COVID-19 news and information for CPAs

TOPICS

June 24, 2020

PPP provides a lifeline, but more may be needed

With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.

June 24, 2020

Medicare changes in response to COVID-19

Recent changes to Medicare due to the pandemic include COVID-19 testing coverage, telemedicine coverage and a requirement that Part D plans provide a 90-day supply of covered drugs upon request. Medicare will also cover a vaccine if one is developed.

June 24, 2020

Amid uncertainty, financial planning clients stick with long-term plans

On average, only 30% of CPA financial planners’ clients have made changes to their financial plans due to the pandemic, according to the latest AICPA Personal Financial Planning Trends survey.

June 23, 2020

SEC staff guidance addresses pandemic-related disclosures

Public companies need to carefully consider their obligations in disclosing the coronavirus pandemic’s effect on their operations, liquidity, and capital resources, according to staff guidance issued by the SEC Division of Corporation Finance.

June 23, 2020

PPP recipients can apply early for loan forgiveness, SBA says

New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.

June 23, 2020

Rollover relief for required minimum distributions

The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.

June 22, 2020