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June 13, 2020

Is maximizing PPP loan forgiveness the real endgame?

By Roberto Hinojosa, Steven Pinsky 7 min read

A fresh look at the Paycheck Protection Program suggests other ways businesses may want to think about it.

How are companies navigating the return to work?

Work hasn’t stopped but it certainly has changed as companies navigate new business conditions resulting from the coronavirus pandemic. When you complete our confidential survey to help us understand if, how, and when businesses will resume normal activities and work routines, we will donate $10 to Direct Relief.

Ernst & Young sued over Wirecard as accounting woes add up

By Karin Matussek 2 min read

EY was sued over its work for the payment company, just two days after Wirecard’s headquarters were raided as part of a market manipulation probe.

Trump says he’ll ask Congress for extra economic stimulus

By Mario Parker, Erik Wasson and Saleha Mohsin 4 min read

President Donald Trump said he’ll ask Congress to pass more economic stimulus, including a payroll tax cut, even after the government reported a surprise improvement in U.S. unemployment on Friday.

IRS will waive fee for replacing discarded stimulus payment cards

By Michael Cohn 3 min read

The Internal Revenue Service won’t charge people who threw their stimulus money away because they thought the envelope was junk mail.

AICPA releases info on accounting for forgivable PPP loans

By Michael Cohn 2 min read

The institute released guidance on how to account for forgivable loans under the Small Business Administration’s Paycheck Protection Program.

Lawyer who ran from EY tax shelter case gets 3 years

By Chris Dolmetsch 2 min read

David Smith fought extradition from Canada for 11 years before being returned to face trial last year.

SPONSOR CONTENT

Refining Lease Accounting – Common Policy Changes after ASC 842 Adoption

Hear what ASC 842-compliant companies say they now wish they would have known before making elections.

In the blogs: Here comes the write-off

By Jeff Stimpson 3 min read

Superseding returns; tax law vs. facts; IRS reopening continues; and other highlights from our favorite tax bloggers.

Cash payments for donated leave aren’t comp: IRS

By Jeff Stimpson 1 min read

It won’t count as income to employees, but they also won’t be able to deduct it.

AICPA launches new CPA Exam scholarship

By Sean McCabe 1 min read

The CPA Exam Scholarship will offer up to $1,500 to a minimum of 50 AICPA Student Affiliate members or U.S. AICPA CPA Exam Candidate Affiliate members to reimburse fees associated with the exam and prep courses.

FASB OKs two standards and delays insurance standard amid coronavirus

By Michael Cohn 5 min read

The meeting was the last in chairman Russell Golden’s term.