COVID-19 news and information for CPAs

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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.

March 27, 2020

CPA Exam emergency testing period invoked

An emergency testing period for the CPA Exam is being invoked as a result of the coronavirus pandemic. The 2020 second-quarter testing window is being extended from June 10 to June 30.

March 27, 2020

CARES Act tax provisions aim to stabilize pandemic-ravaged economy

The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.

March 27, 2020

Practitioner Priority Service, other IRS help lines suspended due to coronavirus

The IRS announced that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks “until further notice.”

March 26, 2020