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.
A report by the Office of the Inspector General found that the US Small Business Administration did not meet the 90-day statutory requirement to remit Paycheck Protection Program forgiveness payments to lenders for loans totaling $66.4 billion.
Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased or stayed the same over the past year.
An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.
The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.
Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).
