Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.
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AICPA recommends federal loans backed by accounts receivable
The AICPA, citing a continuing need for short-term liquidity in the marketplace, recommended the creation of a federally backed lending facility that would provide loans to small businesses that pledge their future receivables.
FASB staff Q&As address hedge accounting amid the pandemic
FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.
SBA addresses how to calculate PPP loans, other issues
Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.
SBA warns that larger companies may not qualify for PPP loans
New U.S. Small Business Administration guidance reminds larger companies of their responsibility to certify their eligibility for Paycheck Protection Program loans if they apply or have applied.
AICPA addresses CPA firm-lender issues related to PPP
The AICPA made recommendations for the CPA firm-lender relationship for firms seeking to assist their clients with the Paycheck Protection Program.
Auditors displaying dedication during pandemic, CAQ’s Lindsay says
Auditors are well prepared to work remotely, are supporting their staffs and community, and face an environment with heightened fraud risks, according to CAQ Executive Director Julie Bell Lindsay.
House approves additional funding for Paycheck Protection Program
The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.
Prop. regs. would govern silo rules for exempt organizations
The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
Financial satisfaction takes biggest dive since Great Recession
Economic woes brought on by the coronavirus pandemic triggered the steepest quarterly decline in Americans’ personal financial satisfaction since the recession that began in 2008.
Tips for navigating CPA challenges related to PPP
The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.
Perceptions about analytics-aided audit quality
Audit firms are increasingly performing audits using data and analytics tools and techniques and have invested substantial resources in recent years into new technologies. However, auditors have expressed concerns about how external reviewers will scrutinize these approaches.
Effective dates of 3 AICPA ethics interpretations may be delayed
The AICPA Professional Ethics Division staff is proposing a one-year delay in ethics interpretations on “Information Systems Services,” “State and Local Government Client Affiliates” and “Leases.”
Relief for tax residency impacts of COVID-19 travel disruptions
Individuals and businesses can avoid having their prolonged stay in a country affect their tax residence if their cross-border travel was disrupted by the COVID-19 pandemic, under limited relief the IRS announced in two revenue procedures and FAQs.
Senate approves $370 billion in additional small business funding
The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.
Guidance sought on employee retention credit
In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.
FASB’s relief proposal includes lease accounting delay for private companies
FASB proposed pandemic relief actions that included a one-year delay in its lease accounting standard for private companies and most not-for-profits.
Deadline looms for nonfilers to register for child stimulus payments
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.
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.
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