The US Small Business Administration said that it is updating the Paycheck Protection Program’s processes and application platform to speed up the flow of funds to small businesses.
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FASB approves private company and NFP goodwill triggering event alternative
Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.
Virtual accounting: How to succeed remotely
Founders of a fully virtual accounting firm share how accountants can succeed at working remotely now and after the pandemic is over.
Senate shows bipartisan support for mobile workforce tax legislation
The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
5 steps for reliable ESG reporting amid growing demand
The demand for environmental, social, and governance reporting is increasing. CPAs have a critical role in meeting that demand, and companies can take action now to enable enhanced ESG reporting.
Eligible educators may deduct personal protective equipment expenses
The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.
New standards continue drive toward better audits
With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.
New approach to quality management proposed by ASB
The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.
AICPA raises PPP concerns with SBA
The AICPA sent a letter urging the US Small Business Administration to address problems small businesses are encountering when trying to apply for Paycheck Protection Program forgivable loans.
Why it’s romantic to talk about money
Nearly three-quarters (73%) of US adults living with a spouse or partner said financial decisions have caused tension in their relationship, an AICPA survey found.
IRS requires corrected information returns for certain SBA loans
The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.
PPP advice for firms: Preach patience to clients
Accounting firms are juggling competing client demands thanks to tax season coinciding with the reopening of the Paycheck Protection Program. How can firms keep from dropping the ball? It starts with taking the time to do the job right.
Maryland’s Tom Hood joins the Association of International Certified Professional Accountants
Tom Hood, the longtime CEO of the Maryland Association of CPAs (MACPA), has joined the leadership team of the Association of International Certified Professional Accountants as executive vice president of business growth and engagement.
SBA issues FAQs for Shuttered Venue Operators Grants
New guidance from the US Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant program but does recommend actions potential applicants should be taking now while the SBA builds the application platform for the $15 billion COVID-19 relief initiative.
Beware of identity theft scam involving unemployment benefits
The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
FASB simplifies revenue recognition for private company franchisors
FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.
Employee retention credit changes leave practitioners with questions
The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.
Identity theft a risk to consumers as online purchases increase
Amid a pandemic-related surge in online shopping, identity theft poses a more significant risk to consumers. Nearly 1 in 5 Americans experienced identity theft attempts, according to a new AICPA survey.
Not-for-profit auditors face new challenges amid pandemic
Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
SBA announces steps to improve PPP review process
The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.
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