Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America.
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NEWS
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
35 questions for coronavirus planning
Business leaders should be proactive in putting emergency plans in place in response to the spread of coronavirus. Here’s a checklist for organizations related to employees, customers, and vendors.
Coronavirus looms over positive economic outlook
Projections for the next 12 months are generally positive, but concerns about the effect of the virus diminished that enthusiasm, according to a quarterly survey.
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From The Tax Adviser
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Current developments in S corporations
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