As the COVID-19 pandemic has changed the business environment, clients have turned to CPAs for help keeping their businesses afloat. CPAs serving restaurant, medical and real estate clients discuss how they’ve used client advisory services to help their clients stabilize and reposition their businesses.
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NEWS
Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires
The AICPA is among 80 organizations that have signed a pair of letters to SBA, Treasury and congressional leaders calling on the agencies to temporarily suspend use of the new Paycheck Protection Program Loan Necessity Questionnaires.
How to apply COSO’s ERM framework to compliance risk management
A new publication provides guidance on how to apply the Committee of Sponsoring Organizations of the Treadway Commission’s enterprise risk management framework to manage and mitigate compliance risks.
FASB pursues impairment-triggering relief for certain private companies, NFPs
FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.
IRS commissioner: Penalty relief will not be ‘blanket’
IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect blanket penalty relief in response to the COVID-19 pandemic, and he addressed other effects of the pandemic on the agency.
New SEC rules enable electronic submissions
The Securities and Exchange Commission voted to permit the use of electronic signatures in authentication documents and to facilitate electronic service and filing in the commission’s administrative proceedings.
GASB proposes new implementation guidance
The Governmental Accounting Standards Board proposed Q&A guidance on the implementation of its standards for state and local governments.
It’s a tough year for year-end tax planning
Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
Quiz: Are you ready for year-end planning during a pandemic?
When it comes time to put on your year-end planning hat, will you be prepared to provide the best tax and financial planning advice to clients? Take this quiz to see if you’re ready to tackle year-end planning for 2020.
IRS will mask business tax transcript identifying information
The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it took two years ago for individual tax transcripts.
Partnerships and S corps. can deduct state and local taxes
The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.
Taxpayers allowed choice of bonus depreciation rules
The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.
SBA to require PPP loan necessity form from large borrowers
Businesses and not-for-profits that received $2 million or more in PPP loans must complete one of two new loan necessity questionnaires the SBA is sending to lenders for distribution to borrowers.
New lease accounting guidance proposed for federal entities
The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.
FASB provides implementation relief for insurance companies
FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.
ASB proposal addresses auditing of fair value estimates of financial instruments
A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.
Companies rethink the office, but they’re not ready to say goodbye
Most plan to keep their current real estate, but they are reimagining what that space could look like.
9 tips for successful auditing of revenue recognition
A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.
IRS announces help with tax debt
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
Fed opens up Main Street loans to smaller businesses
The Federal Reserve board announced that it lowered the minimum loan size for three of its Main Street Lending Program facilities in an effort to make the program available to more and smaller businesses.
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