COVID-19 news and information for CPAs

TOPICS

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

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).

FROM THIS MONTH'S ISSUE

New AICPA chair pitches a people-first profession

New AICPA Chair Jan Lewis shares why listening and service are central to her leadership approach. From advocating for small firms to navigating AI and strengthening the talent pipeline, Lewis outlines how she plans to steward a profession built on trust, relevance, and opportunity.