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IRS adds phone operators to answer Economic Impact Payment questions
IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local advisories permit.
IPSASB works to improve public sector accounting standards amid coronavirus
The International Public Sector Accounting Standards Board is trying to prod more countries to adopt its standards along with the accrual method of accounting, as nations around the world face unexpected expenses and revenue shortfalls arising from the novel coronavirus pandemic.
Cares Act and Single Audit Requirements
Until recently, it has been unclear if any of the funds received, either as loans or grants, would be subject to Single Audit requirements.
AICPA challenging nondeductibility of PPP-related expenses
The IRS released guidance (Notice 2020-32) to explain that a taxpayer that receives a loan through the Paycheck Protection Program (PPP) is not permitted to deduct expenses that are normally deductible under the Code, to the extent the expenses were reimbursed by a PPP loan that was then forgiven. The PPP was created by Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), P.L. 116-136. Under Section 1106(b) of the CARES Act, an eligible recipient of a covered...
House passes $484B coronavirus relief package
The House on Thursday voted overwhelmingly to pass legislation providing roughly $484 billion in coronavirus relief for small businesses, hospitals and expanded medical testing, capping weeks of contentious negotiations that had stalled Washington's latest round of emergency aid.
AICPA posts 20 FAQs on tax filing relief
Based on member feedback, the AICPA has identified seven key areas in need of immediate tax relief and has posted 20 FAQs on the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has been advocating for more comprehensive relief from Treasury and the IRS and also continues to urge the agencies to develop a contingency plan for the next phase of relief should that be needed.
Economic impact payments: What you need to know
The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
Massive Coronavirus Stimulus Package Contains Many Significant Tax and Employee Benefits Provisions
The Cares Act is a massive 2.2 trillion dollar package that contains a number of provisions to assist the United States economy combat the impact of COVID-19.
Governor Lamont Announces Approval of Federal Disaster Declaration for COVID-19 Response in Connecticut
Governor Ned Lamont today announced that he has been notified by the Federal Emergency Management Agency (FEMA) that his request for a Major Disaster Declaration for the State of Connecticut in response to the COVID-19 pandemic has been approved, unlocking additional federal assistance programs for the state. Today’s approval is for public assistance, meaning that impacted state agencies and municipalities in all eight counties will be reimbursed for 75 percent of the costs associated...
Senate passes massive $2 trillion coronavirus spending bill
Among other things, the legislation would boost unemployment insurance, send checks to many Americans and bar President Donald Trump from receiving any aid.