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May 23, 2020

IRS adding 3,500 phone reps to answer stimulus payment calls

By Michael Cohn 2 min read

The Internal Revenue Service is bringing in more help to deal with the flood of calls about economic impact payments.

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More clarity needed on PPP forgiveness

By Roger Russell 3 min read

The application from the Treasury leaves many questions unanswered.

FASB delays rev rec and leases standards in response to coronavirus

By Michael Cohn 3 min read

The board voted Wednesday to give private companies and not-for-profit organizations an extra year to comply with the revenue recognition and leases standards.

SEC charges three former KPMG partners for exam misconduct

By Sean McCabe 2 min read

The Securities and Exchange Commission announced Tuesday settled charges against three former KPMG audit partners for sharing answers to internal training exams.

SBA and Treasury roll out PPP loan forgiveness application

By Michael Cohn 3 min read

The U.S. Small Business Administration, in conjunction with the Treasury Department, released a loan forgiveness application for the SBA’s troubled Paycheck Protection Program, along with detailed instructions for the application.

IRS starts using prepaid debit cards to send stimulus payments

By Michael Cohn 2 min read

The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.

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IRS criminal investigators’ undercover travel expenses probed

By Michael Cohn 3 min read

The Internal Revenue Service’s Criminal Investigation unit spent more than $1.3 million in fiscal year 2018 on undercover confidential operations, including travel costs, according to a new report.

House passes $3 trillion stimulus with no future in Senate

By Erik Wasson and Billy House 4 min read

The measure, passed 208-199, would give cash-strapped states and local governments more than $1 trillion while providing most Americans with a new round of $1,200 checks

Crowe creates PPP loan forgiveness management solution for lenders

By Ranica Arrowsmith 2 min read

Crowe has joined the growing number of firms offering solutions to aid in Paycheck Protection Program participation.

Koziel leaving AICPA to head Allinial

By Daniel Hood 2 min read

After 14 years, the institute EVP will take up his new position in August.