COVID-19 news and information for CPAs

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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.

April 1, 2020

FASB to discuss effective date deferral requests in response to pandemic

Deferral requests for significant accounting standards that are not yet effective will be among the topics FASB will discuss related to the coronavirus pandemic at its April 8 board meeting.

April 1, 2020

Employer tax credits form, employee retention credit guidance posted

The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.

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