COVID-19 news and information for CPAs

TOPICS

April 13, 2020

Key facts about the Fed’s $2.3 trillion loan initiative

CPAs should pay careful attention to the new $600 billion Main Street Lending Program for small and midsize businesses and a couple of tweaks that might encourage more banks to participate in the $349 billion Paycheck Protection Program.

April 13, 2020

Business interest expense election guidance for farming, real estate

Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.

April 10, 2020

CPA Exam testing center closings extended through May 1

Testing centers for the CPA Exam in the United States and Canada will remain closed through May 1, exam provider Prometric announced.

April 10, 2020

IRS launches tool for nonfilers to receive stimulus payments

The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low.

April 10, 2020

FASB issues Q&As to clarify pandemic lease accounting issues

FASB posted a Q&A document to clarify questions about lease accounting that have arisen during the coronavirus pandemic.

April 10, 2020

Guidance on NOL carryback and tentative carryback adjustments

The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.

April 9, 2020

IRS grants broad coronavirus-related tax relief

The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.

April 9, 2020

Application advice for SBA loans

You’re likely to have questions about the Paycheck Protection Program loans offered by the U.S. Small Business Administration. This podcast episode has some answers.

April 9, 2020

5 steps for advising clients during COVID-19 crisis

With the COVID-19 pandemic causing unprecedented economic turmoil, small businesses need financial guidance and expertise more than ever before. CPAs and firms can provide that assistance by following a five-step process.

April 8, 2020

Partnerships can file amended returns to get CARES Act benefits

To allow those partnerships to take advantage of the beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security Act, the IRS is allowing partnerships to file amended returns for 2018 or 2019.