While some companies find pockets of success, overall sentiment is neutral regarding the next 12 months, according to a quarterly survey.
COVID-19 news and information
The rush to set up and support remote working arrangements kept companies operating despite pandemic-related quarantines, but the swift shift to the cloud could mean that regulatory problems loom on the horizon. The first question that must be answered: Where is my data?
Technical Questions and Answers issued by the AICPA address nongovernmental health care entities’ accounting for governmental assistance related to the coronavirus pandemic.
Relative to CARES Act tax provisions, state conformity to date is varied.
A one-time deduction of up to $300 can be taken directly on individual returns.
The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.
The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.
The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the SBA, according to new Technical Question and Answer Guidance issued by the AICPA.
The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.
The SBA and Treasury published an interim final rule that provides clarity on Paycheck Protection Program loan forgiveness issues related to owner-employee compensation calculations and the eligibility of nonpayroll costs related to certain lease and property ownership scenarios.