The Senate approved a $1.9 trillion pandemic economic relief bill on Saturday. The bill will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.
COVID-19 news and information
The AICPA reiterated its recommendation that the SBA delay the end of the Paycheck Protection Program (PPP) application period by at least 60 days and also urged the SBA to make retroactive new rules issued this week changing the formula sole proprietors use to calculate their maximum loan amounts.
This podcast with transcript shares analysis of the latest IRS guidance on the employee retention credit and takes a look at CPA executives’ sentiment about the economy.
In a letter, the AICPA asked the IRS to postpone until June 15, 2021, all 2020 federal income tax and information returns and payments (e.g., extension and estimated payments) originally due April 15, 2021.
Sentiment has risen for three consecutive quarters in a quarterly survey of CPA executives in business and industry. Revenue and profit are projected to increase in the next year.
Paycheck Protection Program rules released by the SBA allow self-employed individuals who file a Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit.
An AICPA expert details some of the factors that could affect changes to filing dates.
The American Institute of CPAs, citing ongoing processing problems with the Paycheck Protection Program, called on Congress to extend the program’s application deadline past the current March 31 date. The AICPA is recommending an extension of at least 60 days.
The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.
Goodwill impairment has become an area of increased focus since the beginning of the coronavirus pandemic. Here’s what CPAs need to know about goodwill impairment at this challenging time.