January 15, 2021
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CPA Letter Daily
Top Story
President-elect Joe Biden says he will ask Congress to act swiftly to provide $1.9 trillion in immediate relief to help the economy recover from the coronavirus pandemic. The package includes aid to states and cities, additional unemployment benefits, larger direct payments to Americans and a minimum wage increase.
Full Story: Bloomberg (1/14),  CNBC (1/14),  The New York Times (1/15),  Reuters (1/15) 
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Personal Financial Planning Summit
An interactive summit with the most experienced minds in wealth management. Learn how to successfully evolve in today's financial planning climate.
Financial Focus
The coronavirus pandemic has shifted consumers' spending habits, causing them to prefer different rewards from credit cards. Some card issuers have taken steps to retain customers as the pandemic makes travel perks less appealing.
Full Story: Bloomberg (1/13) 
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CPA's Guide to Credit Card Surcharging
In our latest e-book, we'll give you a crash course on the practice of implementing a surcharge, from the essential steps you must take before going live, to the legal status of the practice in all 50 states, and more! Download now >>
Corporate Finance
Procedural guidance from the Small Business Administration outlines processes Paycheck Protection Program borrowers and lenders must follow to reapply for a first-draw PPP loan or request an increase to a loan approved by Aug. 8, which is when the first iteration of the PPP stopped accepting applications.
Full Story: Journal of Accountancy online (1/14) 
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New legislation makes it possible for some clients to take advantage of both Paycheck Protection Program loans and the Employee Retention Credit. Find out how you can guide them through this planning opportunity.
Full Story: AICPA Insights (1/14) 
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Tax Spotlight
The Internal Revenue Service's Taxpayer Advocate Service is intended to help taxpayers who are suffering significant hardship from IRS action. Learn how this program works.
Full Story: Journal of Accountancy print issue (1/2021) 
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Career Development
Communication without preparation, an agenda and pertinent details can cloud your message.
Full Story: Fast Company online (1/13) 
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Companies want to keep their best talent as long as possible, but ineffective onboarding can make this difficult. Here are six suggestions to make onboarding as employee-friendly as possible.
Full Story: Business 2 Community (1/14) 
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Strategic Focus
Licensed CPAs can apply for individual .cpa domains beginning at 10 a.m. ET today, the AICPA has announced. Thousands of firms and approved organizations applied for the top-level domain during their application window, which was open from Sept. 1 until Thursday.
Full Story: Journal of Accountancy online (1/14) 
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Policy & Regulatory
Federal Reserve Chair Jerome Powell has indicated the central bank has no intention of tightening monetary policy or paring bond buying anytime soon. Powell says this is not the time to think about ending central bank support for the economy, given that inflation and employment have been tracking below target.
Full Story: Reuters (1/14),  MarketWatch (tiered subscription model) (1/14),  Financial Times (subscription required) (1/14) 
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Market Update
Initial unemployment claims reached 965,000 last week, up 181,000 compared with the previous week and the highest tally since August, according to the Labor Department.
Full Story: The Wall Street Journal (1/14),  CNBC (1/14) 
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Editor's Note
CPA Letter Daily will not publish Monday
In observance of Martin Luther King Jr. Day in the US, CPA Letter Daily will not publish Monday. Publication will resume Tuesday.
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The Economic Aid Act and PPP
Want to learn more about Paycheck Protection Program eligibility, calculations of revenue declines, how the first- and second-draw programs are structured, and more? Read the AICPA's summary.
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Answers to all your remote audit questions
The pandemic forced many auditors to go remote, which in turn triggered a host of questions as we approach the 2021 audit. The Remote Audit webcast on Jan. 20 at 1 p.m. ET provides the authoritative guidance and helpful insights you need to prepare yourself and your clients for what lies ahead.
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About the AICPA
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.
AICPA Resources
Contact AICPA
AICPA Service Center
220 Leigh Farm Road
Durham, NC 27707-8110
Phone: 888.777.7077
Fax: 800.362.5066
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