Although finance professionals are optimistic about their own businesses’ economic prospects, the delta variant’s spread and scarcity of job seekers caused concerns that were reflected in a modest drop in the CPA Outlook Index in the AICPA Business and Industry Economic Outlook Survey.
COVID-19 news and information
Shuttered Venue Operators Grant program enters supplemental phase
The SBA is sending out invitations for Shuttered Venue Operators Grant (SVOG) recipients to apply for supplemental funding from the $16.25 billion program.
Staffing and COVID-19 relief programs are firms’ top concerns in 2021
Hiring qualified staff emerged as the No. 1 concern of firms employing six or more people in the 2021 AICPA Private Companies Practice Section CPA Firm Top Issues survey.
Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief
Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.
How to retain staff amid surging turnover
Experts theorize that the COVID-19 pandemic may have led to increased burnout and that employees who stayed in their jobs in 2020 now feel more comfortable leaving.
Better remote job interviews and ERC updates
A CPA shares how her organization made remote job candidates feel more comfortable thanks to an improved interview process.
Closing date set for new Shuttered Venue Operator Grant applications
The SBA will stop accepting new applications at the end of next week for the $16.25 billion Shuttered Venue Operator Grant (SVOG) program. The SBA has awarded $8.4 billion in SVOG grants to more than 10,800 recipients and will offer those entities the chance to seek additional funding.
Certification deadline extended for work opportunity tax credit
Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.
New safe harbor for ERC gross receipts calculation
Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts.
AICPA guidance addresses SVOG, RRF accounting questions
Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants can pose accounting challenges for practitioners. The AICPA issued guidance that suggests how not-for-profits and private business entities can account for these grants.
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