Federal coronavirus relief funding is resulting in more organizations needing a single audit. New and existing single audits might be more challenging than usual because of changing rules. Find out what to look for to avoid pitfalls.
Paycheck Protection Program rules released by the Small Business Administration let self-employed individuals who file a Form 1040, Schedule C, calculate their maximum loan amount using gross income, instead of net profit. But the SBA and the Treasury Department have ruled Schedule C filers who have been approved for a PPP loan using net profit may not resubmit their application using gross income, which would provide for a larger PPP loan.
After an extremely challenging stretch dominated by pandemic-related closures, revenue and profit are projected to rise in the next year, CPA executives in business and industry say.
The size of the direct payment you receive from the relief package making its way through Congress could depend on when you file your 2020 tax return. Certain events, such as a change in income or the birth of a baby, can affect eligibility.
Most people have received assistance from someone during the course of their career. This article urges people to pay this kindness forward and develop a mindset to help others in need.
The Securities and Exchange Commission will focus investigations on conflicts of interest by financial advisers, as well as on fraud and sales practices, according to its 2021 examination priorities. The SEC will particularly concentrate on conflicts that affect older people and retirement savers.
The AICPA, citing processing problems with the Paycheck Protection Program, has called on Congress to extend the program's application deadline past March 31. The AICPA recommends an extension of at least 60 days.
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