October 2020

October 5, 2020

PPP borrowers, lenders get change-in-ownership guidance from SBA

The US SBA issued a procedural notice designed to help PPP borrowers and their lenders understand their responsibilities when a borrower undergoes a change in ownership.

October 5, 2020

Health coverage reporting deadline extended

The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.

October 2, 2020

ABLE account final rules provide wide-ranging guidance

Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.

October 1, 2020

IRS releases final rules on business meals and entertainment

The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, P.L. 115-97, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.

October 1, 2020

Employers get guidance on income tax withholding from wages

The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.

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.