IRS relieves penalties for 2019 and 2020
As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.
COVID-19
Bills extend statute of limitation for prosecuting PPP, EIDL fraud
President Joe Biden signed bills that give the government more time to catch and prosecute fraud related to two of the most popular COVID-19 small business relief programs.
Is it time to rethink your firm’s physical footprint?
The rise of remote work is an opportunity to evaluate where work gets done.
Accounting for employee retention credits
Companies that received financial assistance during the pandemic have questions about which standards to apply related to accounting for the ERC.
CPA Q&A: Parenthood in the pandemic and finance purpose statements
A CPA leader discusses his love of space leading to a job at Virgin Galactic, how finance purpose statements can be “a guiding light,” and advice for aspiring accountants in this podcast episode with transcript.
How accounting firms deal with hybrid working
Switching from remote to hybrid working brings with it challenges accounting firms have not had to deal with before. Here is how five firms are tackling these challenges.
Advice for building strong personal connections in a hybrid world
A CPA firm leader shares advice on collaboration and learning to be vulnerable and explains why accountants seeking board service shouldn’t focus on the role of treasurer.
The state of US not-for-profits: More demands, fewer resources
A new survey by BKD CPAs & Advisors finds that most US not-for-profits are adding new services to meet increased demand despite facing shortfalls in funding and staffing.
Not-for-profit audits in a remote world, plus IRS news
Learn how the abrupt shift to remote work affected not-for-profit audits and how they’re coping now, plus the latest news, in this podcast episode with transcript.
TIGTA: IRS beset by processing backlogs, hiring lags in 2021
A review by the Treasury Inspector General for Tax Administration assessed the IRS’s 2021 performance, customer service issues and administration of tax law changes.
SBA again extends deferment period for EIDL payments
Small businesses and not-for-profits that received funding through the COVID-19 Economic Injury Disaster Loan program won’t have to begin payments on the loan until 30 months after the loan was made, the US SBA announced.
How not-for-profits can emphasize their advantages in a tight labor market
Recruiting and retention are difficult in an environment where employees have lots of options. Not-for-profits can emphasize their mission and use many other strategies to stay fully staffed.
Audits of PRF for-profit funds, other issues discussed in GAQC resources
New tools offered by the AICPA Governmental Audit Quality Center discuss coronavirus relief fund audit requirements for for-profit health care entities as well as single audit tips for auditors and organizations subject to single audit requirements.
Steven Harris, CPA, CGMA
The hybrid working environment has improved productivity but requires leaders to focus more on building organizational culture and collaboration, according to Steven Harris, CPA, CGMA.
The legacy of the Paycheck Protection Program
Firms can build on the relationships with clients that were bolstered during the pandemic.
5 pandemic lessons and how to apply them to your career
The challenges of the pandemic may be an opportunity to add new career skills and habits.
PPP forgiveness too slow in some cases, inspection finds
A report by the Office of the Inspector General found that the US Small Business Administration did not meet the 90-day statutory requirement to remit Paycheck Protection Program forgiveness payments to lenders for loans totaling $66.4 billion.
PPP, ERC can lead to sustained business for CPA firms
Firms can turn the connections built doing work related to COVID-19 programs into long-term business opportunities.
SBA details process to appeal partial PPP loan forgiveness decisions
A recent notice from the US SBA outlines a new process for PPP borrowers to appeal partial loan forgiveness decisions made by their lender.
Tax treatment of COVID-19 homeowner relief payments clarified
Payments are excluded from gross income; a safe harbor is provided for itemized deductions.
