Tax, accounting, auditing news - Journal of Accountancy

March 20, 2020

How small businesses can apply for SBA disaster loans

Businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.

March 20, 2020

Switch to virtual client meetings amid coronavirus fears

CPAs who run virtual firms share their top tips for educating clients about online meetings and holding successful virtual meetings.

March 19, 2020

AICPA postpones ENGAGE 2020 due to coronavirus pandemic

Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America.

March 19, 2020

PCAOB’s domestic inspections to continue remotely

The Public Company Accounting Oversight Board will continue its inspections of domestic audit firms on a remote basis in response to the coronavirus outbreak.

March 19, 2020

Coronavirus relief bill contains tax credits for employers

Here’s a look at the payroll tax credit provisions for employers in the coronavirus relief bill President Donald Trump signed on Wednesday.

March 19, 2020

Consumer confidence, spending are top coronavirus concerns

The sudden onset of the coronavirus is testing many companies’ financial stability and emergency preparedness. But financial executives tend to believe their businesses are positioned to weather the storm.

March 18, 2020

AICPA expresses strong concern over lack of filing relief in coronavirus tax notice

The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines.

March 18, 2020

Prometric closes CPA Exam test centers for 30 days

Prometric’s CPA Exam test centers are closing for 30 days in the US and Canada to protect the health of test takers and staff during the coronavirus outbreak.

March 18, 2020

In focus: Map of coronavirus cases in the U.S.

The COVID-19 outbreak that began in China has now spread globally. Here’s a view of reported cases in the U.S.

March 17, 2020

Treasury secretary announces 90-day delay in tax payment deadline

Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.

March 17, 2020

How the coronavirus may affect financial reporting and auditing

The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.

March 13, 2020

What to do if staff can’t make it to the office

As the coronavirus pandemic leads to staff scattering, here is expert advice on what firms can do to make remote working work.

March 12, 2020

Final regs. raise offer-in-compromise user fee

The IRS issued final regulations raising the offer-in-compromise user fee from $186 to $205, a 10% increase instead of the increase to $300 included in proposed regulations.

March 12, 2020

FASB provides accounting relief for LIBOR transition

Accounting for the transition away from the London Interbank Offered Rate and similar rates should be less complex as a result of a standard issued by FASB.

March 12, 2020

SEC exempts certain companies from ICFR attestation requirement

The SEC issued amendments that exempt smaller reporting companies with less than $100 million in revenue from the requirement to obtain attestation of their internal control over financial reporting from an outside auditor.

March 11, 2020

High-deductible health plans can cover coronavirus testing, treatment

To facilitate the nation’s response to COVID-19, the IRS issued guidance permitting high-deductible health plans to cover costs for testing and treating the virus without satisfying a deductible requirement.

March 10, 2020

Calming clients’ fears during the coronavirus outbreak

How can CPAs deal with client anxieties during a time of uncertainty? The best steps include preparing them for unexpected events before they happen and acknowledging their concerns.

March 10, 2020

AU-C 800 series amended to conform with auditor reporting standard

The AICPA Auditing Standards Board issued new guidance that is intended to align the AU-C 800 series with the board’s new standard on auditor reporting.

March 9, 2020

FASB makes narrow changes to financial instruments guidance

FASB issued narrow changes to its guidance for financial instruments accounting, including the credit losses standard issued in 2016.

March 9, 2020

GASB addresses certain component unit criteria, deferred compensation plans

A proposal issued by GASB addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans.