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.
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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.
Final regulations address covered assets acquisition rules
The IRS issued final regulations that govern covered asset acquisitions, which are used to increase foreign tax credits.
Tax filing deadline moving to July 15, Treasury secretary announces
Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
How small businesses can apply for SBA disaster loans
Businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.
Switch to virtual client meetings amid coronavirus fears
CPAs who run virtual firms share their top tips for educating clients about online meetings and holding successful virtual meetings.
AICPA postpones ENGAGE 2020 due to coronavirus pandemic
Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America.
PCAOB’s domestic inspections to continue remotely
The Public Company Accounting Oversight Board will continue its inspections of domestic audit firms on a remote basis in response to the coronavirus outbreak.
Coronavirus relief bill contains tax credits for employers
Here’s a look at the payroll tax credit provisions for employers in the coronavirus relief bill President Donald Trump signed on Wednesday.
Consumer confidence, spending are top coronavirus concerns
The sudden onset of the coronavirus is testing many companies’ financial stability and emergency preparedness. But financial executives tend to believe their businesses are positioned to weather the storm.
AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines.
Prometric closes CPA Exam test centers for 30 days
Prometric’s CPA Exam test centers are closing for 30 days in the US and Canada to protect the health of test takers and staff during the coronavirus outbreak.
In focus: Map of coronavirus cases in the U.S.
The COVID-19 outbreak that began in China has now spread globally. Here’s a view of reported cases in the U.S.
Treasury secretary announces 90-day delay in tax payment deadline
Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
How the coronavirus may affect financial reporting and auditing
The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.
What to do if staff can’t make it to the office
As the coronavirus pandemic leads to staff scattering, here is expert advice on what firms can do to make remote working work.
Final regs. raise offer-in-compromise user fee
The IRS issued final regulations raising the offer-in-compromise user fee from $186 to $205, a 10% increase instead of the increase to $300 included in proposed regulations.
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