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The AICPA reiterated its recommendation that the SBA delay the end of the Paycheck Protection Program (PPP) application period by at least 60 days and also urged the SBA to make retroactive new rules issued this week changing the formula sole proprietors use to calculate their maximum loan amounts.
This podcast with transcript shares analysis of the latest IRS guidance on the employee retention credit and takes a look at CPA executives’ sentiment about the economy.
In a letter, the AICPA asked the IRS to postpone until June 15, 2021, all 2020 federal income tax and information returns and payments (e.g., extension and estimated payments) originally due April 15, 2021.
Sentiment has risen for three consecutive quarters in a quarterly survey of CPA executives in business and industry. Revenue and profit are projected to increase in the next year.
Paycheck Protection Program rules released by the SBA allow self-employed individuals who file a Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit.
An AICPA expert details some of the factors that could affect changes to filing dates.
The American Institute of CPAs, citing ongoing processing problems with the Paycheck Protection Program, called on Congress to extend the program’s application deadline past the current March 31 date. The AICPA is recommending an extension of at least 60 days.
The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.
Goodwill impairment has become an area of increased focus since the beginning of the coronavirus pandemic. Here’s what CPAs need to know about goodwill impairment at this challenging time.
Even in difficult economic times, it’s important to keep up the processes and controls that prevent fraud.
Internal controls need to be front and center, as the COVID-19 crisis has increased the incentive and opportunity for fraud.
This month’s column looks at tactics and technology that leaders can employ to manage staff working remotely.
Leading an online meeting involves managing the technology as well as the participants.
Pandemic relief, tax extenders, and much more were included in yearend legislation.
The pandemic has made it imperative for leaders to reduce anxiety levels while delivering inspiration to their teams, according to Damon Ward, CPA, CGMA.
Financial advisers can lead the way in an investment landscape upended by COVID-19.
These tips can help practitioners as they audit financial statements of clients affected by the coronavirus pandemic.
The $1.9 trillion economic relief bill passed by the House of Representatives includes $25 billion for restaurants as well as additional funding for EIDL advance payments and the PPP. The bill also includes $1,400 stimulus payments to individuals and extends unemployment insurance supplements.
The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.
The AICPA has written to Treasury and the IRS, calling for certainty about the April 15 tax filing and payment deadline and for underpayment and late-payment penalty relief during the COVID-19 pandemic.
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Keeping you informed and prepared amid the COVID-19 crisisWe’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.