[Editor’s note: The U.S. Small Business Administration and Treasury announced that lenders with $1 billion or less in assets can start making Paycheck Protection Program loans on Jan. 15. The application window will open for all lenders Jan. 19.] The AICPA expects the federal government to open up the application process for all lenders participating […]

By Jody Godoy 1 Min Read A Chicago federal judge dismissed a proposed class action against Baxter International Inc on Tuesday, writing that shareholders failed to claim the medical equipment company and its top executives knew the company was not accurately recording foreign transactions. U.S. District Judge Sara Ellis said that two pension funds’ allegations […]

Taxpayers subject to government fines and penalties received guidance on when those payments are deductible or not deductible under final regulations posted by the IRS on Tuesday (T.D. 9946). The regulations provide guidance on Sec. 162(f), which was amended by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, and on […]

The AICPA Professional Ethics Executive Committee (PEEC) published a temporary policy statement Monday stating that it will evaluate whether the AICPA Code of Professional Conduct (Code) should be revised as a result of recent SEC rules amendments related to auditor independence requirements. The SEC amendments, which take effect June 9, 2021, with early adoption permitted, […]

Avalara has released Avalara Managed Returns for Accountants (MRA), a cloud sales tax solution designed for accounting firms. MRA automates sales tax preparation and filing, providing clients with a managed service. MRA arrives as professionals work overtime to help clients manage an increasing list of tax-related trends, including increased sales tax complexity following the 2018 […]

The US Small Business Administration and Treasury released borrower loan application forms Friday night for the rebooted Paycheck Protection Program (PPP), which will launch Monday, initially for select lenders and borrowers before a broader opening takes place a few days later The forms are Form 2483 – Paycheck Protection Program Borrower Application Form and Form […]

The Paycheck Protection Program (PPP) will reopen Monday for select lenders and borrowers, the U.S. Small Business Administration and Treasury announced Friday. The SBA and Treasury said in a news release that initially only community financial institutions that serve minority- and women-owned businesses will be able to make loans. Specifically, these community financial institutions can […]

The U.S. Small Business Administration (SBA) and Treasury issued guidance Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance included two interim final rules (IFRs). The 82-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” consolidates the rules for PPP forgivable loans for first-time borrowers and outlines changes made by […]

Payrolls fell sharply in December, as the U.S. Bureau of Labor Statistics reported Friday that employment declined by 140,000 jobs amid the continuing economic fallout from the novel coronavirus pandemic. Nevertheless, the accounting and bookkeeping sector added 2,300 jobs last month. The unemployment rate remained at 6.7 percent despite the job cuts, which were the […]