The FASB voted to delay the effective date of its revenue recognition standard for nonpublic entities that have not yet issued their financial statements. Challenges related to the coronavirus pandemic led to the delay.
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Essential documents clients must update during COVID-19
Now, more than ever, it’s important to ensure clients’ wills, health care powers of attorney, and other estate planning documents are current.
IRS mobilizing 3,500 phone operators to answer stimulus questions
With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.
Tips for audit committees during the pandemic
Strong oversight from audit committees can help companies stay on the right track as they work to survive and thrive through the coronavirus pandemic. These tips can help audit committees serve effectively.
SBA releases PPP forgiveness form but AICPA urges more detail
An application form and instructions released by the US Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness.
SBA allows increased PPP loans to partnerships, extends safe harbor to May 18
The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.
What CPAs should consider before deferring ASB reporting standards
The AICPA Auditing Standards Board delayed the effective dates of seven new standards as a result of the coronavirus pandemic. Here’s what auditors need to know about the standards and their delay.
Final regs. clarify when interest in corporation is stock vs. debt
The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt.
SBA provides safe harbor for PPP loans under $2 million
The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.
Proposed rules govern deductions and reporting for restitution
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
A tale of the PPP tape: Why relationship building matters
The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.
IRS allows midyear changes to health coverage, dependent care elections
In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.
AICPA, small business advocates call for clarity in PPP rules
The AICPA joined with other organizations that advocate for small businesses to urge the US Small Business Administration to provide clarity related to Paycheck Protection Program funds.
Options for clients with student loans during the pandemic
Here’s a rundown of the relief the CARES Act offers for student loan borrowers, who is eligible for it and what clients can do if they’re not covered by the CARES Act or if they’ve become unemployed or had their hours reduced.
Be wary of charity requests in wake of COVID-19
Accountants can remind clients of bad actors who pop up in times of crisis.
Coronavirus concerns for ESOPs and ESOP auditors
Employee stock ownership plans, their sponsors, and auditors all face new challenges and risks related to the coronavirus pandemic.
Taxpayers must act soon for direct deposit of stimulus payments
The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.
Pandemic-related CPE exceptions granted to auditors under GAGAS
Auditors performing engagements under government auditing standards were granted relief from certain CPE requirements by the US Government Accountability Office as a result of the coronavirus pandemic.
GASB delays effective dates of recent pronouncements
GASB is giving state and local governments extra time to implement much of its recently issued guidance as a result of the coronavirus pandemic.
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.
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