COVID-19 news and information for CPAs

TOPICS

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.

October 13, 2020

3 things the COVID-19 pandemic has taught CPAs about technology

This article discusses ways to harness technology lessons from this pressure-packed year.

October 12, 2020

Several states provide one-month filing relief for corporate deadlines

With the Oct. 15 corporate tax filing deadline looming and the global pandemic still affecting taxpayers and practitioners, several states have provided one-month filing relief for their corporate Oct. 15 deadlines.

October 12, 2020

How 2020 has changed corporate board work

The lessons corporate directors take away from the pandemic will be critical to company survival and success beyond 2020. This podcast episode contains insight on board members’ thinking.

October 9, 2020

PPP forgiveness simplified for loans of $50,000 or less

PPP borrowers of $50,000 or less will have the opportunity to apply for forgiveness using a simplified application. Under the new process, these borrowers will be exempted from penalties for reduction of full-time employees or employees’ salary or wages.

October 7, 2020

SBA clarifies deferral period for PPP loan payments

The SBA released guidance clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral.

October 7, 2020

With Oct. 15 looming, some practitioners face daunting challenges

Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.

October 6, 2020

Nonfilers have until Nov. 21 to apply for economic impact payment

The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.

October 5, 2020

PPP borrowers, lenders get change-in-ownership guidance from SBA

The US SBA issued a procedural notice designed to help PPP borrowers and their lenders understand their responsibilities when a borrower undergoes a change in ownership.

October 5, 2020

COVID-19 challenges to forensic accounting

This article discusses some of the unique challenges, and opportunities, for forensic accountants in the COVID-19-altered economy.

FROM THIS MONTH'S ISSUE

Promises of ‘fast and easy’ threaten SOC credibility

CPAs who provide Service and Organization Control (SOC) examinations warn that an ongoing push for high-volume SOC services may come at the cost of quality and objectivity.