COVID-19 news and information for CPAs

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March 16, 2021

AICPA asks for guidance on S corp. and partnership PPP loan forgiveness

In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.

March 15, 2021

SBA defers EIDL payments until 2022

The SBA extended deferral periods for all disaster loans, including those made through the COVID-19 Economic Injury Disaster Loan (EIDL) program. With the deferral, small businesses that received a COVID-19 EIDL loan won’t have to make a first payment on the loan until next year.

March 15, 2021

Communication and creativity pay off

A creative agency shares how a new workflow structure helped keep productivity high and interactions smooth while working remotely.

March 15, 2021

6 tips for mitigating and recovering from burnout

This article offers strategies for dealing with burnout at your accounting firm.

March 12, 2021

SBA targets early April for Shuttered Venue Operators Grant launch

The SBA expects to begin accepting Shuttered Venue Operators Grant applications early next month, an agency spokesperson confirmed. The SBA also released an updated pre-application checklist clarifying the requirements for applicants to submit audited financial statements and single audits.

March 11, 2021

House gives final approval to $1.9 trillion pandemic aid bill

The bill contains numerous tax provisions, including a $1,400 rebate for individuals. It also extends federal unemployment benefits and provides funds for small businesses, COVID-19 vaccination and testing, K-12 schools and colleges and universities, and state and local governments.

March 10, 2021

American Rescue Plan Act passes with many tax components

The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.

March 10, 2021