COVID-19 news and information for CPAs - Journal of Accountancy

TOPICS

July 15, 2021

At 2021’s midpoint, what’s on the minds of CFOs?

A Deloitte partner with a CFO focus explains why finance chiefs have reason for optimism, what concerns them, and why “we’re entering into a new realm.”

July 14, 2021

Restaurant Revitalization Fund recipients revealed

The US Small Business Administration has published a database of the more than 100,000 approved grants from the $28.6 billion Restaurant Revitalization Fund.

July 12, 2021

SBA officially drops PPP Loan Necessity Questionnaire requirement

The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.

July 7, 2021

Restaurant industry recovery aided by CPAs, 2 leaders with longtime ties

CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.

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.

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