CARES Act

TOPICS / COVID-19

May 12, 2020

AICPA, small business advocates call for clarity in PPP rules

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.

May 12, 2020

Options for clients with student loans during the pandemic

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.

May 8, 2020

Taxpayers must act soon for direct deposit of stimulus payments

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.

May 7, 2020

AICPA proposes broad range of tax relief to aid economic recovery

The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.

May 6, 2020

SBA extends safe harbor for returning PPP funds

The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.

May 4, 2020

EIDL loan portal reopens for agricultural businesses only

The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.

May 1, 2020

AICPA urges release of PPP loan forgiveness guidance

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.

May 1, 2020

AICPA challenging nondeductibility of PPP-related expenses

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.

April 29, 2020

CARES Act QIP change requires action

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.

April 29, 2020

SBA to accept PPP loans only from smallest lenders for 8 hours today

From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.

April 29, 2020

AICPA makes PPP loan forgiveness recommendations

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).

April 29, 2020

How CPAs can help small businesses survive the pandemic

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.

April 27, 2020

Quick relief with the CARES Act

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.

April 24, 2020

COVID-19 pandemic prompts many tax changes

Here are legislative and IRS responses to the coronavirus outbreak.

April 21, 2020

Guidance sought on employee retention credit

In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.

April 21, 2020

Deadline looms for nonfilers to register for child stimulus payments

Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.

April 21, 2020

IRS explains how to file returns to receive economic impact payments

The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.

April 17, 2020

Veterans Affairs recipients to receive automatic economic impact payments

Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.

April 17, 2020

How to take retroactive 100% bonus depreciation on QIP

The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).

April 16, 2020

SSI recipients to receive stimulus payments; dependent payments require extra step

The IRS announce that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.