COVID-19 news and information for CPAs

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July 6, 2021

SBA officially closes Restaurant Revitalization Fund

The SBA announced the closure of the Restaurant Revitalization Fund with a final tally of how it awarded the program’s $28.6 billion in funding.

July 1, 2021

Farm businesses receive guidance on tax treatment of losses

The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.

July 1, 2021

Vacation and sick pay accruals resulting from the pandemic

Travel restrictions led to a buildup of compensated absences and a corresponding liability that has implications for financial reporting, auditing, and management.

July 1, 2021

2021 child tax credit, EITC, and premium tax credit limits updated

ARPA temporary measures are quantified in a revenue procedure.

July 1, 2021

When is food and drink ‘provided by a restaurant’?

The IRS explains which meals qualify for a temporary 100% expense deduction.

July 1, 2021

Safe harbor for deducting PPP loan expenses

Congress clarified that business expenses resulting in loan forgiveness are deductible, but some taxpayers had followed earlier, contrary IRS guidance.

July 1, 2021

Finding the best talent using remote interviews

Social distancing and other pandemic precautions don’t have to slow down your search for talent. One organization offers tips for conducting effective remote job interviews.

July 1, 2021

Take control of your home Wi-Fi with Gryphon

A look at applications, gadgets, and other technology that can improve a CPA’s job and life.

June 28, 2021

Supreme Court declines to take up remote worker taxation case

The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.

June 25, 2021

SBA may be dropping PPP Loan Necessity Questionnaire requirement

Indications are that businesses with Paycheck Protection Program loans of $2 million or more will not have to submit a Loan Necessity Questionnaire when applying for forgiveness of their loans.