In response to practitioners’ questions about the filing and payment deadline extension announced Friday in Notice 2020-18 (discussed here), the IRS posted 24 questions and answers on its website Tuesday. The answers clarify that only payments that are actually due on April 15 are delayed. Therefore, first quarter 2020 estimated income tax payments and Sec. […]

Registered audit firms that request relief from PCAOB inspections as a result of the coronavirus pandemic will be granted up to a 45-day relief period, with the exception of providing the board access to audit documentation for certain engagements. The PCAOB advised audit firms that wish to use all or part of the 45-day relief […]

Borrowers concerned about meeting loan obligations amid the disruption caused by the coronavirus pandemic got some relief Sunday from a host of regulators who pledged jointly to clear the way for critical loan modifications. A statement issued by several federal and state banking regulators spelled out agreement to ease certain restrictions that borrowers might normally […]

Late on Friday, the IRS officially announced that, because of the ongoing coronavirus pandemic, tax returns due April 15 will not have to be filed until July 15 this year. Notice 2020-18 was released hours after Treasury Secretary Steven Mnuchin had broken the news in a tweet (see prior coverage here). The AICPA expressed its […]

As the coronavirus outbreak puts pressure on health care systems and wreaks havoc on businesses throughout the world, the duty of financial statement preparers and CPA practitioners remains the same. Regardless of the changing environment, preparers need to make sure the information their organizations present on financial statements is reported in accordance with GAAP. Auditors […]

Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America. ENGAGE was scheduled to be held June 7–11 in Las Vegas. Details on the timing and format of the rescheduled event are still being set, as the situation surrounding the outbreak is […]

On Wednesday, the IRS finally issued a notice describing the tax relief relating to the novel coronavirus outbreak currently affecting the country. The IRS is pushing back the deadline for various tax payments but did not provide relief from the April 15 filing deadline for tax or information returns. Notice 2020-17 provides that any taxpayer […]

The AICPA is aware that Treasury Secretary Steve Mnuchin announced today a series of tax relief measures designed to assist taxpayers and tax preparers during the coronavirus pandemic. We are confirming the specifics of these actions with Treasury and the IRS and will update members as soon as possible. Please continue to monitor this page […]

A break in the clouds As illustrated by Bourke’s comfy perch on the porch, businesses that have already migrated to the cloud are in the best position to handle increased demand for remote work. That’s because cloud applications and infrastructure provide much more scalability and accessibility than servers and software housed in the office, said […]

FASB issued a standard Thursday that is designed to give financial statement preparers relief as they make the transition away from the London Interbank Offered Rate (LIBOR) and other similar rates that are being discontinued. LIBOR and other interbank offered rates are widely used as benchmarks or reference rates in loans, derivatives, and other financial […]