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A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
Source: JOA News
Read More here – AICPA supports bill that would make PPP-funded expenses deductible
A new accounting standard for federal government entities is designed to define the concept of materiality more precisely.
Source: JOA News
Read More here – Materiality concepts clarified for federal entities
Responding to the coronavirus pandemic, the SEC said it has temporarily amended rules to provide established smaller companies with opportunities to meet their urgent funding needs through Regulation Crowdfunding.
Source: JOA News
Read More here – SEC temporarily expands access to crowdfunding
The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.
Source: JOA News
Read More here – EIDL loan portal reopens for agricultural businesses only
Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.
Source: JOA News
Read More here – SBA issues PPP guidance on laid-off employees who refuse to be rehired
The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.
Source: JOA News
Read More here – AICPA urges release of PPP loan forgiveness guidance
The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.
Source: Tax News
Read More here – Expenses reimbursed by Paycheck Protection Program are nondeductible
The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.
Source: JOA News
Read More here – Expenses reimbursed by Paycheck Protection Program are nondeductible
The AICPA Auditing Standards board formally extended the effective dates Friday of seven new auditing standards because of concerns related to the coronavirus pandemic.
Source: JOA News
Read More here – ASB formally issues deferral of effective dates
