GASB is giving state and local governments extra time to implement much of its recently issued guidance as a result of the coronavirus pandemic.
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How to have hard client conversations during a crisis
A four-step approach can help CPAs facilitate the difficult, often emotional conversations needed to help their clients find their way to calmer waters.
Trusts and estates are permitted certain deductions
The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions.
As cash worries persist, companies ponder cuts, investments
Revenue declines are chief on the minds of finance professionals in an April survey. More than half of finance professionals expect business operations to return to normal in the fourth quarter or later.
Overcoming site visit limitations in the pandemic
The coronavirus pandemic has made site visits challenging for many auditors. Remote auditing techniques can help practitioners perform high-quality engagements during this difficult time.
6-month delay granted for peer reviews
The AICPA Peer Review Board voted to grant automatic six-month extensions for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year.
AICPA proposes broad range of tax relief to aid economic recovery
The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.
SBA extends safe harbor for returning PPP funds
The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
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.
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