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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 IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit claims and avoid penalties and interest.
The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.
A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.
AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.
‘Tsunami’ of claims filed for employee retention credit almost 2 years after it ended caught the attention of the IRS. Experts say that required the IRS to take action to halt fraud.
The IRS issues a moratorium on new ERC claims processing through at least the end of the year and allows taxpayers to withdraw claims that have been filed but not processed.
In a survey of manager-level professionals at financial services institutions, 66% said they likely would leave their current roles if required to return fully to the office. At the same time, the large majority see value in some in-office work hours.
Having made significant progress in the ongoing effort against fraudulent employee retention credit claims, IRS Commissioner Danny Werfel said the agency has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing.
The IRS issues final regulations that allow for the assessment of erroneous refunds of COVID-19 related paid sick leave, family leave, and employee retention credits.
