COVID-19 news and information for CPAs

TOPICS

December 27, 2020

COVID-19 relief bill addresses key PPP issues

The $900 billion COVID-19 relief package passed Monday provides $284 billion for a revised Paycheck Protection Program (PPP) and clarifies that businesses can claim tax deductions for expenses paid for with forgiven PPP loans.

December 27, 2020

PPP expense deductibility and forgiveness raises basis, other issues

The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.

December 27, 2020

Many tax provisions appear in year-end coronavirus relief bill

The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.

December 24, 2020

AICPA tax policy and advocacy recommendations deliver results in 2020

Amid challenging circumstances, the AICPA’s tax policy and advocacy efforts provided successful results that benefited the accounting profession and taxpayers in 2020.

December 23, 2020

Financial fraud risks to watch for amid the pandemic

CPAs need to be especially watchful for fraud amid the severe financial pressures associated with the coronavirus pandemic.

December 23, 2020

Guidance for single audits provided in OMB compliance addendum

The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.

December 21, 2020

5 accounting considerations for divestitures and carveouts

Divestitures, spinoffs and carveouts are business strategies that may be pursued by more companies amid the economic fallout from the coronavirus pandemic. These tips can assist in the accounting for these moves.

December 21, 2020

Forecasting and impairment tips for an unprecedented time

The economic slump resulting from the pandemic has increased the risk of asset write-downs and added to the pressure on auditors to scrutinize impairment models. Company boards also are paying more attention to forecasting and impairment.

December 16, 2020

Quiz: Are you prepared to audit fraud risk during a pandemic?

With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.

December 15, 2020

Temporary e-signature authorization for IRS forms extended

The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.

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.