Establishing an emergency fund is the tactic that CPA financial planners most recommend Americans take to help prepare for a downturn.
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NEWS
Fed expands program to help large employers
The Federal Reserve will begin buying individual corporate bonds on the secondary market in a move designed to make more credit available for large employers.
Preparing for future health needs
As trusted advisers in their clients’ lives, CPAs can play an important role in long-term health planning.
Why accountants should embrace ‘More with Less’
Hard trends accelerated by the COVID-19 pandemic means that the mantra “More with Less” should become a rallying cry for the accounting profession. What does More with Less mean?
CFOs’ top 5 lessons for handling coronavirus crisis
Three experienced finance leaders share what they have learned and what they are doing to deal with turmoil and uncertainty.
Q&A: Advocating for justice, diversity, and inclusion
Amid tense and uncertain times, two leaders of the National Association of Black Accountants describe their emotions and a sense of hope that they can produce positive change in the accounting profession and their communities.
Leave-based donation program available during pandemic
The IRS announced that employers may make donations this year to charitable organizations that provide relief to COVID-19 pandemic victims in exchange for personal leave that their employees forgo.
GASB proposes accounting guidance for CARES Act aid
GASB issued a proposed technical bulletin that would help state and local governments account for funds they received from programs included in the CARES Act pandemic relief legislation.
Take care of your staff’s mental health during COVID-19
Isolation, boredom, uncertainty, stress, and anxiety can all take a toll on staff’s mental health during the pandemic. Try these tactics to support staff and boost their spirits during difficult times.
FASB addresses insurance, convertible instruments, gifts-in-kind
FASB proposed delaying the effective date of its new long-duration insurance contracts standard. The board also voted to approve standards on improving convertible instruments and contracts in an entity’s own equity and not-for-profit accounting for gifts-in-kind.
AICPA issues guidance on accounting for forgivable PPP loans
Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.
Together, we can make a difference: A 12-step plan to address racism and unconscious bias
Increased resources and focus will be needed to address the consequences of systemic racism and unconscious bias, writes Kimberly Ellison-Taylor, CPA, CGMA, a former AICPA chairman who is executive director, Finance Thought Leadership for Oracle.
Rules proposed for direct primary care arrangements, health care sharing ministries
The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.
Fed expands Main Street Lending Program to more businesses
The Federal Reserve Board announced revisions to the Main Street Lending Program that make it possible for more small and midsize businesses to receive financial support.
AICPA recommends changes to e-signature requirements
In a letter to the IRS, the AICPA asked the IRS to permanently amend its electronic signature procedures to make it easier for taxpayers and practitioners to e-file all types of returns.
Partial PPP loan forgiveness remains if 60% threshold not met
Paycheck Protection Program loan recipients can receive partial loan forgiveness even if they don’t spend at least 60% of their PPP funds on payroll, Treasury and the US Small Business Administration said.
PPP forgiveness changes coming as Senate passes House bill
The Senate passed a House bill that gives small businesses and other entities that received loans from the Paycheck Protection Program 16 additional weeks to spend the funds and qualify for full forgiveness of the loans.
GASB addresses subscription-based technology arrangements
GASB issued a standard that specifically addresses accounting and financial reporting for subscription-based technology arrangements used by state and local governments.
4 key COVID-19 audit risks for 2020 year ends
The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, legal compliance, and accounting estimates. Here’s how auditors can address these risks.
Qualified opportunity zone rules are relaxed
In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
Features
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Data governance: How finance builds trust in data
Learn how finance can use data governance to improve data quality, strengthen internal controls, and build trust in business data.
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