COVID-19 news and information for CPAs

TOPICS

April 1, 2020

Addressing pandemic-related audit challenges

Auditors face many new challenges as they work through the coronavirus pandemic. The AICPA Center for Plain English Accounting has posted new guidance on handling those challenges.

April 1, 2020

IRS waives failure-to-deposit penalties during pandemic

The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.

April 1, 2020

Enterprise risk management: More critical than ever

The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever.

March 31, 2020

Applications for small business Paycheck Protection Program open April 3

Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying Friday, April 3.

March 31, 2020

Recovery rebate payments to be issued within 3 weeks

The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.

March 31, 2020

You’re suddenly WFH: An example of how to adapt

A finance professional working in local government shares how she has adapted to the new work-from-home reality many of us are experiencing.

March 28, 2020

Relieving the April 15 ‘pressure point’

Ed Karl, CPA, the AICPA’s vice president–Tax Policy & Advocacy, outlines how the IRS tax filing delay came about — and what it means for CPA tax practitioners and their clients.

March 27, 2020

Gift and GST returns added to postponed tax and filing deadlines

The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.

March 27, 2020

Coronavirus paid sick leave and family leave guidance issued

The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.

March 27, 2020

Optional delay provided in regulatory capital transition to credit losses standard

Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.