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  • SBA Issues a New FAQs to Address PPP Loan Forgiveness Issues

    August 4, 2020

    As of August 4, 2020, The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation, in consultation with the Department of the Treasury, of the CARES Act, the Flexibility Act, and the Paycheck Protection Program Interim Final Rules (“PPP Interim Final Rules”)

  • IRS Issues 2020 depreciation limits for cars and trucks

    July 8, 2020

    The IRS on Wednesday issued the limitations on depreciation deductions for passenger automobiles first placed in service in 2020 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2020 (Rev. Proc. 2020-37).

  • FASB Delays Revenue Recognition Effective Date for Private Companies

    May 20, 2020

    FASB voted Wednesday to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements.

  • Six Month Extensions Granted for Firm Peer Reviews

    May 7, 2020

    CPA firms will be granted six-month extensions for peer reviews, corrective actions, and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year, according to a vote taken Thursday by the AICPA Peer Review Board (PRB).

  • AICPA Commends Treasury and IRS for Issuing Broad Tax Relief in Light of COVID-19

    April 10, 2020

    The American Institute of CPAs (AICPA) President & CEO, Barry Melancon, CPA, CGMA, releases statement applauding Treasury and the Internal Revenue Service (IRS) for its decision to grant tax filing and payment extensions for all tax-related deadlines due between April 1 and July 15.

  • IRS Notice 2020-23 to Extend More Tax Deadlines for Individuals and Businesses

    April 10, 2020

    Effective April 9, 2020 - The IRS released the attached Notice 2020-23 to extend more tax deadlines for individuals and businesses. The relief covers taxpayers that have a filing or payment deadline between April 1 and July 15, 2020. It applies to fiscal year entities, estate tax returns, nonprofit organizations, information returns and more. In addition, the deadline for second quarter estimated tax payments has been moved from June 15 to July 15, and the relief is automatic so taxpayers don’t need to file any extension forms to get the relief.

  • Secretary of State Announces Temporary Waiver of Franchise Tax Late Fees and Interest Charges

    March 31, 2020

    Secretary of State Announces Temporary Waiver of Franchise Tax Late Fees and Interest Charges Tax Deadline is May 1st; Late Fees and Interest Waived Until July 15th.

  • GASB Considers Postponing Effective Dates

    March 30, 2020

    In response to the coronavirus pandemic, GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018.

  • Treasury Dept. announces 90-day delay in tax payment deadline

    March 17, 2020

    In a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline. Corporations can defer up to $10 million in payments for 90 days. During that time, the IRS will not charge interest or penalties.

  • ARCPA Supports New Coalition to Protect Professional Licensing

    September 24, 2019

    Arkansas CPAs, Boards of Accountancy and Others Unite to Maintain Public Protection as Licensing Standards Put at Risk