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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.
Remote audit procedures, which have gained in popularity in recent years because of technological advancements, may provide options for auditors in this environment.
A relief period of up to 45 days from PCAOB inspections will be available to audit firms that request relief. Firms that wish to use all or part of the 45-day period can reach out to their designated PCAOB inspections point of contact.
Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
A move by regulators to ease certain restrictions for borrowers in good standing will facilitate loan modifications linked to the coronavirus pandemic. But borrowers will need to act fast to secure relief while still in good standing with their lenders, which has been defined as being less than 30 days past due on contractual payments at the time a modification is implemented.
An AICPA-led coalition is urging quick government action to avert layoffs and allow small businesses affected by the coronavirus pandemic to continue paying workers. A key step is a federal payroll funding account that small business payroll processors could use to get money directly to employees.
The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.
The coronavirus presents substantial challenges to financial statement preparers and the CPA firms that serve them related to subsequent events, accounting estimates and many other topics.
Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
Businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.
