COVID-19 news and information for CPAs

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April 7, 2020

AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program

The Treasury and the SBA released 18 FAQs to help facilitate funding of small businesses under the PPP. The AICPA applauds the additional clarity, which aligns with many of the recommendations recently made by the AICPA and an AICPA-led coalition.

April 6, 2020

ASB to consider one-year deferral of effective dates

The AICPA Auditing Standards Board will consider on April 20 on whether to defer for one year the effective dates of Statements on Auditing Standards No. 134 through 140. The deferral is being considered to give firms relief amid the coronavirus pandemic.

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