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NEWS
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.
CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.
FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.
The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.
Accountants can play a role in making sure the money set aside to help small business goes to the right places.
Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
Firms must consider strategic as well as practical issues as they reopen. These questions can help you think through some of these issues and point you toward ways to preserve positive changes made during the lockdowns.
The U.S. Small Business Administration and Treasury released a revised loan forgiveness application for the Paycheck Protection Program that reflects recent changes made by Congress to make the program more borrower-friendly.
The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.
Transparency and sensitivity are important when managers have to tell employees about job cuts, and these tips can help prepare you for that communication.
Reopening your physical office is not a decision to take lightly. Here’s an overview of the many issues firm leaders need to consider when developing a plan to reopen.
Establishing an emergency fund is the tactic that CPA financial planners most recommend Americans take to help prepare for a downturn.
The Federal Reserve will begin buying individual corporate bonds on the secondary market in a move designed to make more credit available for large employers.
As trusted advisers in their clients’ lives, CPAs can play an important role in long-term health planning.
Hard trends accelerated by the COVID-19 pandemic means that the mantra "More with Less" should become a rallying cry for the accounting profession. What does More with Less mean?
Three experienced finance leaders share what they have learned and what they are doing to deal with turmoil and uncertainty.
RESOURCES
Keeping you informed and prepared amid the coronavirus crisisWe’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.
SPONSORED REPORT
Getting leases in lineASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.