COVID-19 news and information for CPAs

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July 23, 2020

Provider Relief Funds included in audit determination, HHS says

Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced.

July 23, 2020

Underemployment spurs record drop in financial satisfaction

The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings.

July 20, 2020

AICPA urges Congress to act on PPP issues, other topics in pandemic legislation

In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.

July 20, 2020

New AICPA tool automates PPP loan forgiveness process

Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.

July 20, 2020

Pandemic-related legal risks that you can’t afford to ignore

A lawyer with years of experience advising companies on crisis management shares current and future legal risks organizations should be considering.

July 17, 2020

Fed expands Main Street Lending Program to more not-for-profits

The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.

July 16, 2020

Show clients empathy in uncertain times

Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.

July 15, 2020

Advice for firms thinking about reopening

Firms planning to reopen their offices in the near future share what steps they’re taking first, and offer advice for other organizations that have made the difficult decision to return to in-person work.

July 14, 2020

Pandemic issues for government financial statement preparers and auditors

The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.

July 13, 2020

Remote work after the pandemic

The COVID-19 pandemic forced many businesses to rapidly ramp up their reliance on remote work, and many employees will continue to work from home even after offices reopen. Jim Boomer, CPA/CITP, and Jessica Battaglia share advice for crafting a long-term remote work strategy.