COVID-19 news and information for CPAs

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January 1, 2021

Tax season preview

COVID-19 relief measures confront return preparers with novel predicaments. [Updated with tax provisions from the Consolidated Appropriations Act, 2021, the COVID-19 relief package signed into law in late December 2020.]

January 1, 2021

District court holds incarcerated individuals are entitled to economic impact payments

The IRS is ordered to make payments it previously denied.

January 1, 2021

Email inbox out of control? Establish rules

Outlook rules will help you ignore the clutter and respond faster to the things that really matter.

January 1, 2021

4 ways to enable resilience

Sometimes the simplest values can help organizations succeed in troubling times.

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.