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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.