Coronavirus

Business executives who are also CPAs have sharply reduced their outlook for profits, sales, hiring and the overall economy over the next 12 months, because of the COVID-19 pandemic, according to a new survey by the American Institute of CPAs.

Small businesses have run into roadblocks trying to apply for PPP loans since the pandemic triggered mandatory closures.

The pandemic and the new accounting standard are leading to lower regulatory capital ratios at global investment banks, according to a new report.

The financial landscape is looking worse than lawmakers expected, sending states to ferret out every opportunity to expand, demand, and open new and broader tax pipelines. No business will be spared.

The bill, which passed the House last week on a 417-1 vote, now heads to President Donald Trump’s desk for his signature.

The payroll provider has been partnering with accountants to help them secure loans for their small businesses.

The Internal Revenue Service is giving retirement plan participants and beneficiaries some added flexibility during the COVID-19 pandemic to remotely sign or have their retirement plan elections notarized.

The Financial Accounting Standards Board released an accounting standards update providing a one-year effective date delay for private companies and organizations to apply the revenue recognition and leases standards due to COVID-19, although they still have the option to apply the standards early.

As companies struggle to survive in an increasingly complex and threatening environment, the role of management accountants has become ever-more critical, according to IMA president and CEO Jeff Thomson.

Highs, lows, curveballs and surprises are routine for every business, including accounting firms. Pandemics, however, are not routine (thankfully!). This crisis tests and provokes us all to the extreme.