In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.
The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.
With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.
An application form and instructions released by the US Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness.
The IRS provided guidance on how businesses can take advantage of CARES Act tax provisions.
Individuals not required to file a return can use a tool on the IRS website or file a special 2019 return.
The AICPA joined with other organizations that advocate for small businesses to urge the US Small Business Administration to provide clarity related to Paycheck Protection Program funds.
Here’s a rundown of the relief the CARES Act offers for student loan borrowers, who is eligible for it and what clients can do if they’re not covered by the CARES Act or if they’ve become unemployed or had their hours reduced.
The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.
The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.
The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.
The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.
The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.
Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.
From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.
The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).
Julie Killian, CPA, a shareholder at Clayton & McKervey in Michigan, shares steps smaller businesses can take to improve their financial standing and increase their chances of staying afloat.
Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act's provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.