GASB provides guidance for Libor transition | When will you get your relief check? | Social Security recipients will automatically receive stimulus payments
April 3, 2020
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Top Story
With the window opening today for small businesses to apply for $349 billion in Paycheck Protection Program loans, the Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including doubling of loans' interest rate to 1% from 0.5%. PPP resources, including calculators, are available from the AICPA Private Companies Practice Section.
Full Story: Journal of Accountancy online (4/3) 
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Thomson Reuters hears a common theme among accounting firms: You want a clear path forward. You need to guide your clients—giving the best tax and business advice, and secure data practices. How? Experts evaluate top concerns. Here's the next step. >
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A&A Report
State and local governments have received guidance for reference-rate transition through a standard from the Governmental Accounting Standards Board. GASB Statement No. 93 addresses the transition away from Libor and other similar rates.
Full Story: Journal of Accountancy online (4/2) 
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In a new special report, Thomson Reuters Checkpoint editors address the financial reporting and auditing impacts that the coronavirus may have on your firm and clients. Read the special report. >
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Financial Focus
The first relief checks for Americans that are part of the economic stimulus package won't arrive until at least the week of April 13, according to updated estimates. People who don't have direct deposit information on file with the Internal Revenue Service might have to wait months to receive checks.
Full Story: NBC News (4/2) 
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Join us for a free webcast on, April 10, with industry experts as we review what the audit standards say about remote auditing. Learn about higher risk audit and accounting areas to focus on and review best practices so you can still put your best foot forward, even if it's from home. Learn more >
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Tax Spotlight
The Internal Revenue Service says Social Security and Railroad Retirement benefit recipients do not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief and Economic Security Act. This reverses guidance that only people who filed a tax return in 2018 or 2019 automatically receive a payment.
Full Story: Journal of Accountancy online (4/2) 
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Leadership
CEO Barry Melancon, CPA, CGMA, shares what the Association of International Certified Professional Accountants is doing to help the profession, its practitioners and the clients and businesses they serve navigate the impact of the coronavirus pandemic.
Full Story: LinkedIn (4/2) 
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Leaders must respond appropriately when employees test positive for the coronavirus. When this happens, express sympathy and involve HR immediately, because it might have protocols to handle such an event.
Full Story: Harvard Business Review online (tiered subscription model) (3/30) 
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Technology
Zoom, which has seen explosive growth in use of its videoconferencing service in recent weeks, will stop adding features for three months as it addresses privacy and security issues, CEO Eric Yuan has written in a blog post. Yuan has also promised to be more transparent regarding law enforcement data requests.
Full Story: CNET (4/2),  The Verge (4/2) 
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Strategic Focus
The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staffers and other stakeholders. This article offers advice on how to create and deliver a webinar.
Full Story: Journal of Accountancy online (4/2) 
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Market Update
The economy lost 701,000 jobs last month, and the unemployment rate climbed to 4.4%, according to the Labor Department, as companies struggled with the spread of the coronavirus. The numbers likely do not portray the full impact of the pandemic because they are based on a survey completed midmonth.
Full Story: CNBC (4/3),  The Washington Post (tiered subscription model) (4/3),  The Wall Street Journal (tiered subscription model) (4/3) 
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A record 6.6 million applications for unemployment benefits were submitted last week, far surpassing the 3.3 million from two weeks ago.
Full Story: CNBC (4/2),  The Wall Street Journal (tiered subscription model) (4/2) 
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AICPA News
Free CPE: Just mix foresight with insight
Move your organization from coronavirus emergency mode to planning and modeling for a variety of continuity and recovery scenarios. Attend our COVID-19: Scenario Planning and Strategic Modeling webcast to get started. Offers 1 free CPE credit. Multiple dates available.
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Paycheck Protection Program resources available
The AICPA Private Companies Practice Section has developed resources to help you talk with your clients about the US Small Business Administration's Paycheck Protection Program. These include payroll calculators, a sample application and more. Encourage your clients to act quickly as funds are limited.
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The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 431,000 members in 137 countries and territories, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, not-for-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers credentials for a number of specialized areas. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.
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