The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
The AICPA said Wednesday that it expects SBA and Treasury to open the Paycheck Protection Program’s application window to all lenders by Friday. The AICPA is also encouraging firms to advance the application process for small business clients seeking relief.
The $900 billion COVID-19 relief package passed Monday provides $284 billion for a revised Paycheck Protection Program (PPP) and clarifies that businesses can claim tax deductions for expenses paid for with forgiven PPP loans.
The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
Amid challenging circumstances, the AICPA’s tax policy and advocacy efforts provided successful results that benefited the accounting profession and taxpayers in 2020.
The AICPA's Eileen Sherr, CPA, CGMA, MT, discusses recent IRS guidance regarding the tax treatment of loans under the SBA’s Paycheck Protection Program.
In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.
The economic fallout from the coronavirus pandemic is posing new challenges to state professional licensing statutes. CPAs have a role to play in advocating for responsible licensing regulation.
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.
The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the Paycheck Protection Program can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.
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.
IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect blanket penalty relief in response to the COVID-19 pandemic, and he addressed other effects of the pandemic on the agency.
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.
The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
The National Association of State Boards of Accountancy’s board of directors approved changes to the Uniform Accountancy Act Model Rules that create a clear path for the CPA Evolution project.
Building on a commitment to diversity with efforts to promote inclusion can make a difference in the accounting profession, according to panelists at the AICPA’s fall Council.
An avalanche of new federal awards has left practitioners who perform single audits working under uncertain circumstances and awaiting regulators’ guidance. Here’s how practitioners can give themselves a chance to succeed under challenging conditions.
A report released by the Alliance for Responsible Professional Licensing examines successful mobility and reciprocity practices in state licensure that permit professionals to practice across state lines.
With the Oct. 15 corporate tax filing deadline looming and the global pandemic still affecting taxpayers and practitioners, several states have provided one-month filing relief for their corporate Oct. 15 deadlines.
Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.