Coronavirus

The service is implementing a new temporary procedure for faxing the duplicate copy of Form 3115 for companies applying for an automatic change in accounting method.

Time is running out for further relief efforts before the August recess.

In a letter to leading legislators, the group also urged them to make businesses expenses paid with PPP money deductible.

With economic uncertainty, a pandemic, and concerns around race and equity topping daily headlines, existing initiatives to transform and innovate across people, processes and technology have become more amplified.

The Internal Revenue Service moved to ease the tax burdens of private equity portfolio companies and heavily indebted industries.

The service released the final regulations and other guidance on the deduction, which was amended by the CARES Act.

The coronavirus pandemic has opened up a number of specific areas with potential for the profession, according to leaders at the AICPA.

Democrats in Congress are criticizing how millions of economic impact payments authorized under the CARES Act are being handled.

The GOP legislation includes a second tranche of stimulus payments, structured the same way as the earlier round, in March, along with tax credits for businesses.

The economic stimulus plan released by Senate Republicans offers no new money for states and cities to cope with swelling budget shortfalls, leaving them to contend with a grave financial crisis that’s already forcing them to slash spending, furlough workers and delay projects as tax revenue disappears.