CPA Never under estimate the value
New procedural guidance from the SBA outlines the processes Paycheck Protection Program borrowers and their lenders must follow to reapply for a first-draw PPP loan or request an increase to a loan approved by Aug. 8, 2020, which is when the first iteration of PPP stopped accepting applications.
Source: JOA News
Read More here – Guidance issued for PPP first-draw loan increases, reapplications
Lenders with $1 billion or less in assets can start making Paycheck Protection Program loans on Friday, the U.S. Small Business Administration and Treasury announced. The application window will open for all lenders Jan. 19.
Source: JOA News
Read More here – PPP application dates announced
The AICPA said Wednesday that it expects SBA and Treasury to open the Paycheck Protection Program’s application window to all lenders by Friday. The AICPA is also encouraging firms to advance the application process for small business clients seeking relief.
Source: JOA News
Read More here – AICPA encourages firms to aggressively advance PPP applications
Fraud risks have increased as a result of the coronavirus pandemic. A new report by the Anti-Fraud Collaboration provides strategies for mitigating those risks.
Source: JOA News
Read More here – Deterring and detecting fraud at a time of heightened risk
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
Source: Tax News
Read More here – Final regs. govern deductibility of fines and penalties
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
Source: JOA News
Read More here – Final regs. govern deductibility of fines and penalties
The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
Source: Tax News
Read More here – Final rules on exempt organization excess remuneration
The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
Source: JOA News
Read More here – Final rules on exempt organization excess remuneration
The AICPA Professional Ethics Executive Committee is evaluating whether the AICPA Code of Professional Conduct needs to be revised in light of new SEC rules related to auditor independence requirements.
Source: JOA News
Read More here – PEEC reviewing AICPA Code in response to new SEC independence rules
Technical Questions and Answers released by the AICPA describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party engagement.
Source: JOA News
Read More here – New AICPA TQAs address third-party assessment engagements
