2020 - Page 13 of 26 - Journal of Accountancy

July 6, 2020

Trump signs 5-week PPP extension

President Donald Trump signed a bill Saturday re-opening the application window for Paycheck Protection Program loans until Aug. 8. The five-week extension is intended to keep assistance available to struggling small businesses while Congress works on a new, more targeted program.

July 6, 2020

Tips for untangling CARES Act tax quandaries

The global pandemic has offered many lessons in impermanence, including how parts of the tax reform legislation that seemed monumental upon its passage two and a half years ago have been temporarily rolled back to provide badly needed relief.

July 2, 2020

The art of the client email

Here are nine tips from CPAs on how to get their emails noticed in clients’ inboxes and how to communicate more effectively and efficiently.

July 1, 2020

Auditors can play key role in ESG information assurance

Public company auditors can play an important role in enhancing the reliability of company disclosures on environmental, social and governance information, according to a new Center for Audit Quality report.

July 1, 2020

GASB delves into financial statement elements, revenue and expense models

GASB issued a proposed concepts statement on recognition of financial statement elements and a request for comment on preliminary views on revenue and expense recognition model proposals.

July 1, 2020

AICPA tax comment letters include pandemic-related advocacy

The AICPA Tax Policy and Advocacy team produced six tax-related comment letters in June with a goal of assisting accounting professionals and taxpayers.

June 30, 2020

PPP lender accounting issues addressed by new TQAs

New Technical Questions and Answers issued by the AICPA discuss accounting issues lenders have encountered related to the Paycheck Protection Program.

June 30, 2020

IRS will not postpone July 15 deadline

The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.

June 30, 2020

PPP: Client forgiveness services Q&As for CPAs

Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.

June 29, 2020

How COVID-19 taught new ways to work

Changes once considered radical have become the norm in the accounting profession. Firm leaders share their lessons learned.

June 27, 2020

New PPP guidance addresses maturity dates, loan amounts

Updated guidance issued by the Treasury Department and the U.S. SBA addresses PPP loan maturity dates for all borrowers as well as maximum loan amounts for certain self-employed individuals.

June 26, 2020

How to handle the 2020 PTO backlog

With few employees taking extended time off this summer due to the coronavirus pandemic, firms will inevitably face scheduling challenges as the year ends.

June 26, 2020

Handling nondisclosure compilations amid the pandemic

Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.

June 24, 2020

Strategies for addressing pandemic-related audit risks

Audit risk assessments and sampling procedures may need to change as a result of the coronavirus pandemic, according to Lynford Graham, CPA, Ph.D.

June 24, 2020

PPP provides a lifeline, but more may be needed

With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.

June 24, 2020

RIC shareholders can take Sec. 199A deduction for REIT dividends

The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.

June 24, 2020

Medicare changes in response to COVID-19

Recent changes to Medicare due to the pandemic include COVID-19 testing coverage, telemedicine coverage and a requirement that Part D plans provide a 90-day supply of covered drugs upon request. Medicare will also cover a vaccine if one is developed.

June 24, 2020

Amid uncertainty, financial planning clients stick with long-term plans

On average, only 30% of CPA financial planners’ clients have made changes to their financial plans due to the pandemic, according to the latest AICPA Personal Financial Planning Trends survey.

June 23, 2020

SEC staff guidance addresses pandemic-related disclosures

Public companies need to carefully consider their obligations in disclosing the coronavirus pandemic’s effect on their operations, liquidity, and capital resources, according to staff guidance issued by the SEC Division of Corporation Finance.

June 23, 2020

PPP recipients can apply early for loan forgiveness, SBA says

New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.