Many auditors have begun to turn their sights to their next group of audits: clients with 2020 fiscal year ends. The World Health Organization declared a public health emergency on Jan. 30, 2020, meaning many of these clients will have been affected by the COVID-19 pandemic during the period under audit. Auditing these clients will […]
PPP forgiveness changes coming as Senate passes House bill
The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked […]
FASB issues limited revenue recognition, lease accounting delays
FASB issued an update Wednesday that delayed the effective dates of its revenue recognition and lease accounting standards for certain entities in response to the coronavirus pandemic. The board issued an Accounting Standards Update that permits private companies and not-for-profits that have not yet applied its new revenue recognition standard to implement the new rules […]
How the CARES Act has affected business valuation
The coronavirus pandemic and the legislation designed to help employers during the crisis have added new challenges for professionals who perform business valuations. To help CPAs and other valuation experts meet those challenges, the AICPA on Tuesday issued a set of FAQs on how to adjust business valuations based on the Coronavirus Aid, Relief, and […]
Protecting seniors from COVID-19 fraud
Offers to sign up for a COVID-19 vaccine, an IRS agent calling to confirm a stimulus payment, or someone at the door offering to swab your nose to see you have the coronavirus. These are among the ploys scammers are implementing right now against American seniors in hopes of profiting from the uncertainty, fear, and […]
House passes bill that would relax PPP forgiveness requirements
The U.S. House approved legislation Thursday making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans. The House bill, called the Paycheck Protection Flexibility Act, H.R. 7010, extends from eight weeks to 24 weeks the time PPP recipients have to spend their funds. […]
$10 billion from PPP pledged to lenders to underserved communities
Ten billion dollars in Paycheck Protection Program (PPP) Round 2 funds are being set aside to be lent exclusively by Community Development Financial Institutions (CDFIs) in an effort to boost businesses in underserved communities. This dedication of funds is designed to make sure that PPP money reaches all communities that need relief during the coronavirus […]
Social Security fraud boosted by COVID-19 fears
Social Security fraud was already a problem when the global COVID-19 pandemic hit the United States early this spring. But now fraudsters have added brand-new ploys involving the public health crisis to exploit unsuspecting victims. CPAs can help their clients, and the public, by using their esteemed positions in the community to distribute information about […]
UAA Model Rule changes proposed in support of CPA Evolution
News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The National Association of State Boards of Accountancy (NASBA) issued an exposure draft Tuesday that is proposing changes to the Uniform Accountancy Act (UAA) Model Rules in support of the CPA Evolution initiative. NASBA and the AICPA have undertaken the CPA […]
When planning for a natural disaster, don’t forget about your finances
More than 60% of Americans said in a recent poll they believe they will likely be personally affected by a natural disaster, such as a tornado, flood, earthquake, or wildfire in the next three to five years. And although 73% have taken at least one step to plan for a disaster, such as assembling food […]