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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 SBA and Treasury published guidance answering 23 frequently asked questions related to the forgiveness of loans issued under the Paycheck Protection Program.
In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.
Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can help resolve issues related to the PPP, accounting and other topics.
The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.
The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.
Videoconferencing fatigue is just one of several types of technostress that have been plaguing workers since personal computers hit it big. The problem has grown worse due to the COVID-19 lockdowns, but Marc Staut of Boomer Consulting offers some remedies.
Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.
Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced.
The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings.
