Audit risk assessments and sampling procedures may need to change as a result of the coronavirus pandemic, according to Lynford Graham, CPA, Ph.D.
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PPP provides a lifeline, but more may be needed
With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.
RIC shareholders can take Sec. 199A deduction for REIT dividends
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
Medicare changes in response to COVID-19
Recent changes to Medicare due to the pandemic include COVID-19 testing coverage, telemedicine coverage and a requirement that Part D plans provide a 90-day supply of covered drugs upon request. Medicare will also cover a vaccine if one is developed.
Amid uncertainty, financial planning clients stick with long-term plans
On average, only 30% of CPA financial planners’ clients have made changes to their financial plans due to the pandemic, according to the latest AICPA Personal Financial Planning Trends survey.
SEC staff guidance addresses pandemic-related disclosures
Public companies need to carefully consider their obligations in disclosing the coronavirus pandemic’s effect on their operations, liquidity, and capital resources, according to staff guidance issued by the SEC Division of Corporation Finance.
PPP recipients can apply early for loan forgiveness, SBA says
New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.
Rollover relief for required minimum distributions
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
GASB addresses component units, deferred compensation plans
GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.
Your peer review has been extended — now what?
CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.
FASB Q&As address application of taxonomy to pandemic disclosures
FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.
Proposed regs. explain disallowed transportation fringe benefits
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
SBA, Treasury to publish names of some PPP loan recipients
The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.
SBA launches tool to match underserved borrowers with PPP lenders
The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.
Heading off Paycheck Protection Program fraud
Accountants can play a role in making sure the money set aside to help small business goes to the right places.
Lease accounting effective date deferred for federal entities
Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.
Guidance on how to take CARES Act distributions from qualified plans
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
17 strategic questions to answer before reopening
Firms must consider strategic as well as practical issues as they reopen. These questions can help you think through some of these issues and point you toward ways to preserve positive changes made during the lockdowns.
New PPP loan forgiveness applications released
The U.S. Small Business Administration and Treasury released a revised loan forgiveness application for the Paycheck Protection Program that reflects recent changes made by Congress to make the program more borrower-friendly.
Pandemic considerations for EBP financial statements
The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.
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The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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