Filter by Category:

  • PCAOB's 2021 inspections target pandemic concerns, predictability

    April 8, 2021

    PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday. As reported previously in the JofA, the board is focused both on pandemic-related audit challenges and a concern that firms may be disproportionately paying attention to areas of audits that are frequently inspected. The PCAOB published resources containing a general staff outlook and guidance for audit committees explaining the 2021 inspections focus.

  • IRS postpones April 15 deadline

    March 18, 2021

  • New PPP guidance implements changes from American Rescue Plan Act

    March 18, 2021

    New Paycheck Protection Program (PPP) guidance from the U.S. Small Business Administration (SBA) incorporates changes to the program made by the American Rescue Plan Act, P.L. 117-2, and establishes that entities that receive a Shuttered Venue Operators Grant (SVOG) cannot subsequently receive a PPP loan.

  • House passes PPP deadline extension in 415-3 vote

    March 17, 2021

    House passes PPP deadline extension in 415-3 vote.

  • House gives final approval to $1.9 trillion pandemic aid bill

    March 11, 2021

    President Joe Biden on Thursday afternoon signed into law the $1.9 trillion coronavirus relief bill known as the American Rescue Plan Act, following a 220-211 vote of approval by the House of Representatives on Wednesday.

  • AICPA takes case for PPP deadline delay to Congress

    March 10, 2021

    The AICPA sent a letter Tuesday, March 9, 2021, encouraging congressional leaders to push back the Paycheck Protection Program’s (PPP’s) March 31 application deadline at least 60 days.

  • House gives final approval to $1.9 trillion pandemic aid bill

    March 10, 2021

    The House of Representatives voted 220–211 Wednesday, March 10, 2021 to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.

  • AICPA Requests Tax Deadline Postponement from April 15 to June 15

    March 5, 2021

    The AICPA on Thursday, March 4, 2021, sent a letter to IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur urgently asking for the deadlines for filing all 2020 federal income tax and information returns and for making payments to be extended from April 15 to June 15, 2021, in response to a number of issues that make it impossible for many taxpayers to meet the April 15 deadline.

  • PPP Borrowers Can Use Gross Income, SBA Rules

    March 4, 2021

    The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net profit.

  • AICPA urges Congress to extend PPP deadline

    March 3, 2021

    On March 2, 2021, the AICPA called on Congress to extend the application period for the Paycheck Protection Program (PPP) by at least 60 days.