Tax, accounting, auditing news - Journal of Accountancy

July 20, 2020

New AICPA tool automates PPP loan forgiveness process

Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.

July 17, 2020

Fed expands Main Street Lending Program to more not-for-profits

The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.

July 17, 2020

IRS updates annual Dirty Dozen tax schemes for 2020

The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”

July 16, 2020

The 10 elements of financial statements, according to FASB

The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.

July 16, 2020

IRS reinstates PTIN user fees

The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.

July 16, 2020

Show clients empathy in uncertain times

Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.

July 16, 2020

AICPA issues nonauthoritative guidance on auditing digital assets

Accounting firms should consider many factors when considering whether to accept auditing engagements that involve digital assets such as cryptoassets. Nonauthoritative guidance published by the AICPA helps firms evaluate whether such engagements are worth the risks.

July 15, 2020

Partnership form being redesigned for 2021

The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.

July 15, 2020

Advice for firms thinking about reopening

Firms planning to reopen their offices in the near future share what steps they’re taking first, and offer advice for other organizations that have made the difficult decision to return to in-person work.

July 14, 2020

Pandemic issues for government financial statement preparers and auditors

The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.

July 13, 2020

Remote work after the pandemic

The COVID-19 pandemic forced many businesses to rapidly ramp up their reliance on remote work, and many employees will continue to work from home even after offices reopen. Jim Boomer, CPA/CITP, and Jessica Battaglia share advice for crafting a long-term remote work strategy.

July 13, 2020