COVID-19 news and information for CPAs

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May 8, 2020

GASB delays effective dates of recent pronouncements

GASB is giving state and local governments extra time to implement much of its recently issued guidance as a result of the coronavirus pandemic.

May 8, 2020

How to have hard client conversations during a crisis

A four-step approach can help CPAs facilitate the difficult, often emotional conversations needed to help their clients find their way to calmer waters.

May 8, 2020

As cash worries persist, companies ponder cuts, investments

Revenue declines are chief on the minds of finance professionals in an April survey. More than half of finance professionals expect business operations to return to normal in the fourth quarter or later.

May 8, 2020

Overcoming site visit limitations in the pandemic

The coronavirus pandemic has made site visits challenging for many auditors. Remote auditing techniques can help practitioners perform high-quality engagements during this difficult time.

May 7, 2020

6-month delay granted for peer reviews

The AICPA Peer Review Board voted to grant automatic six-month extensions for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year.

May 7, 2020

AICPA proposes broad range of tax relief to aid economic recovery

The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.

May 6, 2020

SBA extends safe harbor for returning PPP funds

The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.

May 6, 2020

Effective dates extended for 3 AICPA ethics interpretations

As a result of the coronavirus pandemic, the AICPA Professional Ethics Executive Committee voted to extend by one year the effective dates of AICPA ethics interpretations on information systems services, state and local government client affiliates and leases.

May 6, 2020

AICPA supports bill that would make PPP-funded expenses deductible

A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.

May 6, 2020

State and local taxes during the pandemic

Eileen Sherr, CPA, CGMA, describes her work with state CPA societies as they advocate with state tax authorities for coronavirus-related taxpayer relief at the state and local level, and resources for keeping track of each jurisdiction’s response.