With the window opening today for small businesses to apply for $349 billion in Paycheck Protection Program loans, the 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 doubling of loans' interest rate to 1% from 0.5%. PPP resources, including calculators, are available from the AICPA Private Companies Practice Section.
State and local governments have received guidance for reference-rate transition through a standard from the Governmental Accounting Standards Board. GASB Statement No. 93 addresses the transition away from Libor and other similar rates.
The first relief checks for Americans that are part of the economic stimulus package won't arrive until at least the week of April 13, according to updated estimates. People who don't have direct deposit information on file with the Internal Revenue Service might have to wait months to receive checks.
The Internal Revenue Service says Social Security and Railroad Retirement benefit recipients do not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief and Economic Security Act. This reverses guidance that only people who filed a tax return in 2018 or 2019 automatically receive a payment.
CEO Barry Melancon, CPA, CGMA, shares what the Association of International Certified Professional Accountants is doing to help the profession, its practitioners and the clients and businesses they serve navigate the impact of the coronavirus pandemic.
Leaders must respond appropriately when employees test positive for the coronavirus. When this happens, express sympathy and involve HR immediately, because it might have protocols to handle such an event.
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, staffers and other stakeholders. This article offers advice on how to create and deliver a webinar.
The economy lost 701,000 jobs last month, and the unemployment rate climbed to 4.4%, according to the Labor Department, as companies struggled with the spread of the coronavirus. The numbers likely do not portray the full impact of the pandemic because they are based on a survey completed midmonth.
Remote working has quickly become the new normal, writes Jim Pelletier, IIA vice president of standards and professional knowledge. "In this environment, business leaders must be aware of the impacts not just to their operations and bottom lines, but to their employees," he writes. Pelletier notes that with employees' common practices being disrupted so completely, there will inevitably be an impact not only to productivity, but also to their personal well-being.
Deferral requests for significant accounting standards that are not yet effective are among topics the Financial Accounting Standards Board will discuss related to the coronavirus pandemic at a board meeting Wednesday.
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