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.
COVID-19 news and information
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.
A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.
The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.
The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.
FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.
By developing an investigative mindset, CPAs can make themselves indispensable during this trying time.
Economic Injury Disaster Loans can provide small businesses with low-interest pandemic assistance over a 30-year term. To help their businesses and clients, CPAs need to understand the key terms that these loans provide.
Quarantines prompted by the coronavirus pandemic have forced many organizations to deploy and configure technology to support 100% remote work and/or a mix of working remotely on certain days.
The SBA and Treasury published a trove of loan-level data about the Paycheck Protection Program. The release includes the names of all PPP recipients that received loans for $150,000 or more.