By incentivizing businesses to rehire employees laid off or furloughed due to COVID-19, states will generate a faster economic recovery and provide valuable assistance for companies to get back on their feet.
July 9
IRS
The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2.
July 9
The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.
July 9
2020 is testing the profession’s resiliency like nothing has before, and accountants are losing sleep, skipping vacations, and working longer hours to adapt to the challenges COVID-19 has brought.
July 9
IRS
The service reminded taxpayers they will need to resume paying their taxes on July 15, but the AICPA is asking for further relief, as an inspector general report sheds light on the unprecedented filing season.
July 8