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 IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.
Social distancing rules designed to stunt the growth of the COVID-19 pandemic have made it impossible, or at least impractical, to conduct in-person interviews for forensic and auditing engagements.
The AICPA Peer Review Board voted to continue permitting remote system reviews for CPA firms without prior approval of the administering entity for system reviews commencing before June 30, 2021.
Amid the coronavirus pandemic and social upheaval, taking a fresh look at your practice and leading with emotional intelligence can lead to improvements in business results and employee welfare.
The effective response by public company auditors during the coronavirus pandemic has helped maintain the public’s faith in the capital markets, Center for Audit Quality Executive Director Julie Bell Lindsay said.
As the IRS works through its backlog of correspondence, it has posted information about checks it hasn’t cashed yet and notices that went out with incorrect dates.
The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.
Paycheck Protection Program issues related to health insurance, Economic Injury Disaster Loans and other matters were addressed in new guidance issued by the US Small Business Administration and Treasury.
Health care entities’ financial statement preparers and auditors can benefit from an FAQ document developed by the AICPA on issues related to the coronavirus pandemic.
Recent AICPA advocacy efforts have included requesting tax relief related to the coronavirus pandemic and issuing auditing standards related to audit evidence and auditing accounting estimates.
