COVID-19 news and information for CPAs

TOPICS

April 30, 2020

How family businesses can stay resilient during the COVID-19 crisis

Jonathan Flack, CPA, the U.S. family business services leader at PwC, discusses the struggles family businesses are facing during the current economic crisis, as well as the unique strengths that can help them weather hard times such as these.

April 29, 2020

CARES Act QIP change requires action

Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.

April 29, 2020

SBA to accept PPP loans only from smallest lenders for 8 hours today

From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.

April 29, 2020

AICPA makes PPP loan forgiveness recommendations

The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).

April 29, 2020

How CPAs can help small businesses survive the pandemic

Julie Killian, CPA, a shareholder at Clayton & McKervey in Michigan, shares steps smaller businesses can take to improve their financial standing and increase their chances of staying afloat.

April 28, 2020

SBA, Treasury ban use of RPA to submit PPP loans

Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.

April 28, 2020

AICPA recommends federal loans backed by accounts receivable

The AICPA, citing a continuing need for short-term liquidity in the marketplace, recommended the creation of a federally backed lending facility that would provide loans to small businesses that pledge their future receivables.

April 28, 2020

FASB staff Q&As address hedge accounting amid the pandemic

FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.

April 27, 2020

SBA addresses how to calculate PPP loans, other issues

Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.

April 27, 2020

Quick relief with the CARES Act

Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act’s provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.