Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.
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PCAOB’s 2021 inspections target pandemic concerns, predictability
The effects of the coronavirus pandemic on companies’ financial reporting will be a focus of the PCAOB’s inspections in 2021. The board also will strive to become less predictable in the audits and subject areas reviewed by inspectors.
How to claim the employee retention credit for the first half of 2021
The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.
GAO: Guidance for single audits should be more timely, responsive
A US Government Accountability Office report has concluded that yearly federal guidance provided to single audit practitioners should be more timely and more responsive to auditors’ input and needs.
Members of Congress request estimated tax deadline postponement
A bipartisan group of 60 members of Congress wrote the IRS, urging that the deadline for first quarter 2021 federal estimated tax payments be postponed until May 17.
IRS to automatically issue refunds on tax-free unemployment benefits
To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that, beginning in May and continuing into the summer, it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.
Biden signs PPP deadline extension into law
The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.
FASB provides goodwill triggering relief for private companies, not-for-profits
Private companies and not-for-profits have the option to perform goodwill impairment triggering assessments at the end of an interim or annual reporting period under an accounting alternative issued by FASB.
IRS provides details on April 15 postponement
The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.
PCAOB establishes new advisory group for standard setting
The Public Company Accounting Oversight Board has formed a new, 18-person advisory group that will provide insights for the board’s standard-setting activities.
NOCLAR: Proposals aim to help CPAs find the right balance
It can be difficult for a CPA to decide how to proceed if they identify or suspect a client’s or employer’s noncompliance with laws or regulations. New proposals are designed to help CPAs fulfill their ethical responsibilities.
Amounts paid for personal protective equipment qualify for medical deduction
The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.
PPP quiz: 5 frequently asked questions
Businesses and the CPAs who serve them have many questions about the administration and implementation of the Paycheck Protection Program. See if you can answer some of the questions most often asked of the AICPA’s PPP experts.
Deadline for certain single audits delayed because of pandemic
The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.
Number of US companies planning space reduction grows slightly
Questions asked as part of a quarterly economic sentiment survey show that more companies expect to cut back on office space in the coming year.
SBA eyes early April to begin Restaurant Revitalization Fund rollout
The SBA is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund.
SBA raises COVID-19 EIDL loan limit to $500,000
The SBA announced that starting the week of April 6 it will more than triple the maximum amount that small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program.
Tax filing postponement doesn’t go far enough, AICPA says
The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.
Shuttered Venue Operators Grant program to open April 8
The SBA will begin accepting Shuttered Venue Operators Grant applications on April 8. Entities interested in applying can sign up for updates via a splash page for the new SVOG application portal.
LinkedIn tips for accountants and finance professionals
Accountants should rethink their approach to virtual networking in a post-COVID-19 landscape.
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