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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.
As a result of the coronavirus pandemic, the AICPA Professional Ethics Executive Committee voted to extend by one year the effective dates of AICPA ethics interpretations on information systems services, state and local government client affiliates and leases.
A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
Responding to the coronavirus pandemic, the SEC said it has temporarily amended rules to provide established smaller companies with opportunities to meet their urgent funding needs through Regulation Crowdfunding.
Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.
The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.
The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.
The AICPA Auditing Standards board formally extended the effective dates Friday of seven new auditing standards because of concerns related to the coronavirus pandemic.
The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.
As the coronavirus pandemic became a public health menace and damaged the economy, the AICPA took the lead in advocating for relief on behalf of the accounting profession and the public.
