COVID-19 news and information for CPAs

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September 9, 2020

IRS issues guidance on COVID-19 testing coverage

The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.

September 8, 2020

3 tech-related tips for working better remotely

This article offers tips to help you familiarize yourself with your hardware and software and build a system that works for you.

September 3, 2020

Finance leaders search for opportunities as outbreak drags on

While some companies find pockets of success, overall sentiment is neutral regarding the next 12 months, according to a quarterly survey.

September 2, 2020

COVID-19 decisions create data dilemma for businesses

The rush to set up and support remote working arrangements kept companies operating despite pandemic-related quarantines, but the swift shift to the cloud could mean that regulatory problems loom on the horizon. The first question that must be answered: Where is my data?

September 2, 2020

TQAs discuss nongovernmental health care entities’ pandemic-related issues

Technical Questions and Answers issued by the AICPA address nongovernmental health care entities’ accounting for governmental assistance related to the coronavirus pandemic.

September 1, 2020

The new charitable deduction for nonitemizers

A one-time deduction of up to $300 can be taken directly on individual returns.

September 1, 2020

State conformity to CARES Act relief

Relative to CARES Act tax provisions, state conformity to date is varied.

August 31, 2020

IRS temporarily allows e-signatures on some forms

The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.

August 28, 2020

Guidance issued on payroll tax deferral

The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.

August 28, 2020

How lenders should account for forgivable PPP loans

The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the SBA, according to new Technical Question and Answer Guidance issued by the AICPA.