Optimism reigned for years in a quarterly survey of finance decision-makers, but the COVID-19 pandemic changed everything.
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NEWS
IRS permits remote signatures for plan loan consents
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
FASB issues limited revenue recognition, lease accounting delays
FASB issued an option to delay implementation of the board’s revenue recognition and lease accounting standards for certain entities that have not yet applied the standards.
How the CARES Act has affected business valuation
Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.
Protecting seniors from COVID-19 fraud
CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.
House passes bill that would relax PPP forgiveness requirements
The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.
E-filing of Form 1040-X coming this summer
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
$10 billion from PPP pledged to lenders to underserved communities
Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.
Social Security fraud boosted by COVID-19 fears
CPAs can spread the word on the newest version of a longtime fraud ploy.
Final regs. address reporting by tax-exempt organizations
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.
UAA Model Rule changes proposed in support of CPA Evolution
The Uniform Accountancy Act Model Rules would be changed to support CPA Evolution under an exposure draft issued by the National Association of State Boards of Accountancy.
When planning for a natural disaster, don’t forget about your finances
Margaret Poster, CPA, shares advice for making sure your finances are in shape in the event of a disaster.
COSO provides new guidance on risk appetite
The Committee of Sponsoring Organizations of the Treadway Commission has published new guidance on risk appetite and its critical links with strategy and decision-making.
Premium tax credit unaffected by personal exemption decrease to zero
The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
PPP forgiveness guidance issued as Congress mulls changes
The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.
IAASB addresses pandemic issues in audit practice alert
The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.
What to do with your stimulus check
Many Americans will receive stimulus money to help them weather the pandemic, but what they do with that money will depend on whether they need it right away or can afford to set some aside. CPA financial planners offer advice on how to make the best use of stimulus funds.
SEC amends disclosure rules for acquisitions and disposals
The SEC voted to amend its rules and forms for disclosing financial information about acquired or disposed businesses.
AICPA Council supports advancement of new CPA licensure model
The AICPA governing Council voted to support advancement of a new CPA licensure model that is designed to maintain the credential’s relevance long into the future.
HSA contribution limits increase for 2021
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
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