COVID-19 news and information for CPAs

TOPICS

April 6, 2020

Keeping clients informed during the COVID-19 crisis

Five CPA firms of different sizes outline their plans for staying in touch with clients during the pandemic and ensuring they get the vital information they need.

April 6, 2020

CPAs providing billable advisory services to small business may not want to be an agent

The AICPA issued a statement clarifying that the Coronavirus Aid, Relief, and Economic Security (CARES) Act prohibits CPAs and accounting firms from collecting fees from small business clients they help apply for Paycheck Protection Program (PPP) loans.

April 6, 2020

How CPAs can fight fraud in the COVID-19 pandemic

Coronavirus is an opportunity for fraudsters to take advantage of fear and confusion. Elizabeth Woodward, CPA/CFF, and Howard Silverstone, CPA/CFF, discuss how accountants can identify and prevent coronavirus-related fraud.

April 6, 2020

SBA issues details for Paycheck Protection Program loans

The US Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including a doubling of the loans’ interest rate from 0.5% to 1%.

April 4, 2020

AICPA-led coalition supports gross pay approach as calculation standard for PPP loans

An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program pandemic relief loans.

April 3, 2020

CPAs support business owners during COVID-19 crisis

Accountants weigh in on what their business-owner clients are going through and how they’re providing a reassuring voice and pragmatic advice during a challenging time.

April 3, 2020

Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says

Companies that elect to defer or suspend FASB rules for credit losses or troubled debt restructurings in accordance with the CARES Act will not be found in violation of GAAP.

April 3, 2020

Going concern tips for auditors during the pandemic

The going concern basis of accounting is likely to be used more frequently as a result of the coronavirus pandemic. Here is what auditors need to know as they fulfill their duties related to going concern.

April 2, 2020

Social Security recipients will automatically receive stimulus payments

The IRS announced that Social Security and Railroad Retirement benefit recipients will not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act.

April 2, 2020

Creating webinars to answer client questions

The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staff or other stakeholders.

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.