COVID-19 news and information for CPAs

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May 13, 2020

A tale of the PPP tape: Why relationship building matters

The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.

May 12, 2020

IRS allows midyear changes to health coverage, dependent care elections

In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.

May 12, 2020

AICPA, small business advocates call for clarity in PPP rules

The AICPA joined with other organizations that advocate for small businesses to urge the US Small Business Administration to provide clarity related to Paycheck Protection Program funds.

May 12, 2020

Options for clients with student loans during the pandemic

Here’s a rundown of the relief the CARES Act offers for student loan borrowers, who is eligible for it and what clients can do if they’re not covered by the CARES Act or if they’ve become unemployed or had their hours reduced.

May 12, 2020

Be wary of charity requests in wake of COVID-19

Accountants can remind clients of bad actors who pop up in times of crisis.

May 11, 2020

Coronavirus concerns for ESOPs and ESOP auditors

Employee stock ownership plans, their sponsors, and auditors all face new challenges and risks related to the coronavirus pandemic.

May 8, 2020

Taxpayers must act soon for direct deposit of stimulus payments

The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.

May 8, 2020