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, 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.
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.
