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.
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.
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 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 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.
The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.
The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.
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.
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 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.
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.