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 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.
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.
Strong oversight from audit committees can help companies stay on the right track as they work to survive and thrive through the coronavirus pandemic. These tips can help audit committees serve effectively.
An application form and instructions released by the US Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness.
The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.
The AICPA Auditing Standards Board delayed the effective dates of seven new standards as a result of the coronavirus pandemic. Here’s what auditors need to know about the standards and their delay.
The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.
The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.
In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.
