Monthly Archives: April 2020

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SBA addresses how to calculate PPP loans, other issues

Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.
Source: JOA News
Read More here – SBA addresses how to calculate PPP loans, other issues


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SBA warns that larger companies may not qualify for PPP loans

New U.S. Small Business Administration guidance reminds larger companies of their responsibility to certify their eligibility for Paycheck Protection Program loans if they apply or have applied.
Source: JOA News
Read More here – SBA warns that larger companies may not qualify for PPP loans


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AICPA addresses CPA firm-lender issues related to PPP

The AICPA made recommendations for the CPA firm-lender relationship for firms seeking to assist their clients with the Paycheck Protection Program.
Source: JOA News
Read More here – AICPA addresses CPA firm-lender issues related to PPP


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Auditors displaying dedication during pandemic, CAQ’s Lindsay says

Auditors are well prepared to work remotely, are supporting their staffs and community, and face an environment with heightened fraud risks, according to CAQ Executive Director Julie Bell Lindsay.
Source: JOA News
Read More here – Auditors displaying dedication during pandemic, CAQ’s Lindsay says


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House approves additional funding for Paycheck Protection Program

The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.
Source: JOA News
Read More here – House approves additional funding for Paycheck Protection Program


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Prop. regs. would govern silo rules for exempt organizations

The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
Source: Tax News
Read More here – Prop. regs. would govern silo rules for exempt organizations


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Prop. regs. would govern silo rules for exempt organizations

The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
Source: JOA News
Read More here – Prop. regs. would govern silo rules for exempt organizations


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Financial satisfaction takes biggest dive since Great Recession

Economic woes brought on by the coronavirus pandemic triggered the steepest quarterly decline in Americans’ personal financial satisfaction since the recession that began in 2008.
Source: JOA News
Read More here – Financial satisfaction takes biggest dive since Great Recession


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Tips for navigating CPA challenges related to PPP

The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.
Source: JOA News
Read More here – Tips for navigating CPA challenges related to PPP


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Perceptions about analytics-aided audit quality

Audit firms are increasingly performing audits using data and analytics tools and techniques and have invested substantial resources in recent years into new technologies. However, auditors have expressed concerns about how external reviewers will scrutinize these approaches.
Source: JOA News
Read More here – Perceptions about analytics-aided audit quality