes to forefront during pandemic
Precautions taken against the coronavirus have emptied the offices and headquarters of audit firms and their clients. Remote audit procedures, which have gained in popularity in recent years because of technological advancements, may provide options for auditors in this environment.
JofA

How small businesses can apply for SBA disaster loans
Businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.
JofA

Switch to virtual client meetings amid coronavirus fears
CPAs who run virtual firms share their top tips for educating clients about online meetings and holding successful virtual meetings.
JofA

Practitioner Priority Service, other IRS help lines suspended due to coronavirus
The IRS announced that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks "until further notice."
JofA

Optional delay provided in regulatory capital transition to credit losses standard
Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.
JofA

CARES Act would delay compliance with FASB credit loss standard
The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.
JofA

GASB considers postponing effective dates
GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.
JofA

SEC extends pandemic-related relief
The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.
JofA

Consumer confidence, spending are top coronavirus concerns
The sudden onset of the coronavirus is testing many companies’ financial stability and emergency preparedness. But financial executives tend to believe their businesses are positioned to weather the storm.
JofA

COVID-19, complexity, and strategic decision-making
Author and risk consultant Chris Clearfield explores complexity and COVID-19, offering advice on how finance professionals can improve their strategic decision-making in the face of this complexity.
FM podcast

Steering your budget amid coronavirus uncertainty
A forecasting and budgeting expert describes the forward-looking ways the finance function can help organizations better weather the coronavirus storm.
FM podcast

3 ways to tackle the coronavirus’s economic risk
The COVID-19 pandemic is keeping CFOs and CEOs up at night as a leading risk facing the global economy. Here are three basic suggestions to tackle the economic risk.
FM

How the coronavirus may affect financial reporting and auditing
The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.
JofA

PCAOB provides firms opportunity for inspection relief
A relief period of up to 45 days from PCAOB inspections will be available to audit firms that request relief. Firms that wish to use all or part of the 45-day period can reach out to their designated PCAOB inspections point of contact.
JofA

CPA Exam emergency testing period invoked
An emergency testing period for the CPA Exam is being invoked as a result of the coronavirus pandemic. The 2020 second-quarter testing window is being extended from June 10 to June 30.
JofA

Prometric closes CPA Exam test centers for 30 days
Prometric’s CPA Exam test centers are closing for 30 days in the US and Canada to protect the health of test takers and staff during the coronavirus outbreak.
JofA

AICPA postpones ENGAGE 2020 due to coronavirus pandemic
Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America.
JofA

In focus: Map of coronavirus cases in the U.S.
The COVID-19 outbreak that began in China has now spread globally. Here’s a view of reported cases in the U.S.
JofA

Tech tips for firms responding to coronavirus
A CPA firm’s IT director shares advice for organizations to assess and set up longer-term remote work in the wake of coronavirus concerns.
JofA podcast

What to do if staff can’t make it to the office
As the coronavirus pandemic leads to staff scattering, here is expert advice on what firms can do to make remote working work.
JofA

Calming clients’ fears during the coronavirus outbreak
The recent stock market turmoil brought about by the coronavirus may make clients anxious about their finances. Here are some ways to ease clients’ fears and reassure them that you’re looking out for them.
JofA

High-deductible health plans can cover coronavirus testing, treatment
To facilitate the nation’s response to COVID-19, the IRS issued guidance permitting high-deductible health plans to cover costs for testing and treating the virus without satisfying a deductible requirement.
JofA

Video: Countries scramble to aid ailing airlines
Governments around the world are scrambling to aid airlines battered by the coronavirus outbreak.
FM

If the coronavirus outbreak disrupts your budget
Here are three areas you should consider as business interruptions due to the spread of the coronavirus send your 2020 plans to the trash.
FM

How leaders can build business resilience
The COVID-19 outbreak has put the issue of organizational — and individuals’ — resilience in the spotlight.
FM

Video: US airlines ditch 2020 forecasts
US airlines are suspending their outlooks and cutting flights to combat the fallout from the coronavirus outbreak, and some CEOs are cutting their pay.
FM

35 questions for coronavirus planning
Business leaders should be proactive in putting emergency plans in place in response to the spread of coronavirus. Here’s a checklist for organizations related to employees, customers, and vendors.
JofA

A Q&A on coronavirus scenario planning
Scenario planning is vital for organizations when trying to adjust to the harmful, fast-moving virus outbreak. An expert shares advice.
FM

Supply chain tips amid the coronavirus outbreak
Companies should assess and diversify their sourcing for materials and products.
FM

Coronavirus looms over positive economic outlook
Projections for the next 12 months are generally positive, but concerns about the effect of the virus diminished that enthusiasm, according to an AICPA quarterly survey.
JofA

Coronavirus risks: The importance of preparation 
Organizations that have planned for extraordinary events are better positioned to handle challenges associated with the coronavirus outbreak. Learn more in this podcast.
FM podcast

How to manage key-person risk
With the spread of COVID 19, it’s wise to know who your most critical people are and to have contingency plans in place in case they are sidelined. Here’s how.
FM

Coronavirus concerns: Putting people first
Organizations can’t simply wait and hope for the best when it comes to coronavirus response. Disaster planning expert Jennifer H. Elder, CPA/CFF, CGMA, shares advice in this podcast.
FM podcast

Conditional coronavirus relief provided by SEC 
The SEC said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.
JofA

What companies are disclosing about coronavirus risks 
The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.
JofA

What boards can do to confront the coronavirus
Boards can take these six actions to ensure management is handling the crisis and that the business is financially resilient.
FM

In focus: Global map of coronavirus cases 
The COVID-19 outbreak that began in China has now spread. Here’s a view of reported cases globally.
FM

How world’s largest glove maker meets coronavirus demand
The finance head of Malaysia’s Top Glove shares efforts behind the scenes in the company’s production ramp-up.
FM

Jaguar Land Rover China CFO on coronavirus damage control
The virus outbreak has caused the premium carmaker’s China factory and retail network to grind to a halt. China CFO Arthur Yu shares his immediate priorities.
FM

Managing labor shortages key for factories amid coronavirus 
Manufacturers in China face labor shortages and logistical challenges that may take months to resolve.
FM

Coronavirus: 4 tips to work remotely
Responsible organizations recognize that their employees need to work remotely. Here’s what you need to know.
CIMA Insights