COVID-19 news and information for CPAs

TOPICS

November 1, 2020

Pandemic accounting: How to make the right judgments

Guidance exists on numerous specific financial reporting issues related to lease concessions, various forms of government assistance, and loan restructurings. Here’s how you can find it.

October 30, 2020

Fed opens up Main Street loans to smaller businesses

The Federal Reserve board announced that it lowered the minimum loan size for three of its Main Street Lending Program facilities in an effort to make the program available to more and smaller businesses.

October 30, 2020

Guidance on deferred employee payroll tax issued

The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.

October 28, 2020

FASB staff weighs in on debt modifications and restructurings

FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.

October 28, 2020

Template for requesting penalty abatement available from AICPA

The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.

October 26, 2020

How to land a job — from a distance

Experts share advice for remote job seekers on how to search for positions, manage the interview process, and impress potential future employers.

October 21, 2020

Pandemic resilience starts with compassion, accountants say

Panelists at an AICPA fall Council presentation on resilience explained how basic values can drive success during troubled times such as the coronavirus pandemic.

October 20, 2020

Tips for single audits amid pandemic uncertainty

An avalanche of new federal awards has left practitioners who perform single audits working under uncertain circumstances and awaiting regulators’ guidance. Here’s how practitioners can give themselves a chance to succeed under challenging conditions.

October 14, 2020

COVID-19 lessons for not-for-profits

When services are needed most and when revenue is likely dropping, not-for-profit leaders face big challenges. A finance leader at an NFP shares adaptation advice.

October 13, 2020

SBA settles confusion over PPP forgiveness application due date

Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms display an expiration date of “10/31/2020” in the upper-right corner.

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.