COVID-19 news and information for CPAs

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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.

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