COVID-19 news and information for CPAs

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April 27, 2021

Registration opens for Restaurant Revitalization Fund

Registration for the Restaurant Revitalization Fund (RRF) will begin at 9 a.m. ET on Friday, April 30, and the SBA will begin accepting applications on Monday, May 3, at noon ET.

April 27, 2021

Financial fears spike for young adults amid pandemic

More than half of Americans said their financial situation caused them stress during the pandemic, according to an AICPA survey. Younger Americans were particularly affected, with three-quarters of 18- to 24-year-olds reporting financial anxiety.

April 26, 2021

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

The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.

April 26, 2021

Shuttered Venue Operators Grant portal begins accepting applications

The Shuttered Venue Operators Grant (SVOG) program officially opened Monday, with venue operators reporting successful uploads of applications for funding from the $16.25 billion program.

April 26, 2021

The pandemic pushed us forward. Let’s keep evolving

This article discusses how CPAs should plan for and expect significant organic growth based on the transformation that occurred due to the pandemic.

April 22, 2021

Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.

April 21, 2021

Can accounting firms mandate vaccines?

There are many legal and human resources considerations firms must weigh before crafting a vaccine policy for their staff.

April 20, 2021

IRS extends e-signature authorization for 6 months

In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.

April 19, 2021

Restaurant Revitalization Fund details come into focus

The Restaurant Revitalization Fund aid program’s application portal will be tested in a seven-day pilot ahead of the application’s launch. The SBA revealed key details for the program, including funding calculations.

April 19, 2021

Tips for for-profits applying NFP accounting rules for PPP funds

For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.