COVID-19 news and information for CPAs

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May 15, 2020

IRS posts FAQs on paid COVID-19-related sick and family leave

Employer tax credits for small businesses are provided under the Families First Coronavirus Response Act.

May 14, 2020

SBA allows increased PPP loans to partnerships, extends safe harbor to May 18

The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.

May 14, 2020

What CPAs should consider before deferring ASB reporting standards

The AICPA Auditing Standards Board delayed the effective dates of seven new standards as a result of the coronavirus pandemic. Here’s what auditors need to know about the standards and their delay.

May 13, 2020

SBA provides safe harbor for PPP loans under $2 million

The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.

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