News & Tips

SBA streamlines forgiveness process for most PPP loans

The SBA issued new guidance intended to speed up and simplify the forgiveness process for Paycheck Protection Program loans of $150,000 or less, which represent 93% of the outstanding loans in the $800 billion program.

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COSO provides guidance on application of ERM to cloud computing

New guidance from the Committee of Sponsoring Organizations of the Treadway Commission (COSO), provides a detailed road map for incorporating cloud computing into an organization’s enterprise risk management.

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COBRA premium assistance credit clarified further

The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.

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COBRA premium assistance credit clarified further

The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.

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Shuttered Venue Operator Grant awards top $7.5 billion, SBA says

The SBA has awarded more than $7.5 billion in Shuttered Venue Operator Grants to about 10,000 live entertainment venues and other eligible entities.

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Why CPA firms need to know about restricted top-level web domains

New top-level web domains, such as .cpa, are one way for firms to modernize their digital front door. Here’s what you need to know about these new top-level domains (TLDs) and why you may want to consider using them.

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Ease staff’s fears about returning to the office

Firm leaders can address staff’s anxieties by discussing the rationale for returning to in-person work, communicating transparently about the safety measures they are taking, implementing employee feedback and, when possible, giving staff control over when they return.

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Learning from Black CPA career role models

A century after John W. Cromwell Jr. became the nation’s first Black CPA, Black role models continue to open doors in the profession.

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Single audit rules clarified for Provider Relief Fund recipients

Over the last several weeks, HHS has established in its PRF FAQs that the reporting in the PRF Reporting Portal will be based on when PRF payments were received.

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IRS launches 'Tax Pro Account' feature

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.

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IRS launches 'Tax Pro Account' feature

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.

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GASB revises proposed approach to financial statement notes

GASB issued a revised proposal that describes concepts that would guide the board when it establishes requirements for notes to financial statements for state and local governments.

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FASB alters accounting for certain leases with variable lease payments

FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.

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GASB proposal addresses a variety of governmental accounting issues

Various issues that have been identified as worthy of attention by the Governmental Accounting Standards Board are addressed in an omnibus proposed standard issued Monday.

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NFTs come with big valuation challenges

Nonfungible token sales have commanded eye-popping prices in the past year, leaving CPAs with many questions related to valuation of these digital assets.

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Restaurant Revitalization Fund recipients revealed

The US Small Business Administration has published a database of the more than 100,000 approved grants from the $28.6 billion Restaurant Revitalization Fund.

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SBA officially drops PPP Loan Necessity Questionnaire requirement

The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.

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Quality management proposal provides opportunity to consider risks

Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.

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Restaurant industry recovery aided by CPAs, 2 leaders with longtime ties

CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.

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Content for redesigned CPA Exam takes shape

The AICPA released a survey seeking feedback on the preliminary content proposed for the redesigned CPA Exam, which would be assessed in three sections that will comprise the Core of the Exam, plus material that would assess candidates’ knowledge in one of three Disciplines they choose under the new CPA Evolution licensure model.

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SBA officially closes Restaurant Revitalization Fund

The SBA announced the closure of the Restaurant Revitalization Fund with a final tally of how it awarded the program’s $28.6 billion in funding.

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Last of the 'Dirty Dozen': Schemes peddled by tax promoters

The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.

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Last of the 'Dirty Dozen': Schemes peddled by tax promoters

The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.

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Farm businesses receive guidance on tax treatment of losses

The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.

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Farm businesses receive guidance on tax treatment of losses

The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.

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Bank information can now be updated on child tax credit portal

The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.

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Bank information can now be updated on child tax credit portal

The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.

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Proposed bill to regulate tax preparers has AICPA support

A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.

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Proposed bill to regulate tax preparers has AICPA support

A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.

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More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys

The IRS warns of tax-related scams in a third of four installments.

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More 'Dirty Dozen': Fake charities, 'ghost' preparers, and other ploys

The IRS warns of tax-related scams in a third of four installments.

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ASB addresses agreed-upon procedures for asset-backed securities

The AICPA Auditing Standards Board issued a statement of position Wednesday on performing agreed-upon procedures related to third-party due diligence services on rated Exchange Act asset-backed securities.

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Next batch of 'Dirty Dozen' warns of personal info scams

In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.

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Next batch of 'Dirty Dozen' warns of personal info scams

In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.

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Supreme Court declines to take up remote worker taxation case

The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.

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Supreme Court declines to take up remote worker taxation case

The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.

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IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021

Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.

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IRS warns of pandemic-related tax scams in 'Dirty Dozen' for 2021

Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.

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Fighting fraud with business continuity planning

Preparation may be the best defense against fraud when disaster strikes.

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SBA may be dropping PPP Loan Necessity Questionnaire requirement

Indications are that businesses with Paycheck Protection Program loans of $2 million or more will not have to submit a Loan Necessity Questionnaire when applying for forgiveness of their loans.

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Tax consequences of nonfungible tokens (NFTs)

These new blockchain-created digital assets may be treated as intangibles for tax purposes, but a dearth of guidance leaves questions.

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FASB asks for feedback on standard-setting agenda

FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).

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Cultivate good online shopping habits

An AICPA survey shows two in five Americans struggle to stick to their monthly budget due to online shopping.

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Business travel resuming for many after pandemic-related cuts

More than one-third of finance leaders say their organizations are resuming customary business travel or plan to do so by the end of the year.

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ESG assurance: An emerging opportunity for CPAs

As momentum grows for environmental, social and governance disclosures, ESG assurance opportunities are expected to present themselves for CPAs, who currently are performing a small fraction of these engagements in the US.

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Child tax credit: New portal for opting out of advance payments

A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.

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Child tax credit: New portal for opting out of advance payments

A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.

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Professional services tax proposals discussed in multiple states

Proposed legislation in several places sought to tax accounting services but was opposed by the AICPA and others.

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CPAs and the historic Paycheck Protection Program

It’s a good time to reflect on the CPA profession’s role in making this historic business relief program a success and to consider what comes next, especially in four key areas.

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Coming together to advance Black CPAs

Leaders whose organizations focus on promoting the advancement of Black CPAs, both on their own and as a part of the Black CPA Centennial, offer insights on where the profession stands and where it needs to go.

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Supreme Court lets health care law stand

The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.

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Supreme Court lets health care law stand

The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.

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FASB proposes discount rate relief for nonpublic lessees

FASB proposed guidance that would permit nonpublic lessees to use a risk-free rate as the discount rate for leases by class of underlying asset rather than at the entitywide level.

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AICPA, NASBA launch CPA Evolution Model Curriculum

The AICPA and the National Association of State Boards of Accountancy (NASBA) have launched the CPA Evolution Model Curriculum (CPAEMC), a recommended blueprint for an accounting program designed to help educators prepare graduates for the changing demands of the CPA profession.

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Top tax cases practitioners should know

A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice.

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Top tax cases practitioners should know

A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice.

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Online sign-up now available for advance child tax credit payments

The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15.

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Online sign-up now available for advance child tax credit payments

The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15.

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AICPA, CAQ support SEC’s exploration of climate change disclosures

The AICPA and the Center for Audit Quality sent letters to the SEC supporting its exploration of disclosures related to climate change and environmental, social and governance issues.

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Delegation is the key to Sir Richard Branson’s success

Entrepreneur Sir Richard Branson, founder of Virgin Group, speaking at an exclusive online event prior to AICPA & CIMA ENGAGE 2021, gave listeners advice for hiring and managing the right people.

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Pandemic still complicates going concern disclosures

The businesses the COVID-19 pandemic has pushed to the brink of failure still face some unprecedented challenges regarding compliance with the going concern disclosure guidance.

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IRS posts ARPA credit FAQs

The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.

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IRS posts ARPA credit FAQs

The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.

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Regs. on postponing tax deadlines due to federally declared disasters

New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines.

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Regs. on postponing tax deadlines due to federally declared disasters

New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines.

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FinREC addresses EBP revenue recognition implementation

Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.

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What CPAs must do at the first financial planning meeting

Experienced CPA financial planners share best practices to help you establish yourself as a trusted adviser and ensure a successful and productive engagement.

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We’re Hiring!

Our top ranked firm is seeking a Senior Healthcare Accountant.

Job Description:
Position will prepare Medicare and Medicaid cost reports from start to finish under the training and supervision of a manager and partner. Special reimbursement projects will also be under the training and supervision of a partner.

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New standard addresses investments, specialist matters

A new standard issued by the AICPA Auditing Standards Board provides guidance on auditing the fair value of financial instruments, with a focus on the use of pricing services. The ASB also modernized its standards related to the use of specialists by management and auditors.

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Internal audit has pivotal role in ESG reporting

Reporting on environmental, social and governance information is becoming increasingly important. Internal audit’s independent advisory and assurance work can help organizations get it right.

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What is a global minimum tax and what will it mean?

Finance ministers for the G7 reached an agreement on Saturday supporting a global minimum tax rate of at least 15%. Here’s how it would work and what might happen next.

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Duhnke removed as PCAOB chair as transition to new board begins

PCAOB Chair William Duhnke III was removed from his position on the board as the SEC named Duane DesParte as acting chair. The SEC announced that it intends to seek candidates to fill all five positions on the PCAOB.

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SBA reports first 50 Shuttered Venue Operator Grants

The US Small Business Administration reported its first set of grants from the $16.25 billion Shuttered Venue Operator Grants program.

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Rising optimism outweighs concerns about labor shortages, inflation

U.S. finance decision-makers are mainly positive for the coming year for their businesses and the domestic economy, according to a quarterly survey.

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GASB publishes implementation guidance on various issues

Derivative instruments, fiduciary activities, leases and nonexchange transactions are among the accounting issues discussed in an implementation guide issued by GASB.

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GASB addresses accounting changes and error corrections

Accounting and financial reporting requirements that have been followed since the 1970s would change under guidance for accounting changes and error corrections proposed by the Governmental Accounting Standards Board.

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Use this formula to build trust with clients

Accountants can position themselves as more trustworthy by working through the classic “trust equation” developed by David Maister, Charles Green, and Robert Galford. Angie Grissom, owner of The Rainmaker Companies, illustrates how to do so.

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President’s budget contains many tax proposals

The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden Administration includes a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.

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President's budget contains many tax proposals

The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden Administration includes a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.

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Auditors may see increased demand for ESG attestation

Regulators and standard setters are promulgating new requirements for environmental, social and governance information, and that may lead many companies to call upon external auditors to examine their ESG disclosures.

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Draft employer’s payroll tax return incorporates ARPA changes

A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.

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Draft employer’s payroll tax return incorporates ARPA changes

A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.

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5 trends to watch during the pandemic recovery

Inflation fears, labor shortages and real estate issues all are top-of-mind as the US appears to be emerging from the COVID-19 pandemic. Former CNBC Chief Economist Marci Rossell provided AICPA Council members with advice Wednesday on what to expect in the weeks and months ahead.

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AICPA & CIMA issue new nonauthoritative guidance for auditing digital assets

AICPA & CIMA released additional nonauthoritative guidance addressing issues related to the auditing of digital assets such as bitcoin and ether. The material covers topics such as risk assessment; processes and controls; laws and regulations; and related parties.

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Accounting profession continues to zero in on DEI issues

After a year of heightened focus on diversity, equity and inclusion issues, leaders of the accounting profession are continuing in their commitment to make strides in this area. Accountability and transparency related to these issues will be pivotal in the coming years.

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Sorting out tax exempts’ UBTI painlessly

To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.

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Sorting out tax exempts’ UBTI painlessly

To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.

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Helpful feedback: Give it. Receive it. Encourage it.

Providing and receiving professional critiques can be challenging. Operating with empathy and authenticity can help.

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Advice for building trust when everything’s changing

Examples from finance professionals show how they’ve found a way to lead amidst major change.

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COBRA premium assistance credit under ARPA clarified

The IRS answered questions concerning COBRA continuation coverage premium assistance and the corresponding tax credit that employers, plan administrators, and insurers may claim under the American Rescue Plan Act.

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COBRA premium assistance credit under ARPA clarified

The IRS answered questions concerning COBRA continuation coverage premium assistance and the corresponding tax credit that employers, plan administrators, and insurers may claim under the American Rescue Plan Act.

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Restaurant Revitalization Fund to stop accepting applications Monday

Restaurants and other eating establishments have until Monday, May 24, at 8 p.m. ET to submit applications to the Restaurant Revitalization Fund (RRF), the SBA announced.

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Diverse faculty attracts diverse students

Professors can shape a student’s experiences, influencing whether students take a course or pursue a career because the person at the front of the classroom looks like them. The first Black CPA Ph.D.s have played an important role in attracting generations of future Black CPAs.

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How nonfilers can claim advance child tax credit payments

The IRS explained in a revenue procedure how individuals can claim advance child tax credit payments and stimulus payments if they are not required to file 2020 federal income tax returns.

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How nonfilers can claim advance child tax credit payments

The IRS explained in a revenue procedure how individuals can claim advance child tax credit payments and stimulus payments if they are not required to file 2020 federal income tax returns.

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How to ask for a raise when the pandemic nears its end

Picking the right time and being ready to communicate your value can help you get to “yes.”

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A new road map for risk assessment, audit work

Careful analysis and thought-provoking discussion contribute to high-quality risk assessment in auditing. A proposed new standard is designed to lead to improvement in this area.

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Supreme Court: Microcaptive reporting challenge may go forward

Reversing the Sixth Circuit, the Supreme Court held that an injunction sought against an IRS notice is not barred by the Anti-Injunction Act because it challenges a reporting requirement and not a tax.

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Supreme Court: Microcaptive reporting challenge may go forward

Reversing the Sixth Circuit, the Supreme Court held that an injunction sought against an IRS notice is not barred by the Anti-Injunction Act because it challenges a reporting requirement and not a tax.

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Taxpayers deserve pandemic penalty relief, AICPA says

In a letter to the IRS and Treasury, the AICPA recommended, in light of the ongoing COVID-19 pandemic, that the IRS implement fair, reasonable and practical penalty relief measures, including targeted relief from both the underpayment-of-estimated-tax penalty and the late-payment penalty for the 2020 tax year.

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Taxpayers deserve pandemic penalty relief, AICPA says

In a letter to the IRS and Treasury, the AICPA recommended, in light of the ongoing COVID-19 pandemic, that the IRS implement fair, reasonable and practical penalty relief measures, including targeted relief from both the underpayment-of-estimated-tax penalty and the late-payment penalty for the 2020 tax year.

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PCAOB proposal addresses international oversight challenges

The Public Company Accounting Oversight Board proposed a framework that would guide its actions when its oversight activities are stymied by authorities in other jurisdictions.

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Tips for lease accounting amid financial uncertainty

Many private companies and not-for-profits are adopting new lease accounting standards, and public companies that have adopted the guidance are applying it amid a pandemic-fueled surge in lease renegotiations.

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Restaurant Revitalization Fund faces huge funding shortfall

Restaurants and other hard-hit providers of on-site food and beverage have flooded the Restaurant Revitalization Fund (RRF) with $65 billion in grant requests, more than double the amount of money allocated to the program.

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6 key areas of paid tax preparer regulation highlighted in AICPA letter to Congress

The Biden administration says the IRS should be given the authority to regulate paid tax return preparers who are currently unregulated, and the AICPA offers its recommendations in six key areas.

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6 key areas of paid tax preparer regulation highlighted in AICPA letter to Congress

The Biden administration says the IRS should be given the authority to regulate paid tax return preparers who are currently unregulated, and the AICPA offers its recommendations in six key areas.

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IRS clarifies pandemic relief for dependent care assistance programs

Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.

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IRS clarifies pandemic relief for dependent care assistance programs

Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.

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SBA sending first $2 billion in Restaurant Revitalization Fund payments

A week after opening the Restaurant Revitalization Fund, the US Small Business Administration is sending out a first round of payments totaling $2 billion to more than 16,000 restaurants and other eligible food and beverage providers.

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2022 HSA, excepted-benefit HRA amounts increase slightly

Maximum health savings account annual contributions will increase by $50 to $3,650 for self-only and $100 to $7,300 for family coverage for 2022. Inflation adjustments in Rev. Proc. 2021-25 also increase maximum out-of-pocket expenses for high-deductible health plans.

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2022 HSA, excepted-benefit HRA amounts increase slightly

Maximum health savings account annual contributions will increase by $50 to $3,650 for self-only and $100 to $7,300 for family coverage for 2022. Inflation adjustments in Rev. Proc. 2021-25 also increase maximum out-of-pocket expenses for high-deductible health plans.

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Pandemic government relief: Details, allocations provided

Treasury on Monday provided details and allocations for state, local, territorial and tribal government pandemic relief totaling $350 billion that was established under the American Rescue Plan Act.

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3 ways to defeat imposter syndrome — and build executive presence

Feelings of “intellectual fraud” could affect an estimated 70% of the U.S. population. For finance leaders, adopting a questioning style and making a specific plan can help.

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AICPA seeks exemption for CPA firms from expected beneficial ownership registry

The AICPA is requesting that all licensed or registered CPA firms be exempted from forthcoming rules that require beneficial ownership information to be reported by small businesses to the Financial Crimes Enforcement Network (FinCEN).

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SBA unveils initial Restaurant Revitalization Fund results

The Restaurant Revitalization Fund received more than 186,000 applications from restaurants and other eligible businesses the first two days after its application window opened May 3.

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Single audit: Pandemic aid and major program determinations

As pandemic relief adds to funding that needs to be considered in a single audit, it’s important to remember that the rules in the Uniform Guidance still prevail.

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AI presents opportunities for cost optimization in manufacturing

Artificial intelligence and machine learning can drive more efficient operations and more effective growth for manufacturers. Here’s how the technology is being used to monitor for defects, schedule preventive maintenance and improve forecasting accuracy.

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FASB proposes hedge accounting changes

FASB issued a proposal that would expand the current single-layer hedging model and is intended to better align hedge accounting with an organization’s risk management strategy.

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SBA stops accepting new PPP applications from most lenders as general funds run out

The SBA has informed lenders that it is no longer accepting new applications from most lenders for the Paycheck Protection Program because the $292 billion program’s general fund is nearly exhausted.

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What auditors and audit committees need to know about SPACs

Interest in special-purpose acquisition companies is growing among investors and regulators. The Center for Audit Quality has considerations for auditors and audit committees to keep in mind regarding SPACs.

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4 reopening mistakes employers must avoid

As firm leaders prepare for a post-pandemic work world, they should take care to plot a path that steers clear of potential pitfalls — four of which are explored in this article.

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CPA Evolution Model Curriculum FAQs

Jan Taylor-Morris, academic in residence at the Association of International Certified Professional Accountants, representing AICPA & CIMA, gives answers to some of the most frequently asked questions about the CPA Evolution Model Curriculum launching this June.

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Tax returns are underrated financial planning tools

Tax time provides an excellent opportunity to create or update a financial strategy. By examining your tax returns, you can glean information that can help you build a financial plan.

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FASB clarifies accounting for certain call option modifications

FASB issued a standard that is intended to clarify an issuer’s accounting for certain modifications of freestanding equity-classified written call options that remain equity-classified after modification or exchange.

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Leading and managing amid disruptive demographics

Paying attention to demographic trends can help organizational leaders make wise, forward-looking decisions. Those who ignore these statistics risk being left behind.

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A new risk matrix for blockchain implementation

A new joint publication from AICPA & CIMA and ISACA provides a risk matrix that identifies risk in five key domains — governance, infrastructure, data, key management and smart contracts.

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Registration opens for Restaurant Revitalization Fund

Registration for the Restaurant Revitalization Fund (RRF) will begin at 9 a.m. ET on Friday, April 30, and the SBA will begin accepting applications on Monday, May 3, at noon ET.

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Resilience lessons for women accountants

Fortitude, mentoring and lifelong learning can help women navigate their careers in the accounting profession, according to three women leaders who shared their stories.

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Financial fears spike for young adults amid pandemic

More than half of Americans said their financial situation caused them stress during the pandemic, according to an AICPA survey. Younger Americans were particularly affected, with three-quarters of 18- to 24-year-olds reporting financial anxiety.

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2021 child tax credit, EITC, and premium tax credit limits updated

The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.

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2021 child tax credit, EITC, and premium tax credit limits updated

The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.

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How a church can prevent fraud without compromising its values

Religious organizations are vulnerable to fraud precisely because of the tenets of trust and forgiveness that define them, and the pandemic has led to increased risks. CPAs are in a position to advise churches on steps they can take to reduce fraud risk without compromising their principles.

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Shuttered Venue Operators Grant portal begins accepting applications

The Shuttered Venue Operators Grant (SVOG) program officially opened Monday, with venue operators reporting successful uploads of applications for funding from the $16.25 billion program.

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Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.

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Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.

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Can accounting firms mandate vaccines?

There are many legal and human resources considerations firms must weigh before crafting a vaccine policy for their staff.

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IRS extends e-signature authorization for 6 months

In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.

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IRS extends e-signature authorization for 6 months

In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.

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House passes bill protecting banking services for legal cannabis

The US House of Representatives passed a bill that would prevent federal prosecution of a depository institution providing banking services to a legitimate cannabis business. Protections also would be provided to provision of ancillary services that are expected to be interpreted to include CPA services.

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Restaurant Revitalization Fund details come into focus

The Restaurant Revitalization Fund aid program’s application portal will be tested in a seven-day pilot ahead of the application’s launch. The SBA revealed key details for the program, including funding calculations.

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Tips for for-profits applying NFP accounting rules for PPP funds

For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.

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SBA aims to reopen Shuttered Venue Operators Grant portal this week

The SBA has targeted the end of this week for reopening the application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program. Technical problems forced the SBA to close the portal for repairs only hours after it opened on April 8.

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Legislative threat to CPA licensure stalls in West Virginia

A bill that would have weakened requirements for occupational licensing stalled in West Virginia, but the work to maintain appropriate licensing standards is not finished for CPAs.

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How nonfungible tokens work and where they get their value

A cryptocurrency expert explains the basics of NFTs and the business and buzz behind them.

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EBP audits: Document so your steps can be retraced

Thorough documentation demonstrates the quality that a practitioner has delivered in any audit. Amid the coronavirus pandemic, documentation provides auditors an opportunity to show they are on top of the many changes that plans may have undergone.

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Quiz: More deduction limitations for business meals and entertainment

Test your knowledge of the rules for deductibility for business-related food and beverages and/or entertainment and how much, if any, of a given expenditure can be claimed as an ordinary and necessary expense of conducting a trade or business under Sec. 162.

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IRS extends penalty relief for pandemic payroll credits

The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.

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IRS extends penalty relief for pandemic payroll credits

The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.

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Breaking a barrier: The first Black partner of Big Eight firm

In 1971, 50 years after the first Black CPA received his license, Elmer J. Whiting Jr. became the first Black partner of one of the nation’s largest accounting firms. His achievement helped to influence and inspire his firm, his community and ambitious professionals following his footsteps.

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Offensive acronym leads to GASB's name change proposal

The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”

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IRS explains new treatment of excess premium tax credits

The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.

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IRS explains new treatment of excess premium tax credits

The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.

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EBP tax compliance testing tips

Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.

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ASB extends comment period for quality management ED

The AICPA Auditing Standards Board has extended the comment period through Aug. 31 for an exposure draft of three interrelated proposed standards that would change the way firms manage quality in their accounting and auditing practices.

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How hiring practices have shifted as a result of the pandemic

Companies should consider benefits and challenges of hiring workers outside their geographic area.

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AICPA recommendations on Q1 estimates and 2020 Form 709 extensions

The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.

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AICPA recommendations on Q1 estimates and 2020 Form 709 extensions

The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.

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Shuttered Venue Operators Grant program closes for repairs on its opening day

The SBA opened its new application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program, but shut it down for repairs due to “technical difficulties” that prevented the platform from accepting applications.

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IRS explains which meals qualify for temporary 100% expense deduction

The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.

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Bill to postpone estimated tax due date to be introduced in Congress

Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.

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PCAOB's 2021 inspections target pandemic concerns, predictability

The effects of the coronavirus pandemic on companies’ financial reporting will be a focus of the PCAOB’s inspections in 2021. The board also will strive to become less predictable in the audits and subject areas reviewed by inspectors.

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How to claim the employee retention credit for the first half of 2021

The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.

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GAO: Guidance for single audits should be more timely, responsive

A US Government Accountability Office report has concluded that yearly federal guidance provided to single audit practitioners should be more timely and more responsive to auditors’ input and needs.

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Members of Congress request estimated tax deadline postponement

A bipartisan group of 60 members of Congress wrote the IRS, urging that the deadline for first quarter 2021 federal estimated tax payments be postponed until May 17.

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IRS to automatically issue refunds on tax-free unemployment benefits

To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that, beginning in May and continuing into the summer, it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.

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IRS provides details on April 15 postponement

The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.

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PCAOB establishes new advisory group for standard setting

The Public Company Accounting Oversight Board has formed a new, 18-person advisory group that will provide insights for the board’s standard-setting activities.

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NOCLAR: Proposals aim to help CPAs find the right balance

It can be difficult for a CPA to decide how to proceed if they identify or suspect a client’s or employer’s noncompliance with laws or regulations. New proposals are designed to help CPAs fulfill their ethical responsibilities.

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Amounts paid for personal protective equipment qualify for medical deduction

The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.

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Biden signs PPP deadline extension into law

The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.

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PPP quiz: 5 frequently asked questions

Businesses and the CPAs who serve them have many questions about the administration and implementation of the Paycheck Protection Program. See if you can answer some of the questions most often asked of the AICPA’s PPP experts.

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Deadline for certain single audits delayed because of pandemic

The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.

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Number of US companies planning space reduction grows slightly

Questions asked as part of a quarterly economic sentiment survey show that more companies expect to cut back on office space in the coming year.

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SBA eyes early April to begin Restaurant Revitalization Fund rollout

The SBA is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund.

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SBA raises COVID-19 EIDL loan limit to $500,000

The SBA announced that starting the week of April 6 it will more than triple the maximum amount that small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program.

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Tax filing postponement doesn't go far enough, AICPA says

The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.

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Shuttered Venue Operators Grant program to open April 8

The SBA will begin accepting Shuttered Venue Operators Grant applications on April 8. Entities interested in applying can sign up for updates via a splash page for the new SVOG application portal.

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LinkedIn tips for accountants and finance professionals

Accountants should rethink their approach to virtual networking in a post-COVID-19 landscape.

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New PPP guidance implements changes from American Rescue Plan Act

The SBA issued an interim final rule incorporating revisions to the Paycheck Protection Program made by the American Rescue Plan Act. The new guidance also rules that entities that receive a Shuttered Venue Operators Grant cannot subsequently receive a PPP loan.

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Vacation and sick day accruals during the pandemic

Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.

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IRS postpones April 15 deadline

The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.

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Federal aid could hobble new state tax cuts and credits

The American Rescue Plan Act’s $350 billion in “fiscal recovery” aid to states comes with a big string attached — the states may not use the money to offset new tax credits or other revenue reductions.

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Cybersecurity requirements provide new opportunity for CPAs

CPAs can be engaged as third-party assessors of US defense contractors’ compliance with new cybersecurity requirements.

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House passes PPP deadline extension in 415-3 vote

The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional 30 days for processing applications received by May.

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AICPA asks for guidance on S corp. and partnership PPP loan forgiveness

In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.

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Climate change disclosure comments sought by SEC

The Securities and Exchange Commission is seeking public comment on its disclosure rules and guidance related to climate change disclosures.

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SBA defers EIDL payments until 2022

The SBA extended deferral periods for all disaster loans, including those made through the COVID-19 Economic Injury Disaster Loan (EIDL) program. With the deferral, small businesses that received a COVID-19 EIDL loan won’t have to make a first payment on the loan until next year.

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Opening doors for others: The first Black woman to become a CPA

In 1943, Mary T. Washington Wylie became the nation’s first Black woman to earn the CPA license. Her life illustrates the difference that one enterprising professional can make for many future generations.

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SBA targets early April for Shuttered Venue Operators Grant launch

The SBA expects to begin accepting Shuttered Venue Operators Grant applications early next month, an agency spokesperson confirmed. The SBA also released an updated pre-application checklist clarifying the requirements for applicants to submit audited financial statements and single audits.

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Wanted: More systems and analytics training for accounting students

College and university accounting departments should update their curricula to meet the demands of practice, an AICPA-NASBA gap analysis survey found.

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Buyer beware: Celebrity-endorsed SPACs

Investors shouldn’t base investing decisions on celebrity involvement in a special-purpose acquisition company, the SEC warned.

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American Rescue Plan Act passes with many tax components

The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.

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House gives final approval to $1.9 trillion pandemic aid bill

The bill contains numerous tax provisions, including a $1,400 rebate for individuals. It also extends federal unemployment benefits and provides funds for small businesses, COVID-19 vaccination and testing, K-12 schools and colleges and universities, and state and local governments.

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AICPA’s Simpson pushes for PPP deadline delay at congressional hearing

The AICPA’s vice president for Firm Services, Lisa Simpson, CPA, CGMA, told a congressional committee during a hearing that Congress should push back the application deadline for the Paycheck Protection Program by at least 60 days.

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PEEC addresses ‘Records Requests,’ limits on loaning staff to attest clients

The AICPA Professional Ethics Executive Committee issued an amendment that clarifies the responsibilities of AICPA members responding to client requests for client-provided records. PEEC also limited firms’ ability to loan staff to attest clients.

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AICPA takes case for PPP deadline delay to Congress

The AICPA sent a letter encouraging congressional leaders to push back the Paycheck Protection Program’s March 31 application deadline at least 60 days.

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SBA issues guidance but no start date for Shuttered Venue Operators Grant program

The SBA recently released fresh guidance for the Shuttered Venue Operators Grant (SVOG) program, but the agency still cannot say when the $15 billion program will start accepting applications.

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CPAs urged to be voice of calm in PPP storm

Rule changes, deadline pressures, and ongoing processing problems with the Paycheck Protection Program are causing high levels of frustration and anxiety among many small businesses. This creates an opportunity for CPAs to provide calm guidance for stressed clients.

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Senate passes amended $1.9 trillion COVID-19 stimulus bill

The Senate approved a $1.9 trillion pandemic economic relief bill on Saturday. The bill will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.

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AICPA calls on SBA to change 'unfair' PPP guidance, deadline

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.

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AICPA recommends Circular 230 changes

In response to a request for comments about planned revisions to Circular 230, Regulations Governing Practice Before the IRS, the AICPA sent a letter making recommendations to the director of the IRS’s Office of Professional Responsibility.

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FASAB reappoints Scott for second term as chair

The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.

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AICPA requests tax deadline postponements until June 15

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.

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New SEC enforcement task force to focus on climate, ESG compliance

The Securities and Exchange Commission announced that it is creating a new Climate and ESG Task Force to identify compliance problems related to environmental, social and governance issues.

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Economic confidence recovers to near pre-pandemic levels for finance leaders

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.

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PPP borrowers can use gross income, SBA rules

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.

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GASB proposes new guidance on compensated absences

Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.

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Will states be able to extend their tax filing seasons?

An AICPA expert details some of the factors that could affect changes to filing dates.

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AICPA urges Congress to extend PPP deadline

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.

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IRS issues employee retention credit guidance

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.

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Assessing goodwill impairment amid COVID-19

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.

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Quiz: Tax deduction limitations for business meals and entertainment

Here’s a chance to test your knowledge of the rules for deductibility for business-related food and beverages and/or entertainment and how much, if any, of a given expenditure can be claimed as an ordinary and necessary expense of conducting a trade or business under Sec. 162.

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House passes $1.9 trillion stimulus bill with a variety of small business relief

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.

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Tax provisions in the American Rescue Plan Act

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.

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Automation to drive big shifts in corporate reporting

A smarter and more automated operating model for corporate reporting is on the horizon, according to results of a new EY survey.

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New proposals would provide guidance on CPAs' NOCLAR duties

Complementary proposals by the AICPA Professional Ethics Executive Committee and the AICPA Auditing Standards Board would provide guidance for CPAs on their responsibilities related to noncompliance with laws and regulations.

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Alaska, Maine, and Oklahoma weigh CPA firm mobility bills

Alaska, Maine, and Oklahoma are the latest states to consider CPA firm mobility legislation, which allows CPA firms that meet certain licensing requirements to provide their services across state lines in order to serve clients without the need to obtain an additional license.

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SEC places new focus on climate-related disclosures

The SEC’s Division of Corporation Finance will place greater focus on climate-related disclosures in public company filings after a directive issued by SEC Acting Chair Allison Herren Lee.

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AICPA seeks certainty on filing deadline and relief for 2020 tax year

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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Value of licensure reaffirmed by new research report

As the pandemic continues, and licensing issues keep getting prioritized on legislative agendas, the AICPA is monitoring occupational licensing bills to ensure they do not harm the profession and the public.

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New PPP changes attempt to ease smallest businesses' access

The White House said it will allow only businesses with fewer than 20 employees to apply for PPP loans during a two-week period starting Wednesday. The administration also will change the PPP loan calculation formula to help sole proprietors, independent contractors and self-employed individuals receive more financial support.

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PPP processing delays continue

Anti-fraud screenings by the SBA are delaying the processing of Paycheck Protection Program loan applications, sometimes for weeks, AICPA executives said during an online Town Hall.

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IRS provides cafeteria plan relief for the pandemic

The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.

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Black CPA Centennial celebrates first Black CPA

John W. Cromwell Jr., the son of a former slave, overcame many obstacles in his life to earn his place in history as the nation’s first Black CPA in 1921. His story is an inspiration and lesson in tenacity for future generations of Black accountants.

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From the filings: Supply chain lessons from the pandemic

Industrial giants 3M, Arrow Electronics, and Caterpillar explain how they navigated disruptions.

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A road map for ESG disclosures and assurance

As interest grows in environmental, social and governance information, a new resource provides insights for auditors to assist their clients with ESG disclosures and assurance.

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Single audits: Deliver high quality in a challenging time

The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.

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SBA announces PPP process changes

The US Small Business Administration said that it is updating the Paycheck Protection Program’s processes and application platform to speed up the flow of funds to small businesses.

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FASB approves private company and NFP goodwill triggering event alternative

Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.

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Virtual accounting: How to succeed remotely

Founders of a fully virtual accounting firm share how accountants can succeed at working remotely now and after the pandemic is over.

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Senate shows bipartisan support for mobile workforce tax legislation

The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.

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5 steps for reliable ESG reporting amid growing demand

The demand for environmental, social, and governance reporting is increasing. CPAs have a critical role in meeting that demand, and companies can take action now to enable enhanced ESG reporting.

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Eligible educators may deduct personal protective equipment expenses

The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.

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New standards continue drive toward better audits

With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.

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New approach to quality management proposed by ASB

The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.

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AICPA raises PPP concerns with SBA

The AICPA sent a letter urging the US Small Business Administration to address problems small businesses are encountering when trying to apply for Paycheck Protection Program forgivable loans.

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Why it’s romantic to talk about money

Nearly three-quarters (73%) of US adults living with a spouse or partner said financial decisions have caused tension in their relationship, an AICPA survey found.

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IRS requires corrected information returns for certain SBA loans

The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.

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PPP advice for firms: Preach patience to clients

Accounting firms are juggling competing client demands thanks to tax season coinciding with the reopening of the Paycheck Protection Program. How can firms keep from dropping the ball? It starts with taking the time to do the job right.

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Maryland’s Tom Hood joins the Association of International Certified Professional Accountants

Tom Hood, the longtime CEO of the Maryland Association of CPAs (MACPA), has joined the leadership team of the Association of International Certified Professional Accountants as executive vice president of business growth and engagement.

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SBA issues FAQs for Shuttered Venue Operators Grants

New guidance from the US Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant program but does recommend actions potential applicants should be taking now while the SBA builds the application platform for the $15 billion COVID-19 relief initiative.

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Beware of identity theft scam involving unemployment benefits

The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.

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FASB simplifies revenue recognition for private company franchisors

FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.

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Employee retention credit changes leave practitioners with questions

The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.

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Identity theft a risk to consumers as online purchases increase

Amid a pandemic-related surge in online shopping, identity theft poses a more significant risk to consumers. Nearly 1 in 5 Americans experienced identity theft attempts, according to a new AICPA survey.

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Not-for-profit auditors face new challenges amid pandemic

Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.

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SBA announces steps to improve PPP review process

The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.

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6 tips for CPAs on newest round of PPP funding

A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.

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Partner capital account reporting gets transition penalty relief

Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the Internal Revenue Service outlined.

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IRS explains extended payroll tax due dates

The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.

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Updated PPP loan forgiveness applications and rules unveiled

The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.

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Some individual taxpayers get relief from underpayment penalty

The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.

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Taxpayers need clarity on coordination of ERC and PPP loans

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.

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PPP calculations guidance released

The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.

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Tax filing season to start Feb. 12, IRS announces

The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.

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Individual CPAs can apply for .cpa web domain Friday

Licensed CPAs can apply for individual .cpa domains beginning Jan. 15, the AICPA announced. Thousands of firms and approved organizations applied for the top-level domain during their application window, which was open from Sept. 1.

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Guidance issued for PPP first-draw loan increases, reapplications

New procedural guidance from the SBA outlines the processes Paycheck Protection Program borrowers and their lenders must follow to reapply for a first-draw PPP loan or request an increase to a loan approved by Aug. 8, 2020, which is when the first iteration of PPP stopped accepting applications.

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PPP application dates announced

Lenders with $1 billion or less in assets can start making Paycheck Protection Program loans on Friday, the U.S. Small Business Administration and Treasury announced. The application window will open for all lenders Jan. 19.

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AICPA encourages firms to aggressively advance PPP applications

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.

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Deterring and detecting fraud at a time of heightened risk

Fraud risks have increased as a result of the coronavirus pandemic. A new report by the Anti-Fraud Collaboration provides strategies for mitigating those risks.

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Final regs. govern deductibility of fines and penalties

The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.

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Final rules on exempt organization excess remuneration

The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.

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PEEC reviewing AICPA Code in response to new SEC independence rules

The AICPA Professional Ethics Executive Committee is evaluating whether the AICPA Code of Professional Conduct needs to be revised in light of new SEC rules related to auditor independence requirements.

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New AICPA TQAs address third-party assessment engagements

Technical Questions and Answers released by the AICPA describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party engagement.

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PPP application forms released

The new forms are Form 2483 for first-draw PPP loans and Form 2483-SD for second-draw PPP loans, which are available for previous PPP borrowers that need further assistance and meet eligibility requirements.

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Date set for limited PPP reopening

The US SBA and Treasury announced that community financial institutions that serve minority- and women-owned businesses exclusively will be able to make first-draw PPP loans starting Monday and second-draw PPP loans starting Wednesday.

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Carried interests regulations are finalized

The IRS finalized proposed regulations on certain carried interests to account for changes made by the Tax Cuts and Jobs Act (TCJA). The TCJA extended from one year to three years the holding period for making carried interests eligible for capital gain treatment.

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New PPP guidance issued by SBA, Treasury

The US SBA and Treasury released guidance for the revived and reconstituted Paycheck Protection Program. The guidance came in the form of two interim final rules, including one that details the guidelines for new PPP loans to businesses that previously received PPP funding.

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FASB clarifies scope of reference rate relief

FASB clarified which derivatives are eligible for optional expedients and exceptions under the new standard that provides accounting relief for reference rate reforms.

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Final regs. address certain Sec. 163(j) rules

The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.

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Guidance permits change in vehicle use valuation during pandemic

In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic.

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Final rules govern income inclusion and advance payments

The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act.

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PPP expense deductibility and forgiveness raises basis, other issues

The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.

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Simplified accounting rules for small businesses allow annual election

The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).

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AICPA tax policy and advocacy recommendations deliver results in 2020

Amid challenging circumstances, the AICPA’s tax policy and advocacy efforts provided successful results that benefited the accounting profession and taxpayers in 2020.

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Financial fraud risks to watch for amid the pandemic

CPAs need to be especially watchful for fraud amid the severe financial pressures associated with the coronavirus pandemic.

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Guidance for single audits provided in OMB compliance addendum

The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.

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Many tax provisions appear in year-end coronavirus relief bill

The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.

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2021 standard mileage rates decrease

The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.

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AICPA white paper tackles blockchain and SOC for Service Organization reports

The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.

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Circular 230 update planned for 2021

Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says.

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COVID-19 relief bill addresses key PPP issues

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.

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5 accounting considerations for divestitures and carveouts

Divestitures, spinoffs and carveouts are business strategies that may be pursued by more companies amid the economic fallout from the coronavirus pandemic. These tips can assist in the accounting for these moves.

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IRS regs. govern misdirected refund claims

The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the designated account.

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FASB proposes goodwill evaluation relief for some private companies, NFPs

FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.

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Forecasting and impairment tips for an unprecedented time

The economic slump resulting from the pandemic has increased the risk of asset write-downs and added to the pressure on auditors to scrutinize impairment models. Company boards also are paying more attention to forecasting and impairment.

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Executive compensation regulations finalized

The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments.

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New SEC rules require extraction companies to disclose payments

The SEC issued new rules requiring disclosure of payments to governments by certain resource extraction companies. Critics say the rules don’t go far enough.

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Quiz: Are you prepared to audit fraud risk during a pandemic?

With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.

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Temporary e-signature authorization for IRS forms extended

The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.

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FASB addresses revenue contracts with customers acquired in a business combination

FASB proposed a standard that is intended to drive consistency in accounting for revenue contracts with customers acquired in a business combination.

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FAQs on SOC 2 and SOC 3 engagements issued by AICPA staff

The AICPA staff has posted new FAQ guidance on issues related to System and Organization Controls 2 and 3 (SOC 2 and SOC 3) engagements.

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Some teleworkers could be hit with surprise tax bills

With many workers unaware of the implications when remote work crosses state lines, CPAs may face frustration and confusion in clients.

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US finance leaders wary as pandemic impacts continue

Optimism is higher than in the third quarter, but plenty of obstacles remain, according to the AICPA’s quarterly economic outlook.

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Final rules govern disallowed transportation fringe benefits

The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.

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Q&A: FASAB reaches milestone amid pandemic

After celebrating its 30th anniversary, the Federal Accounting Standards Advisory Board is continuing to move forward in its mission to deliver transparency in federal accounting, says board Chair George Scott, CPA, CGMA.

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What to know about holiday travel policies during COVID-19

Firms share the approaches they are using to keep employees safe, and HR experts advise firms to stay current with their state’s guidance, know their rights as employers and communicate policies clearly to staff.

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Tips for auditing in a COVID-19 environment

The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.

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Assessing audit risks during the pandemic

The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.

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New attestation standard clarifies work effort of review engagements

The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.

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Several tax provisions set to expire at end of 2020

Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.

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FASB to seek input on its standard-setting agenda

FASB will undergo a comprehensive project starting this month to determine its future standard-setting priorities, FASB Chair Richard Jones said at the AICPA Conference on Current SEC and PCAOB Developments.

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IRS finalizes qualified plan loan rollover rules

The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.

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New Form W-4 slow to gain traction with taxpayers

Only 26% of taxpayers have changed their withholding since Form W-4 was revised in 2019, an AICPA survey found.

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Why the best critical audit matter disclosures use entity-specific info

Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.

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PCAOB changes 2021 inspection focus areas as a result of COVID-19

PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.

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Internal control focus critical as a result of pandemic changes

The coronavirus pandemic has led to changes in operations that require increased attention to internal controls, Securities and Exchange Commission staff said at the AICPA Conference on Current SEC and PCAOB Developments.

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Emergence through fresh-start reporting

As an entity moves through the bankruptcy process, it must meet certain criteria to qualify, upon emergence, for fresh-start reporting under FASB ASC Topic 852, Reorganizations.

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Answering clients’ estate planning questions this December

This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.

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AICPA and trade associations ask Congress to fix PPP loan deductibility

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.

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Threats to licensing remain a concern for CPAs amid pandemic

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.

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Expenses used for PPP loan forgiveness: Deductible or not?

Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.

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Practitioners provide new transparency through critical audit matters

New PCAOB requirements for communicating critical audit matters give practitioners an opportunity to provide additional transparency to financial statement users. A Center for Audit Quality study shows how auditors are delivering this information.

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IP PINs to be available to all individuals in 2021

The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021.

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Auditing fraud risk during a pandemic

Fraud risk in the financial statements has been elevated amid the coronavirus pandemic. Here’s what practitioners need to know as they audit the risks of fraud during their engagements.

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Succession issues surge at accounting firms

According to the 2020 Succession Planning Survey, more than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016.

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New report highlights digital transformation during COVID-19 and beyond

Get some insights on how CPAs and finance professionals are using technology solutions to change their businesses in the era of COVID-19. A new report will guide a long-term, strategic approach to drive digital success, manage risk and streamline costs.

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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.

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Low demand leads to shrinking energy industry valuations

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.

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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.

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Like-kind exchange rules define real property, incidental personal property

The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.

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Final rules coordinate Sec. 245A and Sec. 951A

The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and disqualified payment rules, as well as reporting requirements to facilitate the rules.

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AICPA mobilizes members to push for deductibility of PPP-funded expenses

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.

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Centralized partnership audit regime changes proposed

The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.

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Final regs. govern computation of UBTI for separate businesses

The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.

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CPA Exam gets refresh after practice analysis

Understanding of business processes and data analytics will receive greater focus while other topics will be de-emphasized on the CPA Exam.

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IRS doubles down on nondeductibility of PPP-funded expenses

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.

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PCAOB amends independence requirements to align with SEC changes

The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.

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SEC amends guidance on MD&A, other disclosures

The SEC has voted to adopt amendments that are intended to modernize, simplify and enhance management’s discussion and analysis and other required financial disclosures.

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How CPAs help clients reinvent struggling businesses during COVID-19

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.

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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.

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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.

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FASB pursues impairment-triggering relief for certain private companies, NFPs

FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.

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IRS commissioner: Penalty relief will not be 'blanket'

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.

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New SEC rules enable electronic submissions

The Securities and Exchange Commission voted to permit the use of electronic signatures in authentication documents and to facilitate electronic service and filing in the commission’s administrative proceedings.

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GASB proposes new implementation guidance

The Governmental Accounting Standards Board proposed Q&A guidance on the implementation of its standards for state and local governments.

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It’s a tough year for year-end tax planning

Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.

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Quiz: Are you ready for year-end planning during a pandemic?

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.

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IRS will mask business tax transcript identifying information

The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it took two years ago for individual tax transcripts.

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Partnerships and S corps. can deduct state and local taxes

The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.

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Taxpayers allowed choice of bonus depreciation rules

The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.

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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.

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New lease accounting guidance proposed for federal entities

The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.

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FASB provides implementation relief for insurance companies

FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.

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ASB proposal addresses auditing of fair value estimates of financial instruments

A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.

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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.

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9 tips for successful auditing of revenue recognition

A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.

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IRS announces help with tax debt

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.

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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.

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Guidance on deferred employee payroll tax issued

The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.

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FASB issues minor codification changes

FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.

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FASAB proposal would clarify presentation requirement

A proposal issued by the Federal Accounting Standards Advisory Board would clarify how an advance should be presented in component entity financial statements.

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FASB proposes scope clarification for reference rate relief

Accounting relief from reference rate reform would be extended to a modification known as the “discounting transition” under a proposal issued by the Financial Accounting Standards Board.

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Companies seek ways to report diversity progress

Investors are looking for actions that back up statements about equity.

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FASB staff weighs in on debt modifications and restructurings

FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.

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Template for requesting penalty abatement available from AICPA

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.

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Cybersecurity provides opportunities for auditors to serve

Practitioners can provide services to clients related to cybersecurity beyond their financial statement auditing role, according to a newly published report from the Center for Audit Quality.

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2021 inflation adjustments and tax tables issued

The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.

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Inflation-adjusted income ranges for 2021 IRA and 401(k) plans

The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.

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FASB proposes clarifying forwards and options accounting

FASB would clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified forwards and options under a proposal issued Monday.

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Gauging risk assessment and response processes

How well do auditors perform in assessing and responding to risks of material misstatement? New research provides some answers.

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Draft instructions for partnership capital account reporting released

The IRS released draft instructions for Form 1065, U.S. Return of Partnership Income, to calculate partner capital accounts using the tax-basis method.

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Americans’ personal financial satisfaction sees record rebound

The AICPA’s Personal Financial Satisfaction Index (PFSi) rose 99% in the third quarter, setting a new record for quarterly growth. This finding underscores this year’s economic volatility, as last quarter the PFSi saw its largest-ever quarterly decline.

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UAA Model Rules updated to support evolution of CPA licensure

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.

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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.

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Diversity and inclusion: Tips for moving the needle

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.

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FASB proposes 3 targeted lease accounting changes

FASB proposed three targeted changes to its lease accounting guidance. The proposal is a response to feedback the board received during its post-implementation process for the lease accounting standard.

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Tips for single audits amid pandemic uncertainty

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.

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Unclaimed property distributions allowed as self-certified rollovers

The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.

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FBAR deadline extended to Oct. 31 after confusion

After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement Network has extended the deadline to Oct. 31.

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Inflation-adjusted limit for 2021 HRAs issued

The IRS issued the 2021 limit for excepted benefit health reimbursement arrangements using the Chained Consumer Price Index for All Urban Consumers inflation-adjustment method.

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SEC aims to reduce unnecessary auditor independence red flags

The SEC adopted amendments that are designed to reduce situations that trigger independence rule violations in situations that don’t necessarily impair an auditor’s objectivity or impartiality.

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Government reporting and the future: A Q&A with GASB Chairman Joel Black

With state and local governments facing serious pandemic-related concerns, the Governmental Accounting Standards Board is providing relief and resources while also working on its “big three” high-impact projects for the future. GASB Chairman Joel Black explains in this Q&A.

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Report supports established interstate mobility principles

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.

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FinCEN pulls announcement of extended FBAR deadline

Treasury’s Financial Crimes Enforcement Network briefly announced, but then rescinded, an extension of this year’s deadline to e-file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

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FASB clarifies callable debt securities accounting

FASB published a new standard that clarifies accounting requirements for callable debt securities.

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Costs and benefits: A Q&A with FASB Chair Richard Jones

The chair of the Financial Accounting Standards Board describes his vision for standard setting and his dedication to making sure the costs of new rules don’t exceed the benefits.

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2021 Social Security wage base announced

The Social Security Administration announced that the maximum amount of wages subject to the old age, survivors, and disability insurance tax will increase to $142,800 in 2021 from $137,700 in 2020.

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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.

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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.

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Several states provide one-month filing relief for corporate deadlines

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.

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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.

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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.

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Rules govern withholding on transfers of partnership interests and ECI

The IRS finalized proposed regulations on withholding from transfers of partnership interests to foreign persons and the definition of effectively connected income for those purposes.

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Fair value, stablecoins addressed in new AICPA guidance

Nonauthoritative set of 13 Q&As also touches on how investment companies and broker-dealers should account for digital assets.

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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.

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With Oct. 15 looming, some practitioners face daunting challenges

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.

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Nonfilers have until Nov. 21 to apply for economic impact payment

The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.

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PPP borrowers, lenders get change-in-ownership guidance from SBA

The US SBA issued a procedural notice designed to help PPP borrowers and their lenders understand their responsibilities when a borrower undergoes a change in ownership.

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Health coverage reporting deadline extended

The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.

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ABLE account final rules provide wide-ranging guidance

Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.

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IRS releases final rules on business meals and entertainment

The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, P.L. 115-97, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.

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Employers get guidance on income tax withholding from wages

The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.

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'Direct examination' engagement created by SSAE No. 21

Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard published by the AICPA Auditing Standards Board (ASB).

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Foreign tax credit allocation and apportionment rules finalized

The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.

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What COVID-19 has taught corporate boards

Boards were meeting more regularly, more virtually, and getting more into the details on topics previously addressed only at a high level.

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How auditors can enhance the reliability of non-GAAP reporting

Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.

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Small business accounting regulations and tax shelter implications

New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.

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Companies use full array of tools to navigate the pandemic

Companies have used various means to expand credit, conserve cash and reduce tax burdens to combat the devastation of the pandemic. Here are some of the tactics that large public companies have used.

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A data revolution, from hot dogs to fastballs

The director of accounting for the San Diego Padres explains how teams are adopting technology to improve the on-field product and the customer experience.

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Returns affected by e-filing outage will be timely if filed by Sept. 17

For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.

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Safety of employees, customers ranks as top pandemic-related concern

A survey of U.S. finance decision-makers sheds light on the precautions businesses are taking and how they plan to address future office space needs.

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SEC amends rules for whistleblowers, shareholder proposals

The SEC voted to amend rules that govern its whistleblower program and the amount a shareholder must hold to have a proposal included in a company’s proxy statement.

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PPP loan forgiveness: What CPAs should be doing now

The forgiveness aspect of the Paycheck Protection Program remains a source of uncertainty for CPAs. This collection of facts and frequently asked questions can help CPAs understand what to do amid the confusion.

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New FAQs address health care entity pandemic accounting

Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.

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Lenders will not file Form 1099-C for forgiven PPP loans

The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.

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Final regs. outline trust and estate expenses still deductible under TCJA

The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.

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New ESG reporting metrics released by World Economic Forum

Environmental, social and governance measures and disclosures released by the World Economic Forum are designed to make it easier for companies to benchmark their sustainable business performance.

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IRS issues more bonus depreciation rules

The IRS issued final bonus depreciation regulations and withdrew proposed regulations.

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AICPA ethics proposal would limit firms' loaning of staff to attest clients

CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.

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Final regs. govern CFC downward attribution

The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.

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FASB proposes expedient for private company franchisors

FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.

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Corporate governance in COVID-19: Cybersecurity and technology considerations

The coronavirus pandemic has resulted in a realignment of company strategies to enable success during these disruptive times. Some of these decisions — such as the sudden shift to remote work due to stay-at-home orders — have created additional risk corporate boards must consider.

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AICPA urges passage of 'PPP 2' legislation

The AICPA issued a news release renewing the organization’s call for the swift passage of legislation to extend and expand the Paycheck Protection Program (PPP).

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Treasury report on CECL standard is inconclusive

The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.

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FASB alters not-for-profit accounting rules for gifts-in-kind

Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.

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E-filing problems plague some Sept. 15 tax returns

Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.

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Premium tax credit unaffected by zeroing of personal exemptions

The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.

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Final regulations define 'qualifying relative'

The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.

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Final regs. govern eligible terminated S corporation rules

The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.

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IRS issues 2020–2021 per-diem rates

The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.

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Consistency sought in sustainability, corporate reporting through global effort

The IFRS called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.

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Returning to work: Prioritizing mental health

As employees are welcomed back to work or back to the office amid the coronavirus pandemic, the most successful employers will help them care for their mental, physical, and emotional well-being.

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SEC changes disclosure rules for banks

The SEC announced rule changes that will change the disclosures bank and savings and loan registrants are required to provide investors.

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Pandemic makes meeting Sept. 15 filing deadline difficult

Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.

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6 more IRS forms can be filed with e-signatures

The IRS added six more forms to the list of forms that can now be signed electronically to respond to the coronavirus pandemic.

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IRS issues guidance on COVID-19 testing

The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.

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Finance leaders search for opportunities as outbreak drags on

While some companies find pockets of success, overall sentiment is neutral regarding the next 12 months, according to a quarterly survey.

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Additional BEAT regs. finalized

The IRS issued final regulations on the base-erosion and anti-abuse tax, which was created by the Tax Cuts and Jobs Act to deter attempts to shift profits to foreign jurisdictions.

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COVID-19 decisions create data dilemma for businesses

The rush to set up and support remote working arrangements kept companies operating despite pandemic-related quarantines, but the swift shift to the cloud could mean that regulatory problems loom on the horizon. The first question that must be answered: Where is my data?

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Regulations coming on S corporations with accumulated E&P and GILTI

The IRS announced that it will issue regulations to allow S corporations with accumulated earnings and profits to elect to have global intangible low-taxed income inclusions increase the S corporation’s accumulated adjustments account.

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TQAs discuss nongovernmental health care entities’ pandemic-related issues

Technical Questions and Answers issued by the AICPA address nongovernmental health care entities’ accounting for governmental assistance related to the coronavirus pandemic.

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TQAs address lease accounting for retirement communities

Background and nonauthoritative guidance on lease accounting for continuing care retirement community Type A life care contracts is provided in Technical Questions and Answers (TQAs) published by the AICPA.

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How to get Black female leadership talent into the C-suite

Women, particularly Black women and other women of color, are a rare sight in executive leadership. A panel discussion at ENGAGE explores why and how to change it.

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A new internet domain for the CPA profession: .cpa

The AICPA and CPA.com are launching .cpa, a restricted Internet domain exclusively for licensed CPA firms and, beginning next year, individual CPAs. The new .cpa domain is designed to promote greater trust in firms’ online interactions with clients and the public.

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IRS temporarily allows e-signatures on some forms

The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.

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Blockchain not seen transforming accounting processes — yet

Blockchain is often misunderstood. For instance, there is not one blockchain but many. Similarly, there are many opinions about how blockchain will affect the practice of accounting. Participants in the our annual technology roundtable add their voices to the debate.

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Guidance issued on payroll tax deferral

The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.

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How lenders should account for forgivable PPP loans

The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the SBA, according to new Technical Question and Answer Guidance issued by the AICPA.

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Proposal aims to enhance auditors’ risk assessment process

A proposed standard by the AICPA Auditing Standards Board is designed to enhance auditors’ processes for identifying and responding to the risks of material misstatement in financial statements.

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Tools to help nonfilers receive economic impact payments

The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.

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SEC changes disclosure rules, redefines 'accredited investors'

The SEC voted to amend its rules for public company disclosures of the description of business, legal proceedings and risk factors. The commission also changed its definition of “accredited investor.”

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Records-request duties clarified in AICPA ethics proposal

AICPA members’ responsibilities when responding to client requests for client-provided records would be clarified under a proposal issued by the AICPA Professional Ethics Executive Committee that would amend the “Records Requests” interpretation in the AICPA Code of Professional Conduct.

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New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs

The SBA and Treasury published an interim final rule that provides clarity on Paycheck Protection Program loan forgiveness issues related to owner-employee compensation calculations and the eligibility of nonpayroll costs related to certain lease and property ownership scenarios.

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Final regs. address new dividends received deduction and reporting rules

The IRS finalized regulations and withdrew temporary regulations on the Sec. 245A dividend rules, as well as Sec. 954 and the reporting requirements for those new rules under Sec. 6038, which were all amended by the law known as the Tax Cuts and Jobs Act.

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IRS stops sending balance-due notices, corrects payroll tax penalties

The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.

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Video interview tips for forensic accountants and auditors

Social distancing rules designed to stunt the growth of the COVID-19 pandemic have made it impossible, or at least impractical, to conduct in-person interviews for forensic and auditing engagements.

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AICPA urges firms to schedule peer reviews as off-site deadline is extended

The AICPA Peer Review Board voted to continue permitting remote system reviews for CPA firms without prior approval of the administering entity for system reviews commencing before June 30, 2021.

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Promoting resilience helps firms and people in turbulent times

Amid the coronavirus pandemic and social upheaval, taking a fresh look at your practice and leading with emotional intelligence can lead to improvements in business results and employee welfare.

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Proposed regs. govern qualified plan loan rollovers

The IRS issued proposed regulations explaining the extended rollover period that applies to qualified plan loan offsets after the rules were amended by the law known as the Tax Cuts and Jobs Act.

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IRS begins accepting e-filing of amended individual tax returns

The IRS said it had launched its eagerly awaited program to accept Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically.

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Auditors show resilience during pandemic, CAQ’s Lindsay says

The effective response by public company auditors during the coronavirus pandemic has helped maintain the public’s faith in the capital markets, Center for Audit Quality Executive Director Julie Bell Lindsay said.

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IRS posts information about check processing backlog and incorrect notices

As the IRS works through its backlog of correspondence, it has posted information about checks it hasn’t cashed yet and notices that went out with incorrect dates.

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FASB addresses valuation of private company share-based awards

Private company share-based awards can be difficult to value because such shares often are not actively traded. FASB proposed guidance that is designed to make this valuation less costly and complex.

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AICPA requests guidance on payroll tax deferral

The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.

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New PPP guidance addresses health insurance, EIDL, other issues

Paycheck Protection Program issues related to health insurance, Economic Injury Disaster Loans and other matters were addressed in new guidance issued by the US Small Business Administration and Treasury.

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Pandemic-related FAQs for health care entities

Health care entities’ financial statement preparers and auditors can benefit from an FAQ document developed by the AICPA on issues related to the coronavirus pandemic.

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AICPA encourages COVID-19 tax relief and issues new auditing standards

Recent AICPA advocacy efforts have included requesting tax relief related to the coronavirus pandemic and issuing auditing standards related to audit evidence and auditing accounting estimates.

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Final regs. issued on payments to charitable organizations

The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.

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Executive order delays workers’ payroll tax payments

President Donald Trump issued an executive order to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.

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FASB simplifies accounting for convertible instruments, contracts in own equity

FASB issued a new standard that is intended to simplify accounting for convertible instruments and contracts in an entity’s own equity.

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New FAQs address PPP loan forgiveness issues

The SBA and Treasury published guidance answering 23 frequently asked questions related to the forgiveness of loans issued under the Paycheck Protection Program.

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TIGTA critiques IRS’s protection of taxpayer data

The IRS continues to have challenges protecting taxpayer data, and especially ensuring that its various applications provide complete and accurate audit trails, according to the Treasury Inspector General for Tax Administration (TIGTA).

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AICPA continues to ask Congress to include PPP deductibility in upcoming legislation

In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.

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Evaluating blockchain and internal control through a COSO lens

Although blockchain technology creates new risks, organizations also can use it to improve risk management and create better controls.

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Proposed rules govern carried interests

The Irs issued proposed regulations under Sec. 1061, enacted by the law known as the Tax Cuts and Jobs Act, which requires owners of certain partnership interests to hold them for three years to be eligible for capital gain treatment.

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Simplified accounting rules issued for small businesses

The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.

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New CPA licensure model embraces core, deeper knowledge

A new approach to CPA licensure that’s under development is designed to emphasize the core skills that matter most to CPAs while encouraging deeper exploration of a candidate’s passion. Laurie Tish, CPA, chair of the board of NASBA, explains what’s next in the CPA Evolution initiative.

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PPP and pandemic-related tips for not-for-profits

Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can help resolve issues related to the PPP, accounting and other topics.

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IRS to allow faxing of automatic method change requests

The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.

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IRS issues business interest expense limitation guidance

The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.

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Remove roadblocks to CAS practice growth

Securing more buy-in for the CAS practice at the partner level and ensuring it is properly funded and staffed can help it take off.

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Government financial reporting model would change under GASB proposal

The Governmental Accounting Standards Board has proposed changes to the state and local government financial reporting model.

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Guidance on recapture of excess employment tax credits

The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.

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CPA licensure model transformation will proceed after NASBA board vote

The transformation of the CPA licensure model will continue after the National Association of State Boards of Accountancy’s board of directors voted unanimously on efforts to design and implement a new approach to CPA licensure.

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Why Zoom meetings really do leave you exhausted

Videoconferencing fatigue is just one of several types of technostress that have been plaguing workers since personal computers hit it big. The problem has grown worse due to the COVID-19 lockdowns, but Marc Staut of Boomer Consulting offers some remedies.

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PPP forgiveness: No need to rush, and other tips

Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.

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What women need to rise in the accounting profession

Women are more likely to succeed if they have role models, are able to find sponsors, and receive opportunities for training and high-profile assignments. Panelists at ENGAGE 2020 also discussed how barriers to advancement are intensified for women of color.

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Provider Relief Funds included in audit determination, HHS says

Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced.

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Underemployment spurs record drop in financial satisfaction

The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings.

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Answers to 4 common accounting and auditing questions

New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.

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How CPA financial planners can succeed with alternative fee models

Financial planners who use hourly billing, subscription fees and other alternatives to the AUM billing model shared their experiences at the ENGAGE conference.

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GILTI rules address income subject to high foreign tax rate

The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.

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AICPA urges Congress to act on PPP issues, other topics in pandemic legislation

In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.

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Three Lines Model for risk management gets major update

The Institute of Internal Auditors issued a major update to the Three Lines of Defense model that has been popular in risk management and governance processes for years.

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New AICPA tool automates PPP loan forgiveness process

Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.

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Fed expands Main Street Lending Program to more not-for-profits

The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.

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IRS updates annual Dirty Dozen tax schemes for 2020

The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”

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The 10 elements of financial statements, according to FASB

The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.

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IRS reinstates PTIN user fees

The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.

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Show clients empathy in uncertain times

Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.

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AICPA issues nonauthoritative guidance on auditing digital assets

Accounting firms should consider many factors when considering whether to accept auditing engagements that involve digital assets such as cryptoassets. Nonauthoritative guidance published by the AICPA helps firms evaluate whether such engagements are worth the risks.

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Partnership form being redesigned for 2021

The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.

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Advice for firms thinking about reopening

Firms planning to reopen their offices in the near future share what steps they’re taking first, and offer advice for other organizations that have made the difficult decision to return to in-person work.

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Pandemic issues for government financial statement preparers and auditors

The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.

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Remote work after the pandemic

The COVID-19 pandemic forced many businesses to rapidly ramp up their reliance on remote work, and many employees will continue to work from home even after offices reopen. Jim Boomer, CPA/CITP, and Jessica Battaglia share advice for crafting a long-term remote work strategy.

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A product pivot and PPP success in the early days of the pandemic

A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.

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SBA closes EIDL Advance program after granting $20 billion

The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.

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Accounting estimates and disclosures addressed in new auditing standard

New guidance issued by the AICPA Auditing Standards Board provides practitioners with guidance on one of their most difficult tasks — auditing accounting estimates and related disclosures.

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FDII and GILTI regulations finalized

The IRS issued final regs. on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions enacted by the TCJA.

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How to report coronavirus paid sick leave and family leave to employees

The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.

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FASB proposes delay of insurance standard effective date

FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.

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New audit evidence standard recognizes evolving nature of business

The AICPA Auditing Standards Board issued a new standard that recognizes the evolving nature of business, including use of technology.

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2020 depreciation limits for cars and trucks are issued

The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.

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EIDL pandemic assistance facts for CPAs

Economic Injury Disaster Loans can provide small businesses with low-interest pandemic assistance over a 30-year term. To help their businesses and clients, CPAs need to understand the key terms that these loans provide.

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Strategies for CPAs to encourage positive changes in diversity

A surge in passion on issues of racial justice, diversity and inclusion has led to opportunities for CPAs to lead meaningful change. Members of the AICPA National Commission on Diversity and Inclusion share best practices for CPAs who are eager to support change.

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Be the kind of boss employees want to work for

Managers can improve retention by finding the right way to motivate their employees, said ENGAGE 2020 speaker Liz Mason, CPA, the CEO and founder of High Rock Accounting. Choosing the right communication style and making employees feel supported are two more ways for managers to up their game, Mason said.

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A 6-point security checkup for working from everywhere

Quarantines prompted by the coronavirus pandemic have forced many organizations to deploy and configure technology to support 100% remote work and/or a mix of working remotely on certain days.

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SBA, Treasury release names of some PPP recipients

The SBA and Treasury published a trove of loan-level data about the Paycheck Protection Program. The release includes the names of all PPP recipients that received loans for $150,000 or more.

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Consolidated groups get NOL guidance

The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.

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GASB issues pandemic-related accounting guidance

GASB issued a technical bulletin to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the pandemic.

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The art of the client email

Here are nine tips from CPAs on how to get their emails noticed in clients’ inboxes and how to communicate more effectively and efficiently.

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Trump signs 5-week PPP extension

President Donald Trump signed a bill Saturday re-opening the application window for Paycheck Protection Program loans until Aug. 8. The five-week extension is intended to keep assistance available to struggling small businesses while Congress works on a new, more targeted program.

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Auditors can play key role in ESG information assurance

Public company auditors can play an important role in enhancing the reliability of company disclosures on environmental, social and governance information, according to a new Center for Audit Quality report.

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GASB delves into financial statement elements, revenue and expense models

GASB issued a proposed concepts statement on recognition of financial statement elements and a request for comment on preliminary views on revenue and expense recognition model proposals.

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AICPA tax comment letters include pandemic-related advocacy

The AICPA Tax Policy and Advocacy team produced six tax-related comment letters in June with a goal of assisting accounting professionals and taxpayers.

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PPP lender accounting issues addressed by new TQAs

New Technical Questions and Answers issued by the AICPA discuss accounting issues lenders have encountered related to the Paycheck Protection Program.

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IRS will not postpone July 15 deadline

The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.

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PPP: Client forgiveness services Q&As for CPAs

Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.

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How COVID-19 taught new ways to work

Changes once considered radical have become the norm in the accounting profession. Firm leaders share their lessons learned.

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New PPP guidance addresses maturity dates, loan amounts

Updated guidance issued by the Treasury Department and the U.S. SBA addresses PPP loan maturity dates for all borrowers as well as maximum loan amounts for certain self-employed individuals.

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How to handle the 2020 PTO backlog

With few employees taking extended time off this summer due to the coronavirus pandemic, firms will inevitably face scheduling challenges as the year ends.

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Handling nondisclosure compilations amid the pandemic

Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.

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Quiz: Are you ready to audit these areas of heightened risk?

The coronavirus pandemic has increased risk in certain areas of the audit for clients with 2020 year ends. Take this quiz to see if you are ready to audit these areas.

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Strategies for addressing pandemic-related audit risks

Audit risk assessments and sampling procedures may need to change as a result of the coronavirus pandemic, according to Lynford Graham, CPA, Ph.D.

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PPP recipients can apply early for loan forgiveness, SBA says

New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.

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Rollover relief for required minimum distributions

The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.

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GASB addresses component units, deferred compensation plans

GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.

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Your peer review has been extended — now what?

CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.

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FASB Q&As address application of taxonomy to pandemic disclosures

FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.

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Proposed regs. explain disallowed transportation fringe benefits

The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.

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SBA, Treasury to publish names of some PPP loan recipients

The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.

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SBA launches tool to match underserved borrowers with PPP lenders

The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.

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Heading off Paycheck Protection Program fraud

Accountants can play a role in making sure the money set aside to help small business goes to the right places.

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Lease accounting effective date deferred for federal entities

Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.

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Guidance on how to take CARES Act distributions from qualified plans

The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.

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17 strategic questions to answer before reopening

Firms must consider strategic as well as practical issues as they reopen. These questions can help you think through some of these issues and point you toward ways to preserve positive changes made during the lockdowns.

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New PPP loan forgiveness applications released

The U.S. Small Business Administration and Treasury released a revised loan forgiveness application for the Paycheck Protection Program that reflects recent changes made by Congress to make the program more borrower-friendly.

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Pandemic considerations for EBP financial statements

The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.

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How to deliver the news of furloughs and layoffs

Transparency and sensitivity are important when managers have to tell employees about job cuts, and these tips can help prepare you for that communication.

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15 questions firm leaders should ask before returning to the office

Reopening your physical office is not a decision to take lightly. Here’s an overview of the many issues firm leaders need to consider when developing a plan to reopen.

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Steps to take to prepare for a recession

Establishing an emergency fund is the tactic that CPA financial planners most recommend Americans take to help prepare for a downturn.

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Fed expands program to help large employers

The Federal Reserve will begin buying individual corporate bonds on the secondary market in a move designed to make more credit available for large employers.

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Preparing for future health needs

As trusted advisers in their clients’ lives, CPAs can play an important role in long-term health planning.

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Why accountants should embrace 'More with Less'

Hard trends accelerated by the COVID-19 pandemic means that the mantra “More with Less” should become a rallying cry for the accounting profession. What does More with Less mean?

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CFOs’ top 5 lessons for handling coronavirus crisis

Three experienced finance leaders share what they have learned and what they are doing to deal with turmoil and uncertainty.

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Q&A: Advocating for justice, diversity, and inclusion

Amid tense and uncertain times, two leaders of the National Association of Black Accountants describe their emotions and a sense of hope that they can produce positive change in the accounting profession and their communities.

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PPP provides a lifeline, but more may be needed

With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.

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Leave-based donation program available during pandemic

The IRS announced that employers may make donations this year to charitable organizations that provide relief to COVID-19 pandemic victims in exchange for personal leave that their employees forgo.

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GASB proposes accounting guidance for CARES Act aid

GASB issued a proposed technical bulletin that would help state and local governments account for funds they received from programs included in the CARES Act pandemic relief legislation.

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Take care of your staff’s mental health during COVID-19

Isolation, boredom, uncertainty, stress, and anxiety can all take a toll on staff’s mental health during the pandemic. Try these tactics to support staff and boost their spirits during difficult times.

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FASB addresses insurance, convertible instruments, gifts-in-kind

FASB proposed delaying the effective date of its new long-duration insurance contracts standard. The board also voted to approve standards on improving convertible instruments and contracts in an entity’s own equity and not-for-profit accounting for gifts-in-kind.

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AICPA issues guidance on accounting for forgivable PPP loans

Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.

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Together, we can make a difference: A 12-step plan to address racism and unconscious bias

Increased resources and focus will be needed to address the consequences of systemic racism and unconscious bias, writes Kimberly Ellison-Taylor, CPA, CGMA, a former AICPA chairman who is executive director, Finance Thought Leadership for Oracle.

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Rules proposed for direct primary care arrangements, health care sharing ministries

The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.

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Fed expands Main Street Lending Program to more businesses

The Federal Reserve Board announced revisions to the Main Street Lending Program that make it possible for more small and midsize businesses to receive financial support.

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AICPA recommends changes to e-signature requirements

In a letter to the IRS, the AICPA asked the IRS to permanently amend its electronic signature procedures to make it easier for taxpayers and practitioners to e-file all types of returns.

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Partial PPP loan forgiveness remains if 60% threshold not met

Paycheck Protection Program loan recipients can receive partial loan forgiveness even if they don’t spend at least 60% of their PPP funds on payroll, Treasury and the US Small Business Administration said.

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GASB addresses subscription-based technology arrangements

GASB issued a standard that specifically addresses accounting and financial reporting for subscription-based technology arrangements used by state and local governments.

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4 key COVID-19 audit risks for 2020 year ends

The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, legal compliance, and accounting estimates. Here’s how auditors can address these risks.

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Qualified opportunity zone rules are relaxed

In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.

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Falling demand, safety concerns fuel finance leaders’ pessimism

Optimism reigned for years in a quarterly survey of finance decision-makers, but the COVID-19 pandemic changed everything.

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PPP forgiveness changes coming as Senate passes House bill

The Senate passed a House bill that gives small businesses and other entities that received loans from the Paycheck Protection Program 16 additional weeks to spend the funds and qualify for full forgiveness of the loans.

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IRS permits remote signatures for plan loan consents

In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.

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FASB issues limited revenue recognition, lease accounting delays

FASB issued an option to delay implementation of the board’s revenue recognition and lease accounting standards for certain entities that have not yet applied the standards.

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How the CARES Act has affected business valuation

Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.

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Protecting seniors from COVID-19 fraud

CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.

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House passes bill that would relax PPP forgiveness requirements

The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.

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E-filing of Form 1040-X coming this summer

The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.

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$10 billion from PPP pledged to lenders to underserved communities

Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.

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Social Security fraud boosted by COVID-19 fears

CPAs can spread the word on the newest version of a longtime fraud ploy.

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Final regs. address reporting by tax-exempt organizations

The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.

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UAA Model Rule changes proposed in support of CPA Evolution

The Uniform Accountancy Act Model Rules would be changed to support CPA Evolution under an exposure draft issued by the National Association of State Boards of Accountancy.

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When planning for a natural disaster, don’t forget about your finances

Margaret Poster, CPA, shares advice for making sure your finances are in shape in the event of a disaster.

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COSO provides new guidance on risk appetite

The Committee of Sponsoring Organizations of the Treadway Commission has published new guidance on risk appetite and its critical links with strategy and decision-making.

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Premium tax credit unaffected by personal exemption decrease to zero

The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.

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PPP forgiveness guidance issued as Congress mulls changes

The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.

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IAASB addresses pandemic issues in audit practice alert

The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.

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What to do with your stimulus check

Many Americans will receive stimulus money to help them weather the pandemic, but what they do with that money will depend on whether they need it right away or can afford to set some aside. CPA financial planners offer advice on how to make the best use of stimulus funds.

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SEC amends disclosure rules for acquisitions and disposals

The SEC voted to amend its rules and forms for disclosing financial information about acquired or disposed businesses.

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AICPA Council supports advancement of new CPA licensure model

The AICPA governing Council voted to support advancement of a new CPA licensure model that is designed to maintain the credential’s relevance long into the future.

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HSA contribution limits increase for 2021

The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.

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FASB votes to delay revenue recognition effective date for private companies

The FASB voted to delay the effective date of its revenue recognition standard for nonpublic entities that have not yet issued their financial statements. Challenges related to the coronavirus pandemic led to the delay.

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Essential documents clients must update during COVID-19

Now, more than ever, it’s important to ensure clients’ wills, health care powers of attorney, and other estate planning documents are current.

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IRS mobilizing 3,500 phone operators to answer stimulus questions

With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.

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Tips for audit committees during the pandemic

Strong oversight from audit committees can help companies stay on the right track as they work to survive and thrive through the coronavirus pandemic. These tips can help audit committees serve effectively.

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SBA releases PPP forgiveness form but AICPA urges more detail

An application form and instructions released by the US Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness.

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Quiz: Are you ready to audit during the pandemic?

Take this quiz to find out if you’re prepared to navigate issues such as remote audit procedures and going concern evaluations amid the pandemic.

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SBA allows increased PPP loans to partnerships, extends safe harbor to May 18

The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.

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What CPAs should consider before deferring ASB reporting standards

The AICPA Auditing Standards Board delayed the effective dates of seven new standards as a result of the coronavirus pandemic. Here’s what auditors need to know about the standards and their delay.

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Final regs. clarify when interest in corporation is stock vs. debt

The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt.

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SBA provides safe harbor for PPP loans under $2 million

The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.

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Proposed rules govern deductions and reporting for restitution

The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.

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A tale of the PPP tape: Why relationship building matters

The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.

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IRS allows midyear changes to health coverage, dependent care elections

In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.

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AICPA, small business advocates call for clarity in PPP rules

The AICPA joined with other organizations that advocate for small businesses to urge the US Small Business Administration to provide clarity related to Paycheck Protection Program funds.

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Options for clients with student loans during the pandemic

Here’s a rundown of the relief the CARES Act offers for student loan borrowers, who is eligible for it and what clients can do if they’re not covered by the CARES Act or if they’ve become unemployed or had their hours reduced.

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Be wary of charity requests in wake of COVID-19

Accountants can remind clients of bad actors who pop up in times of crisis.

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Coronavirus concerns for ESOPs and ESOP auditors

Employee stock ownership plans, their sponsors, and auditors all face new challenges and risks related to the coronavirus pandemic.

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Taxpayers must act soon for direct deposit of stimulus payments

The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.

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Pandemic-related CPE exceptions granted to auditors under GAGAS

Auditors performing engagements under government auditing standards were granted relief from certain CPE requirements by the US Government Accountability Office as a result of the coronavirus pandemic.

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GASB delays effective dates of recent pronouncements

GASB is giving state and local governments extra time to implement much of its recently issued guidance as a result of the coronavirus pandemic.

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How to have hard client conversations during a crisis

A four-step approach can help CPAs facilitate the difficult, often emotional conversations needed to help their clients find their way to calmer waters.

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Trusts and estates are permitted certain deductions

The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions.

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As cash worries persist, companies ponder cuts, investments

Revenue declines are chief on the minds of finance professionals in an April survey. More than half of finance professionals expect business operations to return to normal in the fourth quarter or later.

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Overcoming site visit limitations in the pandemic

The coronavirus pandemic has made site visits challenging for many auditors. Remote auditing techniques can help practitioners perform high-quality engagements during this difficult time.

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6-month delay granted for peer reviews

The AICPA Peer Review Board voted to grant automatic six-month extensions for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year.

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AICPA proposes broad range of tax relief to aid economic recovery

The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.

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SBA extends safe harbor for returning PPP funds

The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.

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Effective dates extended for 3 AICPA ethics interpretations

As a result of the coronavirus pandemic, the AICPA Professional Ethics Executive Committee voted to extend by one year the effective dates of AICPA ethics interpretations on information systems services, state and local government client affiliates and leases.

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AICPA supports bill that would make PPP-funded expenses deductible

A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.

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Materiality concepts clarified for federal entities

A new accounting standard for federal government entities is designed to define the concept of materiality more precisely.

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SEC temporarily expands access to crowdfunding

Responding to the coronavirus pandemic, the SEC said it has temporarily amended rules to provide established smaller companies with opportunities to meet their urgent funding needs through Regulation Crowdfunding.

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EIDL loan portal reopens for agricultural businesses only

The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.

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SBA issues PPP guidance on laid-off employees who refuse to be rehired

Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.

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AICPA challenging nondeductibility of PPP-related expenses

The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.

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AICPA urges release of PPP loan forgiveness guidance

The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.

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ASB formally issues deferral of effective dates

The AICPA Auditing Standards board formally extended the effective dates Friday of seven new auditing standards because of concerns related to the coronavirus pandemic.

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PLR and other requests for IRS guidance can now be sent electronically

The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.

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AICPA tackles many issues in coronavirus advocacy

As the coronavirus pandemic became a public health menace and damaged the economy, the AICPA took the lead in advocating for relief on behalf of the accounting profession and the public.

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CARES Act QIP change requires action

Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.

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SBA to accept PPP loans only from smallest lenders for 8 hours today

From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.

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AICPA makes PPP loan forgiveness recommendations

The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).

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SBA, Treasury ban use of RPA to submit PPP loans

Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.

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AICPA recommends federal loans backed by accounts receivable

The AICPA, citing a continuing need for short-term liquidity in the marketplace, recommended the creation of a federally backed lending facility that would provide loans to small businesses that pledge their future receivables.

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FASB staff Q&As address hedge accounting amid the pandemic

FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.

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SBA addresses how to calculate PPP loans, other issues

Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.

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SBA warns that larger companies may not qualify for PPP loans

New U.S. Small Business Administration guidance reminds larger companies of their responsibility to certify their eligibility for Paycheck Protection Program loans if they apply or have applied.

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AICPA addresses CPA firm-lender issues related to PPP

The AICPA made recommendations for the CPA firm-lender relationship for firms seeking to assist their clients with the Paycheck Protection Program.

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Auditors displaying dedication during pandemic, CAQ’s Lindsay says

Auditors are well prepared to work remotely, are supporting their staffs and community, and face an environment with heightened fraud risks, according to CAQ Executive Director Julie Bell Lindsay.

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House approves additional funding for Paycheck Protection Program

The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.

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Prop. regs. would govern silo rules for exempt organizations

The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.

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Financial satisfaction takes biggest dive since Great Recession

Economic woes brought on by the coronavirus pandemic triggered the steepest quarterly decline in Americans’ personal financial satisfaction since the recession that began in 2008.

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Tips for navigating CPA challenges related to PPP

The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.

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Perceptions about analytics-aided audit quality

Audit firms are increasingly performing audits using data and analytics tools and techniques and have invested substantial resources in recent years into new technologies. However, auditors have expressed concerns about how external reviewers will scrutinize these approaches.

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Effective dates of 3 AICPA ethics interpretations may be delayed

The AICPA Professional Ethics Division staff is proposing a one-year delay in ethics interpretations on “Information Systems Services,” “State and Local Government Client Affiliates” and “Leases.”

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Relief for tax residency impacts of COVID-19 travel disruptions

Individuals and businesses can avoid having their prolonged stay in a country affect their tax residence if their cross-border travel was disrupted by the COVID-19 pandemic, under limited relief the IRS announced in two revenue procedures and FAQs.

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Senate approves $370 billion in additional small business funding

The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.

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Guidance sought on employee retention credit

In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.

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FASB’s relief proposal includes lease accounting delay for private companies

FASB proposed pandemic relief actions that included a one-year delay in its lease accounting standard for private companies and most not-for-profits.

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Deadline looms for nonfilers to register for child stimulus payments

Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.

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IRS explains how to file returns to receive economic impact payments

The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.

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The indirect impacts of COVID-19 on CPA firms

When money is lost, those who are damaged will seek recourse from wherever they can find it, and CPAs can be high on that list of targets.

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ASB delays effective dates of SASs No. 134–140

A vote by the AICPA Auditing Standards Board delayed by one year the effective dates of seven private company auditing standards. Among other things, the standards are generally related to the AICPA’s new auditor reporting rules.

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GASB issues guidance on accounting for P3s and APAs

GASB issued guidance that is intended to improve state and local governments’ accounting for public-private and public-public partnership arrangements as well as availability payment arrangements.

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IRS posts FAQs on paid sick and family leave

The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.

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Veterans Affairs recipients to receive automatic economic impact payments

Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.

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How to take retroactive 100% bonus depreciation on QIP

The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).

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How the COVID-19 crisis is leading to lasting change

The COVID-19 crisis has caused pain, loss and overwhelming gloom. It also is leading to lasting change in the workplace, which may be fundamentally different in many ways after the crisis ends.

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PCAOB seeks feedback on critical audit matters requirement

The PCAOB is requesting input to inform its analysis of its new critical audit matters requirements.

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SBA stops accepting PPP applications after funding runs out

The U.S. Small Business Administration stopped accepting applications for the Paycheck Protection Program after exhausting the initial $349 billion in funding provided by Congress to fund forgivable loans to small businesses impacted by the COVID-19 pandemic.

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SSI recipients to receive stimulus payments; dependent payments require extra step

The IRS announce that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.

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Pandemic alters lease accounting landscape

The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease accounting standard as well as an environment in which lease concessions may lead to new accounting considerations.

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GASB proposes postponing effective dates due to pandemic

GASB issued a proposal that would postpone by one year the effective dates of most GASB statements and implementation guides due to be implemented for fiscal years 2019 and later.

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PTIN fee will be lower when it is reinstated

The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.

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IRS launches website for tracking stimulus payments

The IRS announced the launch of its “Get My Payment” website, which is designed to permit people who filed tax returns to enter their direct deposit information and check the status of their $1,200 stimulus payment.

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SBA publishes new PPP guidance for the self-employed and general partners

The US Small Business Administration issued guidance for independent contractors, sole proprietors and others with self-employment income to apply for forgivable loans under the $349 billion Paycheck Protection Program.

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Tips for auditing with changed controls during the pandemic

Because business volume and activities have changed significantly for many clients, auditors face new challenges related to auditing with changes in internal control. Here’s how practitioners can adjust to the changes and deliver a high-quality audit.

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Key facts about the Fed’s $2.3 trillion loan initiative

CPAs should pay careful attention to the new $600 billion Main Street Lending Program for small and midsize businesses and a couple of tweaks that might encourage more banks to participate in the $349 billion Paycheck Protection Program.

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Business interest expense election guidance for farming, real estate

Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.

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CPA Exam testing center closings extended through May 1

Testing centers for the CPA Exam in the United States and Canada will remain closed through May 1, exam provider Prometric announced.

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IRS launches tool for nonfilers to receive stimulus payments

The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low.

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FASB issues Q&As to clarify pandemic lease accounting issues

FASB posted a Q&A document to clarify questions about lease accounting that have arisen during the coronavirus pandemic.

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Guidance on NOL carryback and tentative carryback adjustments

The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.

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IRS grants broad coronavirus-related tax relief

The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.

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5 steps for advising clients during COVID-19 crisis

With the COVID-19 pandemic causing unprecedented economic turmoil, small businesses need financial guidance and expertise more than ever before. CPAs and firms can provide that assistance by following a five-step process.

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Partnerships can file amended returns to get CARES Act benefits

To allow those partnerships to take advantage of the beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security Act, the IRS is allowing partnerships to file amended returns for 2018 or 2019.

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SEC updates staff guidance on shareholder meetings

Responding to travel, mailing and other issues caused by the COVID-19 pandemic, the SEC has published updated staff guidance on shareholder meetings for companies and other issuers of public stock.

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FASB staff clarifies lease modifications, other pandemic accounting issues

Accounting challenges related to the coronavirus pandemic have resulted in numerous questions for FASB from financial statement preparers and practitioners. Shayne Kuhaneck, FASB’s acting technical director, answered some of these questions during the board’s meeting.

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FASB effective date delay proposals to include private company lease accounting

The delays would apply to the effective date of its revenue recognition standard for nonpublic franchisors and the effective dates of its lease accounting standard for private companies and public and private not-for-profits.

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AICPA issues audit and accounting guidance FAQs on COVID-19

The AICPA has published a new report providing nonauthoritative guidance on frequently asked accounting and auditing questions related to the coronavirus pandemic.

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ASB completes alignment of GAAS with new auditor reporting standards

With the release of Statement on Auditing Standards No. 140, the AICPA Auditing Standards Board has completed its yearlong effort to conform generally accepted auditing standards with the provisions of its new auditor reporting standards.

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Regulators urge lenders to work constructively with borrowers

Federal regulators encouraged financial institutions to work constructively with borrowers affected by the coronavirus pandemic. The statement also provided additional information regarding loan modifications.

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AICPA posts 20 FAQs on tax filing relief

The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.

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4 ways to reduce anxiety and social isolation

The COVID-19 pandemic is putting people worldwide under rarely seen levels of stress. What can you do to cope? Learn about a four-pronged approach that might bring some relief.

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AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program

The Treasury and the SBA released 18 FAQs to help facilitate funding of small businesses under the PPP. The AICPA applauds the additional clarity, which aligns with many of the recommendations recently made by the AICPA and an AICPA-led coalition.

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ASB to consider one-year deferral of effective dates

The AICPA Auditing Standards Board will consider on April 20 on whether to defer for one year the effective dates of Statements on Auditing Standards No. 134 through 140. The deferral is being considered to give firms relief amid the coronavirus pandemic.

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Keeping clients informed during the COVID-19 crisis

Five CPA firms of different sizes outline their plans for staying in touch with clients during the pandemic and ensuring they get the vital information they need.

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CPAs providing billable advisory services to small business may not want to be an agent

The AICPA issued a statement clarifying that the Coronavirus Aid, Relief, and Economic Security (CARES) Act prohibits CPAs and accounting firms from collecting fees from small business clients they help apply for Paycheck Protection Program (PPP) loans.

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AICPA-led coalition supports gross pay approach as calculation standard for PPP loans

An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program pandemic relief loans.

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CPAs support business owners during COVID-19 crisis

Accountants weigh in on what their business-owner clients are going through and how they’re providing a reassuring voice and pragmatic advice during a challenging time.

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Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says

Companies that elect to defer or suspend FASB rules for credit losses or troubled debt restructurings in accordance with the CARES Act will not be found in violation of GAAP.

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SBA issues details for Paycheck Protection Program loans

The US Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including a doubling of the loans’ interest rate from 0.5% to 1%.

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Going concern tips for auditors during the pandemic

The going concern basis of accounting is likely to be used more frequently as a result of the coronavirus pandemic. Here is what auditors need to know as they fulfill their duties related to going concern.

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Social Security recipients will automatically receive stimulus payments

The IRS announced that Social Security and Railroad Retirement benefit recipients will not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act.

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Creating webinars to answer client questions

The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staff or other stakeholders.

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GASB provides guidance for LIBOR transition

GASB issued a standard that is designed to assist state and local governments in the transition away from existing interbank offered rates (IBORs) to other reference rates.

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FASB to discuss effective date deferral requests in response to pandemic

Deferral requests for significant accounting standards that are not yet effective will be among the topics FASB will discuss related to the coronavirus pandemic at its April 8 board meeting.

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Employer tax credits form, employee retention credit guidance posted

The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.

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Addressing pandemic-related audit challenges

Auditors face many new challenges as they work through the coronavirus pandemic. The AICPA Center for Plain English Accounting has posted new guidance on handling those challenges.

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AICPA advocates on Wayfair burden, virtual currency taxation

The AICPA voiced small businesses’ concerns with the fallout from the Wayfair decision and discussed taxation of virtual currency in separate events on March 3.

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IRS waives failure-to-deposit penalties during pandemic

The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.

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Enterprise risk management: More critical than ever

The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever.

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Applications for small business Paycheck Protection Program open April 3

Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying Friday, April 3.

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CPA Exam moves to 'continuous testing' model

The National Association of State Boards of Accountancy announced a new model that will enhance candidates’ options for taking the CPA Exam beginning July 1.

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Recovery rebate payments to be issued within 3 weeks

The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.

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Coronavirus fraud reporting resources

Have you seen potential scams or fraud related to the COVID-19 pandemic? Here’s how to report possible crimes.

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Gift and GST returns added to postponed tax and filing deadlines

The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.

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Coronavirus paid sick leave and family leave guidance issued

The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.

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Optional delay provided in regulatory capital transition to credit losses standard

Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.

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CPA Exam emergency testing period invoked

An emergency testing period for the CPA Exam is being invoked as a result of the coronavirus pandemic. The 2020 second-quarter testing window is being extended from June 10 to June 30.

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AICPA requests broader relief for taxpayers

In a letter to Treasury and the IRS, the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.

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CARES Act would delay compliance with FASB credit loss standard

The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.

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GASB considers postponing effective dates

GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.

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How auditors can test inventory without a site visit

Inventory counts for March 31 year-end financial statements are a challenge for auditors during the coronavirus outbreak. But there are a few methods that can provide sufficient appropriate evidence of inventory even when the auditor can’t make a site visit.

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IRS announces more operational changes related to coronavirus

The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.

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News quiz: Coronavirus dominates the cycle

The news has been coming fast and furious in the past few weeks. The JofA has reported daily about the coronavirus pandemic and its effect on the accounting profession.

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CARES Act tax provisions aim to stabilize pandemic-ravaged economy

The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.

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SEC extends pandemic-related relief

The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.

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IRS posts FAQs about coronavirus-related filing and payment extensions

The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.

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IRS alters certain operations in effort to protect employees, taxpayers during outbreak

To protect taxpayers and its employees, the IRS is scaling back its operations during the coronavirus pandemic to focus on mission-critical activities. Here’s a look at what services are being affected.

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PCAOB provides firms opportunity for inspection relief

A relief period of up to 45 days from PCAOB inspections will be available to audit firms that request relief. Firms that wish to use all or part of the 45-day period can reach out to their designated PCAOB inspections point of contact.

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Practitioners seek further clarity on tax filing, payment delay

Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.

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Regulators clear way for certain loan modifications amid pandemic

A move by regulators to ease certain restrictions for borrowers in good standing will facilitate loan modifications linked to the coronavirus pandemic. But borrowers will need to act fast to secure relief while still in good standing with their lenders, which has been defined as being less than 30 days past due on contractual payments at the time a modification is implemented.

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AICPA-led coalition calls for small business funding

An AICPA-led coalition is urging quick government action to avert layoffs and allow small businesses affected by the coronavirus pandemic to continue paying workers. A key step is a federal payroll funding account that small business payroll processors could use to get money directly to employees.

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IRS provides guidance for April 15 filing delay

The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.

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Coronavirus and financial reporting: Report addresses key issues

The coronavirus presents substantial challenges to financial statement preparers and the CPA firms that serve them related to subsequent events, accounting estimates and many other topics.

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Final regulations address covered assets acquisition rules

The IRS issued final regulations that govern covered asset acquisitions, which are used to increase foreign tax credits.

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Tax filing deadline moving to July 15, Treasury secretary announces

Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.

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How small businesses can apply for SBA disaster loans

Businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.

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Switch to virtual client meetings amid coronavirus fears

CPAs who run virtual firms share their top tips for educating clients about online meetings and holding successful virtual meetings.

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AICPA postpones ENGAGE 2020 due to coronavirus pandemic

Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America.

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PCAOB’s domestic inspections to continue remotely

The Public Company Accounting Oversight Board will continue its inspections of domestic audit firms on a remote basis in response to the coronavirus outbreak.

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Coronavirus relief bill contains tax credits for employers

Here’s a look at the payroll tax credit provisions for employers in the coronavirus relief bill President Donald Trump signed on Wednesday.

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Consumer confidence, spending are top coronavirus concerns

The sudden onset of the coronavirus is testing many companies’ financial stability and emergency preparedness. But financial executives tend to believe their businesses are positioned to weather the storm.

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AICPA expresses strong concern over lack of filing relief in coronavirus tax notice

The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines.

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Prometric closes CPA Exam test centers for 30 days

Prometric’s CPA Exam test centers are closing for 30 days in the US and Canada to protect the health of test takers and staff during the coronavirus outbreak.

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In focus: Map of coronavirus cases in the U.S.

The COVID-19 outbreak that began in China has now spread globally. Here’s a view of reported cases in the U.S.

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Treasury secretary announces 90-day delay in tax payment deadline

Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.

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How the coronavirus may affect financial reporting and auditing

The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.

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What to do if staff can’t make it to the office

As the coronavirus pandemic leads to staff scattering, here is expert advice on what firms can do to make remote working work.

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Final regs. raise offer-in-compromise user fee

The IRS issued final regulations raising the offer-in-compromise user fee from $186 to $205, a 10% increase instead of the increase to $300 included in proposed regulations.

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FASB provides accounting relief for LIBOR transition

Accounting for the transition away from the London Interbank Offered Rate and similar rates should be less complex as a result of a standard issued by FASB.

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SEC exempts certain companies from ICFR attestation requirement

The SEC issued amendments that exempt smaller reporting companies with less than $100 million in revenue from the requirement to obtain attestation of their internal control over financial reporting from an outside auditor.

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High-deductible health plans can cover coronavirus testing, treatment

To facilitate the nation’s response to COVID-19, the IRS issued guidance permitting high-deductible health plans to cover costs for testing and treating the virus without satisfying a deductible requirement.

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Calming clients’ fears during the coronavirus outbreak

How can CPAs deal with client anxieties during a time of uncertainty? The best steps include preparing them for unexpected events before they happen and acknowledging their concerns.

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AU-C 800 series amended to conform with auditor reporting standard

The AICPA Auditing Standards Board issued new guidance that is intended to align the AU-C 800 series with the board’s new standard on auditor reporting.

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FASB makes narrow changes to financial instruments guidance

FASB issued narrow changes to its guidance for financial instruments accounting, including the credit losses standard issued in 2016.

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GASB addresses certain component unit criteria, deferred compensation plans

A proposal issued by GASB addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans.

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35 questions for coronavirus planning

Business leaders should be proactive in putting emergency plans in place in response to the spread of coronavirus. Here’s a checklist for organizations related to employees, customers, and vendors.

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Coronavirus looms over positive economic outlook

Projections for the next 12 months are generally positive, but concerns about the effect of the virus diminished that enthusiasm, according to a quarterly survey.

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Conditional coronavirus relief provided by SEC

The SEC said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.

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Emotional impact of elder abuse outweighs the financial toll

Fraud and financial abuse harm clients psychologically more than they do financially, according to the AICPA Personal Financial Planning Trends Survey.

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How firms can advance women in the workplace

Firms are taking proactive steps to attract, retain, and advance women. And firms that use modified work arrangements (MWAs) and formal advancement programs to achieve those goals report that the benefits are clear.

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What companies are disclosing about coronavirus risks

The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.

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FAF appoints Auchincloss to serve as executive director

The Financial Accounting Foundation selected John Auchincloss, who had been serving as acting president following Terri Polley’s departure, for the foundation’s executive director post.

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Supreme Court overturns consolidated group tax refund allocation rule

The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.

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Accounting profession leaders call for action against climate change

Accounting body leaders from across the globe issued a call for action urging accounting professionals to put the fight against climate change at the forefront of their work.

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Proposed regs. issued on meal and entertainment expense deductions

The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.

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GASB proposes criteria for financial statement disclosures

GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.

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FASAB clarifies loss allowance for intragovernmental receivables

A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.

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News quiz: What the IRS proposes on withholding

Recent news included the IRS’s latest proposed rules on withholding and results of a survey on professional licensing. See how much you know about the news (or catch up) with this short quiz.

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AICPA requests clarity on Sec. 465 reporting relief

The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.

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No need to report some transactions in video game currency, IRS says

Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.

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Quiz: Auditor independence and FASB’s revenue recognition standard

Take this quiz to find out what kind of guidance auditors can provide without compromising their independence.

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FASB to propose private company expedient for share-based payment accounting

Accounting for employee share-based compensation could become less complex for private companies after FASB endorsed the decision by the Private Company Council to propose a practical expedient for nonpublic entities.

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IRS proposes rules to update income tax withholding, revises Form W-4

The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.

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ARSC further converges SSARSs with international standards and aligns closer with GAAS

The AICPA’s Accounting and Review Services Committee issued a new Statement on Standards for Accounting and Review Services (SSARS) that further converges the standards for reviews of financial statements in AICPA Professional Standards with international standards for such engagements.

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FASB proposes changes to not-for-profits’ reporting of gifts-in-kind

The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.

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Agreement provides mobility for CPAs, South African accountants

Credentials for U.S. CPAs and South African chartered accountants have a path to be recognized in their respective countries under a new cross-border mutual recognition agreement.

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New threats to CPA licensing posed in 2020 legislative year

Legislative challenges to professional licensing standards are a threat to CPAs and other professionals. But a new survey indicates strong public support for licensing standards.

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New GASB standard addresses lease accounting, OPEB, other issues

Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.

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Final rules determine maximum vehicle values

The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.

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Electronic filing mandated for Sec. 501(c)(3) applications

The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.

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SEC proposes simplifying disclosure requirements

The SEC voted to propose amendments that would simplify disclosure requirements and issued guidance on key performance indicators and metrics in MD&A.

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6 tips for not-for-profit board members to improve volunteer retention

Board members can help retain volunteers by making sure they are onboarded effectively, recognized and given a chance to advance.

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ASB issues guidance on Global Investment Performance Standards

The AICPA Auditing Standards Board has issued guidance for practitioners performing verification or performance examination engagements pursuant to the Global Investment Performance Standards.

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Why audit firm leaders need to practice what they preach

Audit quality is improved when firm leaders personally model the exemplary behaviors that they say they value, according to a new study backed by the AICPA Assurance Research Advisory Group.

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News quiz: Taxes that didn’t make it into the new year

See how much you know about recent news (or catch up on some of the latest) with this short quiz.

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Americans’ financial satisfaction at all-time high

Americans’ financial satisfaction hit an all-time high in the fourth quarter of 2019. Stock market gains coupled with declines in underemployment and loan delinquencies helped lift the index to new heights.

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How firms are delivering value with audit data analytics

Here’s how auditors can prepare themselves for this work, and what they need to explain to audit committees as they incorporate analytics into engagements.

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Women’s initiatives: How the pilot programs worked

Three women CPAs explain how a pilot program that aimed for diversity and inclusion helped transform their midsize accounting firms.

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FASB clarifies interaction between standards

FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.

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More taxpayers qualify for student loan COD relief

The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.

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BlackRock CEO declares ‘fundamental reshaping of finance’

Powerful institutional investor BlackRock will hold companies accountable for their disclosures of sustainability risks and for the policies that underpin them, Chairman and CEO Larry Fink wrote in an open letter to CEOs.

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Confronting tariffs: Trade war tips for CPAs

U.S. businesses can use a number of strategies to soften the impact of tariffs on their operations.

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GASB selects Mauldin & Jenkins’s Black as next chair

GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.

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Accounting for cloud computing: What you need to know

Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.

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SEC proposes updating auditor independence rules

An SEC proposal is designed to amend rules that indicate auditor independence breaches in situations when no substantial threat to independence exists.

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IRS issues 2020 standard mileage rates

On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.

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AICPA proposes updates to material tested on CPA Exam

Changes the AICPA is proposing to the CPA Exam Blueprints are designed to update the material tested on the CPA Exam to make sure it continues to represent the core knowledge and skills that newly licensed CPAs need to possess.

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Qualified opportunity zone regs. finalized

The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).

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Adaptive learning self-study enabled in new CPE provider rules

Adaptive learning self-study programs are accommodated in new standards for continuing professional education providers that have been issued by NASBA and the AICPA.

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Year-end government spending bill contains many tax provisions

The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.

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EY’s Jones to succeed Golden as FASB chair

Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.

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5th Circuit invalidates health care law’s individual mandate

The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.

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AICPA issues TQAs related to Sec. 163(j), GASB 84

The AICPA issued separate Technical Questions and Answers to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance.

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New FASB standard aims to simplify accounting for income taxes

FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.

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SEC proposes expanding access to private markets

The Securities and Exchange Commission issued a proposal that would provide more investors with access to private capital markets.

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Proposal would delay lease accounting effective date for federal entities

FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.

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Proposed regs. would govern Sec. 162(m) executive compensation limits

The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.

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How to handle accounting for digital assets

A new practice aid published by the AICPA provides nonauthoritative guidance about how to account for digital assets under generally accepted accounting principles.

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Guidance issued on payments to charitable organizations

The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.

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How auditors can stay independent while advising on revenue recognition

Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.

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PCAOB’s 2020 inspection focus and audit quality tips revealed

The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections.

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FASB addressing liabilities and equity complexity, goodwill

FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.

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Partnership capital reporting requirements postponed until 2020

The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).

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AICPA seeks feedback on insurance working drafts

The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.

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Proposed CPA licensure model emphasizes core plus disciplines

A newly proposed CPA licensure model developed by NASBA and the AICPA is designed to help newly licensed CPAs learn the skills and competencies they will need in the workplace of the future.

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ASB proposes conforming amendments, addresses practice issues

Sections of the ASB’s codification would be amended under a proposal to conform with recently issued standards on auditor reporting and the auditor’s responsibilities relating to other information included in annual reports.

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Revenue recognition tips from the SEC staff

Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.

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How critical audit matters relate to critical accounting estimates

Auditors of the largest public companies have included critical audit matters in their reports for the first time. Here are some of the SEC’s observations based on those reports.

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ASB aligns with other US standard setters on materiality

The AICPA Auditing Standards Board has amended its concept of materiality to match the definition used by the U.S. judicial system and other US standard setters.

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New standard adds flexibility for agreed-upon procedures

The barriers preventing CPAs from performing engagements providing certain agreed-upon procedures were removed when the AICPA Auditing Standards Board issued a standard providing more flexibility to practitioners.

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Economic outlook: Not too hot, not too cold

Finance decision-makers remain positive overall heading into 2020, but they continue to have concerns about hiring.

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BEAT regs. are finalized, new regs. are proposed

The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.

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Deadline for health care information statements extended

As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.

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FASB proposes changes aimed at improving codification

FASB proposed minor changes as part of its annual effort to clarify and correct unintended application of its Accounting Standards Codification.

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Per-diem method clarified in light of TCJA changes

The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.

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FASB issues narrow-scope changes to credit losses standard

An Accounting Standards Update makes improvements to certain technical and other aspects of implementing FASB’s new accounting standard for credit losses.

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California proposes guidance for privacy law

The California attorney general’s office is seeking feedback on proposed regulations on the California Consumer Privacy Act, which will become the nation’s toughest data privacy law when it goes into effect Jan. 1.

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Final regs. eliminate estate and gift tax clawback

The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.

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News quiz: IRS announces adjustments and limits

See how much you know about the news or catch up with what has happened with this short quiz.

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Valuation in spotlight as SEC mulls expanding investment opportunities

The SEC is considering expanding opportunities for nonaccredited investors. That means more investors may be relying on private-equity fund valuations and auditors’ assessments of those valuations.

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Use of standard mileage rate, other rules are updated for TCJA

The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.

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FASB officially delays 4 major standards

FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

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IRS commissioner seeks to enhance taxpayer contacts, target enforcement

Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.

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FASB approves guidance to assist in reference rate transition

FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.

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New opportunities for firms in SOC reporting

Increases in outsourcing and cloud computing have led to clients’ need for CPA assurance on systems and controls.

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FASB proposes clarifying hedge accounting standard

FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.

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Demand for sustainability assurance is growing

Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.

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FASB addresses share-based payments to customers

Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.

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Automatic accounting method change procedures updated

The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.

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IFAC seeks consistency, accountants’ engagement in corporate reporting

The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.

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IRS posts 2020 inflation adjustments and tax tables

The IRS released the 2020 tax tables for individuals and estates and trusts, as well the inflation adjustments for over 60 tax provisions for 2020 tax returns.

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Retirement plan contribution limits increase for 2020

Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.

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How audit committees can improve disclosure

Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.

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SEC addresses shareholder proposals, proxy advice, ads, and solicitation

The SEC proposed amendments that are designed to change the shareholder proposal rule, improve the accuracy and transparency of proxy voting advice and modernize the advertising and cash solicitation rules for investment advisers.

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FASB debt classification reproposal sparks concerns

FASB’s attempts to simplify the classification of debt in a classified balance sheet may have unintended consequences, according to a comment letter sent by the AICPA Technical Issues Committee.

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ASB addresses compliance with GAAS, PCAOB standards

An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.

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News quiz: Kids’ allowances and investor confidence

Surveys offer insight into how much allowance children are getting these days and into how investors perceive audited financial statements in U.S. markets. See what else you know about recent news with this short quiz.

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The former Deloitte CEO on career agility

Cathy Engelbert, CPA, became the first woman to lead a Big Four firm in the U.S. She is now applying more than three decades of business skills to the WNBA, a league that has longevity but needs a boost on several fronts.

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Financial satisfaction stays high, but economic concerns remain

Despite fears about the economy, Americans’ personal financial satisfaction stayed high in the third quarter of 2019, according to the PFSi, a proprietary economic indicator calculated quarterly by the AICPA.

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Guidance provided on SAS No. 134 implementation

A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.

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Lease accounting: Keep pushing ahead

Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.

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How CPAs can prepare for accelerating tech changes

Openness to change and lifelong learning can help CPAs thrive amid accelerating tech development, says AICPA fall Council speaker Jeffrey Rogers.

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TIGTA outlines IRS challenges for 2020

The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.

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FASB votes to delay effective dates for 3 major standards

Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.

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Opinion: FASB proposal jeopardizes health care entity financing

A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).

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Taxpayers may deduct casualty losses in prior years

The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.

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Sustainability assurance’s link to reporting quality

The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.

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IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’

The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.

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Critical audit matters: What firms are reporting

The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.

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CFC downward attributions get safe harbors

U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.

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Children’s average allowance in 2019: $120 a month

An overwhelming 92% of American parents say it is very important that children understand how to effectively manage their money, according to a new poll conducted for the AICPA by The Harris Poll.

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FASAB addresses multiple issues in omnibus amendments

A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.

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IASB, GASB address interbank-offered rate phaseout

The International Accounting Standards Board and the Governmental Accounting Standards Board on Thursday acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.

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AICPA seeks guidance on adjustments for conversions from S corp. to C corp.

In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.

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SEC addresses IPOs, ETFs, and retail investor protections

The SEC issued new rules for testing the waters on IPOs and modernizing regulation of ETFs. It also proposed amendments to enhance protections for investors.

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News quiz: Scanning the economy and CPA hiring

Reports on surveys gauged finance professionals’ thinking on the economy and the hiring and supply of accounting graduates. See how much you know (or catch up on the latest news) with this short quiz.

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IRS issues 2019 to 2020 per-diem rates for traveling away from home

The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.

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Safe harbor allows QBI deduction for rental real estate businesses

The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.

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New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits

New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.

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Final regs. loosen 401(k) hardship distribution requirements

The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.

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Hidden in plain sight: Accounting for embedded leases

Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.

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Auditors get high marks, but non-US market optimism sags

Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.

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5 tips for effective not-for-profit board oversight

These tips can help boards perform their duties of care, loyalty, and obedience to help not-for-profits thrive.

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Regulations clarify bonus depreciation treatment

The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.

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7 tips for adopting integrated reporting

As more companies latch on to the importance of long-term value creation, the International Integrated Reporting Council is offering them advice for producing integrated reports.

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FASB makes a second effort to improve balance sheet debt classification

FASB issued a reproposal that is designed to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet.

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Proposed regs. clarify reporting requirements for tax-exempt organizations

The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.

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IRS offers expatriate tax relief

The IRS announced procedures to allow certain individuals who have renounced their U.S. citizenship to get into compliance with their US tax obligations and obtain relief for back taxes.

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Tax accounting rules issued for advance payments

Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.

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FASB proposes guidance to ease transition to new benchmark rates

A proposed Accounting Standards Update would establish temporary guidance designed to reduce the accounting burdens associated with the shift from LIBOR and other interbank-offered interest rates to new reference rates.

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Trade concerns widespread as economic outlook sags

Economic expectations for the United States and the world tumbled in the third quarter amid trade concerns and indications of a possible recession.

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What to do when the cloud goes down

Tech experts weigh in on the steps firms can take to stay productive in the event of a cloud software outage.

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How to make the most of FASB’s effective date delays

FASB has proposed delays in effective dates for some major accounting standards for certain financial statement preparers. Here’s how preparers can make the best use of the extra time.

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8 recession signals to monitor

Take a look at data points market watchers are following for signals of a potential U.S. recession.

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Proposal would align AU-C 800 series with SAS No. 134

Under a proposal issued by the AICPA Auditing Standards Board, AU-C Sections 800, 805, and 810 would be aligned with the changes introduced by new auditor reporting standards.

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7 in 10 young workers prefer freedom to job security

Seventy percent of young adult job seekers say the freedom of being their own boss is worth more than the benefit of job security working for someone else, according to research conducted by MAVY Poll on behalf of the AICPA.

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Proposed regs. govern maximum automobile values

The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.

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PCAOB issues staff guidance on auditing estimates, specialists

The PCAOB released staff guidance documents that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists.

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ASB addresses challenges in auditing accounting estimates

A proposal issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates.

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FASAB clarifies cleanup cost liabilities guidance

A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.

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FASB proposes delay in long-term insurance standard effective date

The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.

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Determining materiality for nonquantitative subject matters

Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.

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GASB issues lease accounting implementation guide

State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.

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Underpayment penalty relief now automatic for eligible filers

Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.

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FASB proposes delays in 3 key effective dates

Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.

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FinREC issues credit loss standard working drafts

Working drafts of accounting issues related to the Financial Accounting Standards Board’s new credit losses standard were issued by the AICPA Financial Reporting Executive Committee.

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Alimony tax gap swells to $3.2 billion, TIGTA finds

Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.

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Report finds shift in accounting firm hiring