COVID-19 news and information for CPAs

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December 3, 2020

AICPA and trade associations ask Congress to fix PPP loan deductibility

In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.

December 3, 2020

Threats to licensing remain a concern for CPAs amid pandemic

The economic fallout from the coronavirus pandemic is posing new challenges to state professional licensing statutes. CPAs have a role to play in advocating for responsible licensing regulation.

December 3, 2020

Expenses used for PPP loan forgiveness: Deductible or not?

Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.

December 2, 2020

Auditing fraud risk during a pandemic

Fraud risk in the financial statements has been elevated amid the coronavirus pandemic. Here’s what practitioners need to know as they audit the risks of fraud during their engagements.

December 2, 2020

Succession issues surge at accounting firms

According to the 2020 Succession Planning Survey, more than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016.

December 2, 2020

New report highlights digital transformation during COVID-19 and beyond

Get some insights on how CPAs and finance professionals are using technology solutions to change their businesses in the era of COVID-19. A new report will guide a long-term, strategic approach to drive digital success, manage risk and streamline costs.

December 1, 2020