The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
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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.
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.
Materiality concepts clarified for federal entities
A new accounting standard for federal government entities is designed to define the concept of materiality more precisely.
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.
EIDL loan portal reopens for agricultural businesses only
The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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