The Public Company Accounting Oversight Board has formed a new, 18-person advisory group that will provide insights for the board’s standard-setting activities.
Advertisement
NEWS
NOCLAR: Proposals aim to help CPAs find the right balance
It can be difficult for a CPA to decide how to proceed if they identify or suspect a client’s or employer’s noncompliance with laws or regulations. New proposals are designed to help CPAs fulfill their ethical responsibilities.
Amounts paid for personal protective equipment qualify for medical deduction
The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.
PPP quiz: 5 frequently asked questions
Businesses and the CPAs who serve them have many questions about the administration and implementation of the Paycheck Protection Program. See if you can answer some of the questions most often asked of the AICPA’s PPP experts.
Deadline for certain single audits delayed because of pandemic
The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.
Number of US companies planning space reduction grows slightly
Questions asked as part of a quarterly economic sentiment survey show that more companies expect to cut back on office space in the coming year.
SBA eyes early April to begin Restaurant Revitalization Fund rollout
The SBA is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund.
SBA raises COVID-19 EIDL loan limit to $500,000
The SBA announced that starting the week of April 6 it will more than triple the maximum amount that small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program.
Tax filing postponement doesn’t go far enough, AICPA says
The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.
Shuttered Venue Operators Grant program to open April 8
The SBA will begin accepting Shuttered Venue Operators Grant applications on April 8. Entities interested in applying can sign up for updates via a splash page for the new SVOG application portal.
LinkedIn tips for accountants and finance professionals
Accountants should rethink their approach to virtual networking in a post-COVID-19 landscape.
New PPP guidance implements changes from American Rescue Plan Act
The SBA issued an interim final rule incorporating revisions to the Paycheck Protection Program made by the American Rescue Plan Act. The new guidance also rules that entities that receive a Shuttered Venue Operators Grant cannot subsequently receive a PPP loan.
Vacation and sick day accruals during the pandemic
Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.
IRS postpones April 15 deadline
The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.
Federal aid could hobble new state tax cuts and credits
The American Rescue Plan Act’s $350 billion in “fiscal recovery” aid to states comes with a big string attached — the states may not use the money to offset new tax credits or other revenue reductions.
Cybersecurity requirements provide new opportunity for CPAs
CPAs can be engaged as third-party assessors of US defense contractors’ compliance with new cybersecurity requirements.
House passes PPP deadline extension in 415-3 vote
The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional 30 days for processing applications received by May.
AICPA asks for guidance on S corp. and partnership PPP loan forgiveness
In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.
Climate change disclosure comments sought by SEC
The Securities and Exchange Commission is seeking public comment on its disclosure rules and guidance related to climate change disclosures.
SBA defers EIDL payments until 2022
The SBA extended deferral periods for all disaster loans, including those made through the COVID-19 Economic Injury Disaster Loan (EIDL) program. With the deferral, small businesses that received a COVID-19 EIDL loan won’t have to make a first payment on the loan until next year.
Features
FROM THIS MONTH'S ISSUE
Data governance: How finance builds trust in data
Learn how finance can use data governance to improve data quality, strengthen internal controls, and build trust in business data.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
