Optional delay provided in regulatory capital transition to credit losses standard

Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.

CPA Exam emergency testing period invoked

An emergency testing period for the CPA Exam is being invoked as a result of the coronavirus pandemic. The 2020 second-quarter testing window is being extended from June 10 to June 30.

CARES Act tax provisions aim to stabilize pandemic-ravaged economy

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.

Practitioner Priority Service, other IRS help lines suspended due to coronavirus

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."

AICPA requests broader relief for taxpayers

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.

CARES Act would delay compliance with FASB credit loss standard

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 considers postponing effective dates

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.

How auditors can test inventory without a site visit

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.

IRS announces more operational changes related to coronavirus

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.

News quiz: Coronavirus dominates the cycle

The news has been coming fast and furious in the past few weeks. The JofA has reported daily about the coronavirus pandemic and its effect on the accounting profession.

SEC extends pandemic-related relief

The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.

IRS posts FAQs about coronavirus-related filing and payment extensions

The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.

IRS alters certain operations in effort to protect employees, taxpayers during outbreak

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.

AICPA-led coalition calls for small business funding

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.

Remote auditing comes to forefront during pandemic

Remote audit procedures, which have gained in popularity in recent years because of technological advancements, may provide options for auditors in this environment.

PCAOB provides firms opportunity for inspection relief

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 seek further clarity on tax filing, payment delay

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.

Regulators clear way for certain loan modifications amid pandemic

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.

IRS provides guidance for April 15 filing delay

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.

Coronavirus and financial reporting: Report addresses key issues

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.