Category Archives: Uncategorized

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Single audit rules clarified for Provider Relief Fund recipients

Over the last several weeks, HHS has established in its PRF FAQs that the reporting in the PRF Reporting Portal will be based on when PRF payments were received.
Source: JOA News
Read More here – Single audit rules clarified for Provider Relief Fund recipients


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IRS launches 'Tax Pro Account' feature

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
Source: Tax News
Read More here – IRS launches 'Tax Pro Account' feature


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IRS launches 'Tax Pro Account' feature

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
Source: JOA News
Read More here – IRS launches 'Tax Pro Account' feature


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GASB revises proposed approach to financial statement notes

GASB issued a revised proposal that describes concepts that would guide the board when it establishes requirements for notes to financial statements for state and local governments.
Source: JOA News
Read More here – GASB revises proposed approach to financial statement notes


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FASB alters accounting for certain leases with variable lease payments

FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.
Source: JOA News
Read More here – FASB alters accounting for certain leases with variable lease payments


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GASB proposal addresses a variety of governmental accounting issues

Various issues that have been identified as worthy of attention by the Governmental Accounting Standards Board are addressed in an omnibus proposed standard issued Monday.
Source: JOA News
Read More here – GASB proposal addresses a variety of governmental accounting issues


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NFTs come with big valuation challenges

Nonfungible token sales have commanded eye-popping prices in the past year, leaving CPAs with many questions related to valuation of these digital assets.
Source: JOA News
Read More here – NFTs come with big valuation challenges


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Restaurant Revitalization Fund recipients revealed

The US Small Business Administration has published a database of the more than 100,000 approved grants from the $28.6 billion Restaurant Revitalization Fund.
Source: JOA News
Read More here – Restaurant Revitalization Fund recipients revealed


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SBA officially drops PPP Loan Necessity Questionnaire requirement

The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.
Source: JOA News
Read More here – SBA officially drops PPP Loan Necessity Questionnaire requirement


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Quality management proposal provides opportunity to consider risks

Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
Source: JOA News
Read More here – Quality management proposal provides opportunity to consider risks