Income Tax
PPP Refilled with $320 Billion as New $484 Billion Coronavirus Relief Bill Signed into Law
The final bill includes $320 billion to make new loans under the Paycheck Protection Program, which provides forgivable loans to small business that keep employees on the payroll for eight weeks. The measure includes $60 billion in EIDL.
AICPA Releases Recommendations for Administrative, Filing and Payment Relief for State and Local Taxes During Coronavirus Pandemic
As the country works to navigate changes in federal and state tax filing and payment deadlines as a result of the global coronavirus pandemic, the American Institute of CPAs (AICPA) is providing recommendations for administrative, filing and payment ...
AICPA Wants Accounting Firms Recognized in Coronavirus PPP Application Process
The AICPA, after discussions with its coalition partners, and key banking leaders and stakeholders, is working to drive a common understanding and approach around the firm – lender relationship related to the implementation of the PPP.
Survey: 58% of Small Businesses Opposed to Reopening on May 1
In addition, 68% of survey respondents reported applying for a Paycheck Protection Program loan before funding for the $350 billion program to help small businesses weather the COVID-19 crisis ran dry last week.
Senate Passes Additional $484 Billion Stimulus Package
The Senate passed $484 billion in new pandemic relief funds Tuesday to bolster a tapped-out small business aid program, pay for coronavirus testing and help hospitals deluged by sick patients.
AICPA Auditing Standards Board Agrees to Defer SASs 134-140 Dates for One Year
The effective dates of the SASs were for audits of private company financial statements for periods ending on or after December 15, 2020. The deferral means that effective dates now apply for periods ending on or after December 15, 2021.
SSA, SSI, VA & Railroad Retirement Recipients Must Act by Wednesday to Add Children to Coronavirus Stimulus Payment
Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law,
AICPA Calls for More IRS Guidance in CARES Act Employee Retention Credit Provisions
The American Institute of CPAs (AICPA) has submitted seven recommendations to the Department of the Treasury and the Internal Revenue Service (IRS) calling for much needed clarity and guidance in how small businesses should apply certain employee ...