Deferral requests for significant accounting standards that are not yet effective will be among the topics FASB will discuss related to the coronavirus pandemic at its April 8 board meeting.
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Employer tax credits form, employee retention credit guidance posted
The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.
Addressing pandemic-related audit challenges
Auditors face many new challenges as they work through the coronavirus pandemic. The AICPA Center for Plain English Accounting has posted new guidance on handling those challenges.
AICPA advocates on Wayfair burden, virtual currency taxation
The AICPA voiced small businesses’ concerns with the fallout from the Wayfair decision and discussed taxation of virtual currency in separate events on March 3.
IRS waives failure-to-deposit penalties during pandemic
The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.
Enterprise risk management: More critical than ever
The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever.
Applications for small business Paycheck Protection Program open April 3
Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying Friday, April 3.
CPA Exam moves to ‘continuous testing’ model
The National Association of State Boards of Accountancy announced a new model that will enhance candidates’ options for taking the CPA Exam beginning July 1.
Recovery rebate payments to be issued within 3 weeks
The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.
Gift and GST returns added to postponed tax and filing deadlines
The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.
Coronavirus paid sick leave and family leave guidance issued
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
Optional delay provided in regulatory capital transition to credit losses standard
Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.
CPA Exam emergency testing period invoked
An emergency testing period for the CPA Exam is being invoked as a result of the coronavirus pandemic. The 2020 second-quarter testing window is being extended from June 10 to June 30.
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
Practitioner Priority Service, other IRS help lines suspended due to coronavirus
The IRS announced that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks “until further notice.”
AICPA requests broader relief for taxpayers
In a letter to Treasury and the IRS, the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
CARES Act would delay compliance with FASB credit loss standard
The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.
GASB considers postponing effective dates
GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.
How auditors can test inventory without a site visit
Inventory counts for March 31 year-end financial statements are a challenge for auditors during the coronavirus outbreak. But there are a few methods that can provide sufficient appropriate evidence of inventory even when the auditor can’t make a site visit.
IRS announces more operational changes related to coronavirus
The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.
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From The Tax Adviser
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