COVID-19 news and information for CPAs

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November 2, 2020

Developing a strategic audit plan

This article outlines steps CPAs should consider when developing strategic audit plans for their own clients.

November 1, 2020

COVID-19 and withdrawals from retirement plans

Taxpayers under financial duress caused by the pandemic can avoid penalties.

November 1, 2020

Deducting losses in the CARES Act’s window

For a limited time, taxpayers have flexibility for using net operating losses.

November 1, 2020

Tech tips for remote work

Maximize comfort and productivity with an optimized internet connection and a decluttered digital desktop.

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