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 coronavirus pandemic and other factors have resulted in shrinking valuations in the energy industry, according to experts at the AICPA/PDI Oil & Gas Online Conference.
Energy producers are focusing on balance sheet strength and free cash flow as they recover from a severe blow dealt by the coronavirus pandemic.
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.
This article discusses ways firm owners and leaders can start to develop a strategy for a work-from-anywhere reality that lasts.
The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
As the COVID-19 pandemic has changed the business environment, clients have turned to CPAs for help keeping their businesses afloat. CPAs serving restaurant, medical and real estate clients discuss how they’ve used client advisory services to help their clients stabilize and reposition their businesses.
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.
When it comes time to put on your year-end planning hat, will you be prepared to provide the best tax and financial planning advice to clients? Take this quiz to see if you’re ready to tackle year-end planning for 2020.
Use this trend as a springboard into discussing the impact of technology on accounting.
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.
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.
Most plan to keep their current real estate, but they are reimagining what that space could look like.
A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
This article outlines steps CPAs should consider when developing strategic audit plans for their own clients.
Maximize comfort and productivity with an optimized internet connection and a decluttered digital desktop.
For a limited time, taxpayers have flexibility for using net operating losses.
Taxpayers under financial duress caused by the pandemic can avoid penalties.