COVID-19 news and information for CPAs

TOPICS

April 24, 2020

How auditors can test inventory without a site visit

A few methods are available for providing sufficient appropriate evidence of inventory even if an auditor can’t make a site visit because of the coronavirus pandemic.

April 24, 2020

When hard times hit staff

Supporting valued staff experiencing losses and hardships can help organizations respond in compassionate ways, while still meeting the needs of the business.

April 24, 2020

Strategic disruption: An expert’s thoughts on moving forward

Rita McGrath, a professor of management at Columbia University’s Graduate School of Business who has written extensively on disruption, foresees changes in business strategy in the wake of the COVID-19 pandemic.

April 24, 2020

COVID-19 pandemic prompts many tax changes

Here are legislative and IRS responses to the coronavirus outbreak.

April 23, 2020

House approves additional funding for Paycheck Protection Program

The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.

April 22, 2020

Tips for navigating CPA challenges related to PPP

The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.

April 22, 2020

Effective dates of 3 AICPA ethics interpretations may be delayed

The AICPA Professional Ethics Division staff is proposing a one-year delay in ethics interpretations on “Information Systems Services,” “State and Local Government Client Affiliates” and “Leases.”

April 22, 2020

Relief for tax residency impacts of COVID-19 travel disruptions

Individuals and businesses can avoid having their prolonged stay in a country affect their tax residence if their cross-border travel was disrupted by the COVID-19 pandemic, under limited relief the IRS announced in two revenue procedures and FAQs.

April 21, 2020

Senate approves $370 billion in additional small business funding

The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.

April 21, 2020

Guidance sought on employee retention credit

In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.