Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.
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IRS explains how to file returns to receive economic impact payments
The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.
The indirect impacts of COVID-19 on CPA firms
When money is lost, those who are damaged will seek recourse from wherever they can find it, and CPAs can be high on that list of targets.
ASB delays effective dates of SASs No. 134–140
A vote by the AICPA Auditing Standards Board delayed by one year the effective dates of seven private company auditing standards. Among other things, the standards are generally related to the AICPA’s new auditor reporting rules.
GASB issues guidance on accounting for P3s and APAs
GASB issued guidance that is intended to improve state and local governments’ accounting for public-private and public-public partnership arrangements as well as availability payment arrangements.
IRS posts FAQs on paid sick and family leave
The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.
Veterans Affairs recipients to receive automatic economic impact payments
Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.
How to take retroactive 100% bonus depreciation on QIP
The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).
How the COVID-19 crisis is leading to lasting change
The COVID-19 crisis has caused pain, loss and overwhelming gloom. It also is leading to lasting change in the workplace, which may be fundamentally different in many ways after the crisis ends.
PCAOB seeks feedback on critical audit matters requirement
The PCAOB is requesting input to inform its analysis of its new critical audit matters requirements.
SBA stops accepting PPP applications after funding runs out
The U.S. Small Business Administration stopped accepting applications for the Paycheck Protection Program after exhausting the initial $349 billion in funding provided by Congress to fund forgivable loans to small businesses impacted by the COVID-19 pandemic.
SSI recipients to receive stimulus payments; dependent payments require extra step
The IRS announce that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.
Pandemic alters lease accounting landscape
The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease accounting standard as well as an environment in which lease concessions may lead to new accounting considerations.
GASB proposes postponing effective dates due to pandemic
GASB issued a proposal that would postpone by one year the effective dates of most GASB statements and implementation guides due to be implemented for fiscal years 2019 and later.
PTIN fee will be lower when it is reinstated
The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.
IRS launches website for tracking stimulus payments
The IRS announced the launch of its “Get My Payment” website, which is designed to permit people who filed tax returns to enter their direct deposit information and check the status of their $1,200 stimulus payment.
SBA publishes new PPP guidance for the self-employed and general partners
The US Small Business Administration issued guidance for independent contractors, sole proprietors and others with self-employment income to apply for forgivable loans under the $349 billion Paycheck Protection Program.
Tips for auditing with changed controls during the pandemic
Because business volume and activities have changed significantly for many clients, auditors face new challenges related to auditing with changes in internal control. Here’s how practitioners can adjust to the changes and deliver a high-quality audit.
Key facts about the Fed’s $2.3 trillion loan initiative
CPAs should pay careful attention to the new $600 billion Main Street Lending Program for small and midsize businesses and a couple of tweaks that might encourage more banks to participate in the $349 billion Paycheck Protection Program.
Business interest expense election guidance for farming, real estate
Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.
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