COVID-19 news and information for CPAs

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March 29, 2021

IRS provides details on April 15 postponement

The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.

March 29, 2021

How CPAs can help clients combining households during the pandemic

CPAs share their thoughts on how to help clients through changes in households.

March 26, 2021

Amounts paid for personal protective equipment qualify for medical deduction

The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.

March 25, 2021

PPP quiz: 5 frequently asked questions

Businesses and the CPAs who serve them have many questions about the administration and implementation of the Paycheck Protection Program. See if you can answer some of the questions most often asked of the AICPA’s PPP experts.

March 25, 2021

Deadline for certain single audits delayed because of pandemic

The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.

March 25, 2021

Number of US companies planning space reduction grows slightly

Questions asked as part of a quarterly economic sentiment survey show that more companies expect to cut back on office space in the coming year.

March 25, 2021

SBA eyes early April to begin Restaurant Revitalization Fund rollout

The SBA is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund.

March 24, 2021

SBA raises COVID-19 EIDL loan limit to $500,000

The SBA announced that starting the week of April 6 it will more than triple the maximum amount that small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program.

March 23, 2021

Tax filing postponement doesn’t go far enough, AICPA says

The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.

March 22, 2021

Ethics considerations for assisting clients with PPP documents

A special crossover episode of the podcast delves into ethical concerns related to assisting clients with PPP loan and forgiveness applications.

FROM THIS MONTH'S ISSUE

Build reusable Skills in Anthropic’s Claude AI

Instead of rewriting prompts each time, CPAs can turn routine tasks into reusable AI Skills. This Technology Q&A walks through how to build Claude Skills that process files, ask setup questions, and export clean Excel outputs.