In 1943, Mary T. Washington Wylie became the nation’s first Black woman to earn the CPA license. Her life illustrates the difference that one enterprising professional can make for many future generations.
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NEWS
SBA targets early April for Shuttered Venue Operators Grant launch
The SBA expects to begin accepting Shuttered Venue Operators Grant applications early next month, an agency spokesperson confirmed. The SBA also released an updated pre-application checklist clarifying the requirements for applicants to submit audited financial statements and single audits.
Wanted: More systems and analytics training for accounting students
College and university accounting departments should update their curricula to meet the demands of practice, an AICPA-NASBA gap analysis survey found.
House gives final approval to $1.9 trillion pandemic aid bill
The bill contains numerous tax provisions, including a $1,400 rebate for individuals. It also extends federal unemployment benefits and provides funds for small businesses, COVID-19 vaccination and testing, K-12 schools and colleges and universities, and state and local governments.
Buyer beware: Celebrity-endorsed SPACs
Investors shouldn’t base investing decisions on celebrity involvement in a special-purpose acquisition company, the SEC warned.
American Rescue Plan Act passes with many tax components
The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.
AICPA’s Simpson pushes for PPP deadline delay at congressional hearing
The AICPA’s vice president for Firm Services, Lisa Simpson, CPA, CGMA, told a congressional committee during a hearing that Congress should push back the application deadline for the Paycheck Protection Program by at least 60 days.
PEEC addresses ‘Records Requests,’ limits on loaning staff to attest clients
The AICPA Professional Ethics Executive Committee issued an amendment that clarifies the responsibilities of AICPA members responding to client requests for client-provided records. PEEC also limited firms’ ability to loan staff to attest clients.
AICPA takes case for PPP deadline delay to Congress
The AICPA sent a letter encouraging congressional leaders to push back the Paycheck Protection Program’s March 31 application deadline at least 60 days.
SBA issues guidance but no start date for Shuttered Venue Operators Grant program
The SBA recently released fresh guidance for the Shuttered Venue Operators Grant (SVOG) program, but the agency still cannot say when the $15 billion program will start accepting applications.
CPAs urged to be voice of calm in PPP storm
Rule changes, deadline pressures, and ongoing processing problems with the Paycheck Protection Program are causing high levels of frustration and anxiety among many small businesses. This creates an opportunity for CPAs to provide calm guidance for stressed clients.
Senate passes amended $1.9 trillion COVID-19 stimulus bill
The Senate approved a $1.9 trillion pandemic economic relief bill on Saturday. The bill will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.
AICPA calls on SBA to change ‘unfair’ PPP guidance, deadline
The AICPA reiterated its recommendation that the SBA delay the end of the Paycheck Protection Program (PPP) application period by at least 60 days and also urged the SBA to make retroactive new rules issued this week changing the formula sole proprietors use to calculate their maximum loan amounts.
AICPA recommends Circular 230 changes
In response to a request for comments about planned revisions to Circular 230, Regulations Governing Practice Before the IRS, the AICPA sent a letter making recommendations to the director of the IRS’s Office of Professional Responsibility.
FASAB reappoints Scott for second term as chair
The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.
AICPA requests tax deadline postponements until June 15
In a letter, the AICPA asked the IRS to postpone until June 15, 2021, all 2020 federal income tax and information returns and payments (e.g., extension and estimated payments) originally due April 15, 2021.
New SEC enforcement task force to focus on climate, ESG compliance
The Securities and Exchange Commission announced that it is creating a new Climate and ESG Task Force to identify compliance problems related to environmental, social and governance issues.
Economic confidence recovers to near pre-pandemic levels for finance leaders
Sentiment has risen for three consecutive quarters in a quarterly survey of CPA executives in business and industry. Revenue and profit are projected to increase in the next year.
PPP borrowers can use gross income, SBA rules
Paycheck Protection Program rules released by the SBA allow self-employed individuals who file a Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit.
GASB proposes new guidance on compensated absences
Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.
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