April 2020

April 30, 2020

PLR and other requests for IRS guidance can now be sent electronically

The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.

April 30, 2020

AICPA tackles many issues in coronavirus advocacy

As the coronavirus pandemic became a public health menace and damaged the economy, the AICPA took the lead in advocating for relief on behalf of the accounting profession and the public.

April 29, 2020

CARES Act QIP change requires action

Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.

April 29, 2020

SBA to accept PPP loans only from smallest lenders for 8 hours today

From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.

April 29, 2020

AICPA makes PPP loan forgiveness recommendations

The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).

April 28, 2020

SBA, Treasury ban use of RPA to submit PPP loans

Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.

April 28, 2020

AICPA recommends federal loans backed by accounts receivable

The AICPA, citing a continuing need for short-term liquidity in the marketplace, recommended the creation of a federally backed lending facility that would provide loans to small businesses that pledge their future receivables.

April 28, 2020

FASB staff Q&As address hedge accounting amid the pandemic

FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.

April 27, 2020

SBA addresses how to calculate PPP loans, other issues

Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.

April 24, 2020

SBA warns that larger companies may not qualify for PPP loans

New U.S. Small Business Administration guidance reminds larger companies of their responsibility to certify their eligibility for Paycheck Protection Program loans if they apply or have applied.

April 24, 2020

AICPA addresses CPA firm-lender issues related to PPP

The AICPA made recommendations for the CPA firm-lender relationship for firms seeking to assist their clients with the Paycheck Protection Program.

April 24, 2020

Auditors displaying dedication during pandemic, CAQ’s Lindsay says

Auditors are well prepared to work remotely, are supporting their staffs and community, and face an environment with heightened fraud risks, according to CAQ Executive Director Julie Bell Lindsay.

April 23, 2020

House approves additional funding for Paycheck Protection Program

The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.

April 23, 2020

Prop. regs. would govern silo rules for exempt organizations

The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.

April 23, 2020

Financial satisfaction takes biggest dive since Great Recession

Economic woes brought on by the coronavirus pandemic triggered the steepest quarterly decline in Americans’ personal financial satisfaction since the recession that began in 2008.

April 22, 2020

Tips for navigating CPA challenges related to PPP

The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.

April 22, 2020

Perceptions about analytics-aided audit quality

Audit firms are increasingly performing audits using data and analytics tools and techniques and have invested substantial resources in recent years into new technologies. However, auditors have expressed concerns about how external reviewers will scrutinize these approaches.

April 22, 2020