Featured News
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ASB extends effective dates
The AICPA Auditing Standards Board has formally extended the effective dates of seven new auditing standards.
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Virtual Zoom backgrounds for CPAs
The AICPA now offers Zoom videoconferencing backdrops for accountants to help maintain professionalism while working from home.
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May 5 EIP deadline for certain SSI, VA beneficiaries
Certain Supplemental Security Income and Department of Veterans Affairs beneficiaries with dependents have until May 5 to receive the full amount of their relief payments.
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Fed expands Main Street lending program
The Federal Reserve has announced new adjustments to its planned $600 billion Main Street lending program, providing more options to eligible businesses.
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IRS to host COVID-19 teleconference
The IRS will host a teleconference for tax professionals on Thursday, May 7, to share information about the coronavirus tax relief and to hear questions and concerns.
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AICPA challenges Notice 2020-32 guidance
The AICPA plans to seek legislative clarification regarding Notice 2020-32, which currently denies deductions of expenses forgiven under the Paycheck Protection Program.
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Submitting IRS requests electronically
Due to the COVID-19 pandemic, the IRS is temporarily allowing the electronic submission of requests for letter rulings, closing agreements, determination letters and more.
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Tax treatment of PPP loan expenses
Employers who have their Paycheck Protection Program loans forgiven are ineligible for tax deductions on expenses paid for through the loan, the IRS recently announced.
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Business interruption insurance amid COVID-19
Business interruption insurance may provide coverage for losses related to COVID-19 under the right conditions.
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IRS updates Employee Retention Credit FAQs
The IRS has updated its FAQs document that provides information about the Employee Retention Credit under the Coronavirus Aid, Relief and Economic Security Act.