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Keeping you informed and prepared amid the coronavirus crisis
Updated daily
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.
The AICPA sent a letter urging the US Small Business Administration to address problems small businesses are encountering when trying to apply for Paycheck Protection Program forgivable loans.
Accounting firms are juggling competing client demands thanks to tax season coinciding with the reopening of the Paycheck Protection Program. How can firms keep from dropping the ball? It starts with taking the time to do the job right.
New guidance from the US Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant program but does recommend actions potential applicants should be taking now while the SBA builds the application platform for the $15 billion COVID-19 relief initiative.
The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.
Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.
A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.
The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
