COVID-19 news and information for CPAs

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November 25, 2020

AICPA urges SBA and OMB to reconsider PPP Loan Necessity Questionnaires

An AICPA letter suggests that the need for certain borrowers to complete a new form and provide extensive documentation supporting their request for relief funds be reconsidered and that other approaches be evaluated in assessing a borrower’s good faith certification.

November 25, 2020

Low demand leads to shrinking energy industry valuations

The coronavirus pandemic and other factors have resulted in shrinking valuations in the energy industry, according to experts at the AICPA/PDI Oil & Gas Online Conference.

November 25, 2020

Challenges, opportunities await energy sector after pandemic disruption

Energy producers are focusing on balance sheet strength and free cash flow as they recover from a severe blow dealt by the coronavirus pandemic.

November 23, 2020

AICPA mobilizes members to push for deductibility of PPP-funded expenses

The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the Paycheck Protection Program can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.

November 23, 2020

3 tips for building remote-work policies that last

This article discusses ways firm owners and leaders can start to develop a strategy for a work-from-anywhere reality that lasts.

November 19, 2020

IRS doubles down on nondeductibility of PPP-funded expenses

The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.

November 19, 2020

How CPAs help clients reinvent struggling businesses during COVID-19

As the COVID-19 pandemic has changed the business environment, clients have turned to CPAs for help keeping their businesses afloat. CPAs serving restaurant, medical and real estate clients discuss how they’ve used client advisory services to help their clients stabilize and reposition their businesses.

November 18, 2020

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.