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.

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COVID-19 news and resources

Protecting seniors from COVID-19 fraud

CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.

House passes bill that would relax PPP forgiveness requirements

The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.

$10 billion from PPP pledged to lenders to underserved communities

Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.

Social Security fraud boosted by COVID-19 fears

CPAs can spread the word on the newest version of a longtime fraud ploy.

PPP forgiveness guidance issued as Congress mulls changes

The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.

IAASB addresses pandemic issues in audit practice alert

The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.
What to do with your stimulus check

What to do with your stimulus check

Many Americans will receive stimulus money to help them weather the pandemic, but what they do with that money will depend on whether they need it right away or can afford to set some aside. CPA financial planners offer advice on how to make the best use of stimulus funds.

FASB votes to delay revenue recognition effective date for private companies

The FASB voted to delay the effective date of its revenue recognition standard for nonpublic entities that have not yet issued their financial statements. Challenges related to the coronavirus pandemic led to the delay.

Essential documents clients must update during COVID-19

Now, more than ever, it’s important to ensure clients’ wills, health care powers of attorney, and other estate planning documents are current.

IRS mobilizing 3,500 phone operators to answer stimulus questions

With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.
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