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.

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 has created a statement with additional considerations to help CPAs as they decide whether to provide services as “agents” under the new SBA PPP loan program.

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.

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.

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.

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.

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.