May 2020

May 7, 2020

AICPA proposes broad range of tax relief to aid economic recovery

The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.

May 6, 2020

SBA extends safe harbor for returning PPP funds

The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.

May 6, 2020

Effective dates extended for 3 AICPA ethics interpretations

As a result of the coronavirus pandemic, the AICPA Professional Ethics Executive Committee voted to extend by one year the effective dates of AICPA ethics interpretations on information systems services, state and local government client affiliates and leases.

May 6, 2020

AICPA supports bill that would make PPP-funded expenses deductible

A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.

May 4, 2020

Materiality concepts clarified for federal entities

A new accounting standard for federal government entities is designed to define the concept of materiality more precisely.

May 4, 2020

SEC temporarily expands access to crowdfunding

Responding to the coronavirus pandemic, the SEC said it has temporarily amended rules to provide established smaller companies with opportunities to meet their urgent funding needs through Regulation Crowdfunding.

May 4, 2020

EIDL loan portal reopens for agricultural businesses only

The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.

May 4, 2020

SBA issues PPP guidance on laid-off employees who refuse to be rehired

Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.

May 1, 2020

AICPA urges release of PPP loan forgiveness guidance

The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.

May 1, 2020

AICPA challenging nondeductibility of PPP-related expenses

The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.

May 1, 2020

ASB formally issues deferral of effective dates

The AICPA Auditing Standards board formally extended the effective dates Friday of seven new auditing standards because of concerns related to the coronavirus pandemic.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.