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November 25, 2020

AICPA urges SBA and OMB to reconsider PPP Loan Necessity Questionnaires

An AICPA letter suggests that the need for certain borrowers to complete a new form and provide extensive documentation supporting their request for relief funds be reconsidered and that other approaches be evaluated in assessing a borrower’s good faith certification.

November 25, 2020

Challenges, opportunities await energy sector after pandemic disruption

Energy producers are focusing on balance sheet strength and free cash flow as they recover from a severe blow dealt by the coronavirus pandemic.

November 18, 2020

Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires

The AICPA is among 80 organizations that have signed a pair of letters to SBA, Treasury and congressional leaders calling on the agencies to temporarily suspend use of the new Paycheck Protection Program Loan Necessity Questionnaires.

November 18, 2020

How to apply COSO’s ERM framework to compliance risk management

A new publication provides guidance on how to apply the Committee of Sponsoring Organizations of the Treadway Commission’s enterprise risk management framework to manage and mitigate compliance risks.

November 9, 2020

Managing perceptions as a public-sector accountant

This article discusses ways those in public-sector finance can handle public perceptions of spending on things like travel and overtime without compromising on the work they need to do.

November 6, 2020

SBA to require PPP loan necessity form from large borrowers

Businesses and not-for-profits that received $2 million or more in PPP loans must complete one of two new loan necessity questionnaires the SBA is sending to lenders for distribution to borrowers.

November 4, 2020

Companies rethink the office, but they’re not ready to say goodbye

Most plan to keep their current real estate, but they are reimagining what that space could look like.

November 1, 2020

Unclaimed property: What is it, and what are the risks?

CPAs must follow proper policies and procedures to avoid state audits and steep penalties caused by noncompliance with unclaimed property regulations.

October 30, 2020

Fed opens up Main Street loans to smaller businesses

The Federal Reserve board announced that it lowered the minimum loan size for three of its Main Street Lending Program facilities in an effort to make the program available to more and smaller businesses.

October 21, 2020

Pandemic resilience starts with compassion, accountants say

Panelists at an AICPA fall Council presentation on resilience explained how basic values can drive success during troubled times such as the coronavirus pandemic.

October 14, 2020

COVID-19 lessons for not-for-profits

When services are needed most and when revenue is likely dropping, not-for-profit leaders face big challenges. A finance leader at an NFP shares adaptation advice.

October 13, 2020

SBA settles confusion over PPP forgiveness application due date

Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms display an expiration date of “10/31/2020” in the upper-right corner.

October 13, 2020

Consolidated group NOL rules are finalized

The IRS finalized regulations governing the treatment of net operating losses by consolidated groups after recent legislation changed the rules.

October 12, 2020

How 2020 has changed corporate board work

The lessons corporate directors take away from the pandemic will be critical to company survival and success beyond 2020. This podcast episode contains insight on board members’ thinking.

October 12, 2020

Audit committee cybersecurity disclosures rising in proxy statements

Disclosures around oversight of cybersecurity risk by audit committees are increasing in public company proxy statements, according to a yearly analysis released by the Center for Audit Quality and Audit Analytics. But other disclosures have leveled off in recent years.

October 9, 2020

PPP forgiveness simplified for loans of $50,000 or less

PPP borrowers of $50,000 or less will have the opportunity to apply for forgiveness using a simplified application. Under the new process, these borrowers will be exempted from penalties for reduction of full-time employees or employees’ salary or wages.

October 7, 2020

SBA clarifies deferral period for PPP loan payments

The SBA released guidance clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral.

October 5, 2020