Income Tax

The AICPA, after discussions with its coalition partners, and key banking leaders and stakeholders, is working to drive a common understanding and approach around the firm – lender relationship related to the implementation of the PPP.

In addition, 68% of survey respondents reported applying for a Paycheck Protection Program loan before funding for the $350 billion program to help small businesses weather the COVID-19 crisis ran dry last week.

The Senate passed $484 billion in new pandemic relief funds Tuesday to bolster a tapped-out small business aid program, pay for coronavirus testing and help hospitals deluged by sick patients.

The effective dates of the SASs were for audits of private company financial statements for periods ending on or after December 15, 2020. The deferral means that effective dates now apply for periods ending on or after December 15, 2021.

Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law,

The American Institute of CPAs (AICPA) has submitted seven recommendations to the Department of the Treasury and the Internal Revenue Service (IRS) calling for much needed clarity and guidance in how small businesses should apply certain employee ...

The new Coronavirus Aid, Relief, and Economic Security (CARES) Act provides some much-needed relief for businesses hindered by a cap on business interest deductions. Icing on the cake: The tax changes are retroactive to 2019.

“Get My Payment” will show the projected date for when a deposit is scheduled, similar to the “Where’s My Refund” tool many taxpayers have previously used.