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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 that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks “until further notice.”
In a letter to Treasury and the IRS, the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.
GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.
Inventory counts for March 31 year-end financial statements are a challenge for auditors during the coronavirus outbreak. But there are a few methods that can provide sufficient appropriate evidence of inventory even when the auditor can’t make a site visit.
The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.
The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.
To protect taxpayers and its employees, the IRS is scaling back its operations during the coronavirus pandemic to focus on mission-critical activities. Here’s a look at what services are being affected.
