News

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.

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.

AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program Key changes are in line with AICPA recommendations and advocacy points.

Applications for small business Paycheck Protection Program open Friday April 3. Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the federal Paycheck Protection Program (PPP) beginning Friday. Starting April 10, independent contractors and self-employed individuals can apply.

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.

President Donald Trump has instructed the Treasury Department and IRS to extend the April 15, 2020 deadline for filing federal income tax returns for those affected by Coronavirus. The change is only for this year.