2021 - Page 19 of 19 - Journal of Accountancy

January 13, 2021

AICPA encourages firms to aggressively advance PPP applications

The AICPA said Wednesday that it expects SBA and Treasury to open the Paycheck Protection Program’s application window to all lenders by Friday. The AICPA is also encouraging firms to advance the application process for small business clients seeking relief.

January 12, 2021

Final regs. govern deductibility of fines and penalties

The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.

January 12, 2021

Final rules on exempt organization excess remuneration

The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.

January 12, 2021

PEEC reviewing AICPA Code in response to new SEC independence rules

The AICPA Professional Ethics Executive Committee is evaluating whether the AICPA Code of Professional Conduct needs to be revised in light of new SEC rules related to auditor independence requirements.

January 12, 2021

New AICPA TQAs address third-party assessment engagements

Technical Questions and Answers released by the AICPA describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party engagement.

January 12, 2021

Deterring and detecting fraud at a time of heightened risk

Fraud risks have increased as a result of the coronavirus pandemic. A new report by the Anti-Fraud Collaboration provides strategies for mitigating those risks.

January 9, 2021

PPP application forms released

The new forms are Form 2483 for first-draw PPP loans and Form 2483-SD for second-draw PPP loans, which are available for previous PPP borrowers that need further assistance and meet eligibility requirements.

January 8, 2021

Date set for limited PPP reopening

The US SBA and Treasury announced that community financial institutions that serve minority- and women-owned businesses exclusively will be able to make first-draw PPP loans starting Monday and second-draw PPP loans starting Wednesday.

January 8, 2021

Carried interests regulations are finalized

The IRS finalized proposed regulations on certain carried interests to account for changes made by the Tax Cuts and Jobs Act (TCJA). The TCJA extended from one year to three years the holding period for making carried interests eligible for capital gain treatment.

January 8, 2021

New PPP guidance issued by SBA, Treasury

The US SBA and Treasury released guidance for the revived and reconstituted Paycheck Protection Program. The guidance came in the form of two interim final rules, including one that details the guidelines for new PPP loans to businesses that previously received PPP funding.

January 7, 2021

FASB clarifies scope of reference rate relief

FASB clarified which derivatives are eligible for optional expedients and exceptions under the new standard that provides accounting relief for reference rate reforms.

January 6, 2021

Final regs. address certain Sec. 163(j) rules

The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.

January 5, 2021

Guidance permits change in vehicle use valuation during pandemic

In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic.

January 4, 2021

Final rules govern income inclusion and advance payments

The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.