News

The IRS announced Monday that it has begun accepting Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically, which it calls a “major milestone in tax administration” (IR-2020-182).

The AICPA on Wednesday, August 12, 2020, sent a letter to Treasury and the IRS requesting guidance on the recent presidential memorandum deferring some employee payroll taxes until next year.

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”)

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 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.

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).

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.

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.

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.

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.