AICPA Advocacy

TOPICS

May 17, 2021

Taxpayers deserve pandemic penalty relief, AICPA says

In a letter to the IRS and Treasury, the AICPA recommended, in light of the ongoing COVID-19 pandemic, that the IRS implement fair, reasonable and practical penalty relief measures, including targeted relief from both the underpayment-of-estimated-tax penalty and the late-payment penalty for the 2020 tax year.

May 12, 2021

6 key areas of paid tax preparer regulation highlighted in AICPA letter to Congress

The Biden administration says the IRS should be given the authority to regulate paid tax return preparers who are currently unregulated, and the AICPA offers its recommendations in six key areas.

May 6, 2021

AICPA seeks exemption for CPA firms from expected beneficial ownership registry

The AICPA is requesting that all licensed or registered CPA firms be exempted from forthcoming rules that require beneficial ownership information to be reported by small businesses to the Financial Crimes Enforcement Network (FinCEN).

April 16, 2021

Legislative threat to CPA licensure stalls in West Virginia

A bill that would have weakened requirements for occupational licensing stalled in West Virginia, but the work to maintain appropriate licensing standards is not finished for CPAs.

April 8, 2021

AICPA recommendations on Q1 estimates and 2020 Form 709 extensions

The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.

March 30, 2021

Biden signs PPP deadline extension into law

The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.

March 25, 2021

Why the tax filing extension does not help everyone

The extension to May 17 for individual tax filing and payment helped some but not all taxpayers. Hear more on the latest podcast episode, which includes a transcript.

March 23, 2021

Tax filing postponement doesn’t go far enough, AICPA says

The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.

March 17, 2021

House passes PPP deadline extension in 415-3 vote

The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional 30 days for processing applications received by May.

March 16, 2021

AICPA asks for guidance on S corp. and partnership PPP loan forgiveness

In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.