5 steps for advising clients during COVID-19 crisis

With the COVID-19 pandemic causing unprecedented economic turmoil, small businesses need financial guidance and expertise more than ever before. CPAs and firms can provide that assistance by following a five-step process.

Partnerships can file amended returns to get CARES Act benefits

To allow those partnerships to take advantage of the beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security Act, the IRS is allowing partnerships to file amended returns for 2018 or 2019.

SEC updates staff guidance on shareholder meetings

Responding to travel, mailing and other issues caused by the COVID-19 pandemic, the SEC has published updated staff guidance on shareholder meetings for companies and other issuers of public stock.

FASB staff clarifies lease modifications, other pandemic accounting issues

Accounting challenges related to the coronavirus pandemic have resulted in numerous questions for FASB from financial statement preparers and practitioners. Shayne Kuhaneck, FASB’s acting technical director, answered some of these questions during the board’s meeting.

FASB effective date delay proposals to include private company lease accounting

The delays would apply to the effective date of its revenue recognition standard for nonpublic franchisors and the effective dates of its lease accounting standard for private companies and public and private not-for-profits.

AICPA issues audit and accounting guidance FAQs on COVID-19

The AICPA has published a new report providing nonauthoritative guidance on frequently asked accounting and auditing questions related to the coronavirus pandemic.

ASB completes alignment of GAAS with new auditor reporting standards

With the release of Statement on Auditing Standards No. 140, the AICPA Auditing Standards Board has completed its yearlong effort to conform generally accepted auditing standards with the provisions of its new auditor reporting standards.

Regulators urge lenders to work constructively with borrowers

Federal regulators encouraged financial institutions to work constructively with borrowers affected by the coronavirus pandemic. The statement also provided additional information regarding loan modifications.

AICPA posts 20 FAQs on tax filing relief

The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.

4 ways to reduce anxiety and social isolation

The COVID-19 pandemic is putting people worldwide under rarely seen levels of stress. What can you do to cope? Learn about a four-pronged approach that might bring some relief.

AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program

The Treasury and the SBA released 18 FAQs to help facilitate funding of small businesses under the PPP. The AICPA applauds the additional clarity, which aligns with many of the recommendations recently made by the AICPA and an AICPA-led coalition.

ASB to consider one-year deferral of effective dates

The AICPA Auditing Standards Board will consider on April 20 on whether to defer for one year the effective dates of Statements on Auditing Standards No. 134 through 140. The deferral is being considered to give firms relief amid the coronavirus pandemic.

Keeping clients informed during the COVID-19 crisis

Five CPA firms of different sizes outline their plans for staying in touch with clients during the pandemic and ensuring they get the vital information they need.

CPAs providing billable advisory services to small business may not want to be an agent

The AICPA issued a statement clarifying that the Coronavirus Aid, Relief, and Economic Security (CARES) Act prohibits CPAs and accounting firms from collecting fees from small business clients they help apply for Paycheck Protection Program (PPP) loans.

SBA issues details for Paycheck Protection Program loans

The US Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including a doubling of the loans’ interest rate from 0.5% to 1%.

AICPA-led coalition supports gross pay approach as calculation standard for PPP loans

An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program pandemic relief loans.

CPAs support business owners during COVID-19 crisis

Accountants weigh in on what their business-owner clients are going through and how they’re providing a reassuring voice and pragmatic advice during a challenging time.

Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says

Companies that elect to defer or suspend FASB rules for credit losses or troubled debt restructurings in accordance with the CARES Act will not be found in violation of GAAP.

Going concern tips for auditors during the pandemic

The going concern basis of accounting is likely to be used more frequently as a result of the coronavirus pandemic. Here is what auditors need to know as they fulfill their duties related to going concern.

Social Security recipients will automatically receive stimulus payments

The IRS announced that Social Security and Railroad Retirement benefit recipients will not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act.