COVID-19 news and information for CPAs

TOPICS

March 22, 2020

Regulators clear way for certain loan modifications amid pandemic

A move by regulators to ease certain restrictions for borrowers in good standing will facilitate loan modifications linked to the coronavirus pandemic. But borrowers will need to act fast to secure relief while still in good standing with their lenders, which has been defined as being less than 30 days past due on contractual payments at the time a modification is implemented.

March 21, 2020

IRS provides guidance for April 15 filing delay

The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.

March 20, 2020

Coronavirus and financial reporting: Report addresses key issues

The coronavirus presents substantial challenges to financial statement preparers and the CPA firms that serve them related to subsequent events, accounting estimates and many other topics.

March 20, 2020

Tax filing deadline moving to July 15, Treasury secretary announces

Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.

March 20, 2020

How small businesses can apply for SBA disaster loans

Businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.

March 20, 2020

Switch to virtual client meetings amid coronavirus fears

CPAs who run virtual firms share their top tips for educating clients about online meetings and holding successful virtual meetings.

March 19, 2020

AICPA postpones ENGAGE 2020 due to coronavirus pandemic

Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America.

March 19, 2020

PCAOB’s domestic inspections to continue remotely

The Public Company Accounting Oversight Board will continue its inspections of domestic audit firms on a remote basis in response to the coronavirus outbreak.

March 19, 2020

Coronavirus relief bill contains tax credits for employers

Here’s a look at the payroll tax credit provisions for employers in the coronavirus relief bill President Donald Trump signed on Wednesday.

March 19, 2020

Consumer confidence, spending are top coronavirus concerns

The sudden onset of the coronavirus is testing many companies’ financial stability and emergency preparedness. But financial executives tend to believe their businesses are positioned to weather the storm.