COVID-19 news and information for CPAs

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April 21, 2020

FASB’s relief proposal includes lease accounting delay for private companies

FASB proposed pandemic relief actions that included a one-year delay in its lease accounting standard for private companies and most not-for-profits.

April 21, 2020

Deadline looms for nonfilers to register for child stimulus payments

Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.

April 21, 2020

IRS explains how to file returns to receive economic impact payments

The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.

April 21, 2020

The indirect impacts of COVID-19 on CPA firms

When money is lost, those who are damaged will seek recourse from wherever they can find it, and CPAs can be high on that list of targets.

April 20, 2020

ASB delays effective dates of SASs No. 134–140

A vote by the AICPA Auditing Standards Board delayed by one year the effective dates of seven private company auditing standards. Among other things, the standards are generally related to the AICPA’s new auditor reporting rules.

April 17, 2020

IRS posts FAQs on paid sick and family leave

The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.

April 17, 2020

Veterans Affairs recipients to receive automatic economic impact payments

Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.

April 17, 2020

How to take retroactive 100% bonus depreciation on QIP

The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).

April 17, 2020

How the COVID-19 crisis is leading to lasting change

The COVID-19 crisis has caused pain, loss and overwhelming gloom. It also is leading to lasting change in the workplace, which may be fundamentally different in many ways after the crisis ends.

April 16, 2020

SBA stops accepting PPP applications after funding runs out

The U.S. Small Business Administration stopped accepting applications for the Paycheck Protection Program after exhausting the initial $349 billion in funding provided by Congress to fund forgivable loans to small businesses impacted by the COVID-19 pandemic.