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COVID-19 news and information

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.

SBA aims to reopen Shuttered Venue Operators Grant portal this week

The SBA has targeted the end of this week for reopening the application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program. Technical problems forced the SBA to close the portal for repairs only hours after it opened on April 8.

IRS extends penalty relief for pandemic payroll credits

The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.

From The Tax Adviser

January 31, 2026

Trust distributions in kind and the Sec. 643(e)(3) election

January 31, 2026

Effects of the OBBBA on higher education

December 31, 2025

Practical tax advice for businesses as a result of the OBBBA

November 30, 2025

How a CPA and wealth adviser partnership can guide families through transition