Michael Cohn

Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package.

The Securities and Exchange Commission tapped deputy chief accountant Paul Munter to become acting chief accountant when chief accountant Sagar Teotia leaves in February.

The Treasury Department said Friday it plans to launch an all-out effort to deliver Economic Impact Payments to people who haven’t yet received the two rounds of stimulus payments that they should have received last year or this month.

The U.S. Small Business Administration released a one-page form aimed at simplifying the process of applying for forgiveness of Paycheck Protection Program loans, along with newly revised and updated forms to meet the requirements of the latest stimulus legislation.

The Internal Revenue Service hasn’t been properly vetting millions of dollars in deductions that could be erroneous, according to the inspector general.

President Biden has picked Allison Herren Lee, a member of the Securities and Exchange Commission, as the acting chair of the SEC, as nominee Gary Gensler waits in the wings as a more permanent chair once he is confirmed by the Senate.

Financial executives feel that the requirements for documenting their organization’s internal controls are getting to be too much and many of them are behind the curve when it comes to applying technology for internal control over financial reporting, according to a new report.

The International Integrated Reporting Council has published its revised Integrated Reporting Framework, incorporating some major changes since the IR Framework was first published in 2013.

Prager Metis combines with Blair, Bohlé & Whitsitt; REDW joins with CPA Global Tax & Accounting; Somerset CPAs and Advisors adds Rowley & Company; and Fineman West merges in Katz & Associates.

The Association of Chartered Certified Accountants found the majority of accountants internationally believe they are in an inclusive profession, but nearly two-thirds think the profession still has an issue to deal with when it comes to diversity.

The Internal Revenue Service released information on how employees now have until the end of the year to repay any payroll taxes they deferred from last year.

PricewaterhouseCoopers released an update Tuesday to its annual audit quality report for the firm, pointing to improvements on inspection results from the Public Company Accounting Oversight Board.

CPA firms will be in a great position to help their small business clients with the latest round of the Paycheck Protection Program, according to Barry Melancon.

The Institute of Internal Auditors is giving corporate America only a modestly better grade on governance in 2020 compared to 2019, and any improvement is probably due to the coronavirus pandemic.

The Internal Revenue Service plans to open filing season on Feb. 12, although it is making its Free File program available starting Friday.

The Internal Revenue Service’s Criminal Investigation Division issued a warning Thursday about a new wave of COVID-19 scams tied to the latest round of stimulus payments, especially targeting taxpayers in the District of Columbia.

Last month's COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.

Sen. Ron Wyden, D-Oregon, who is chairing the Senate Finance Committee now that Democrats have won control of the Senate, described some of his policy priorities, including the tax area where his committee has oversight.

The U.S. Small Business Administration plans to reopen the Paycheck Protection Program to small lenders on Friday and to all lenders next Tuesday.

A majority of middle-market CFOs are predicting an economic recovery and revenue increases for their companies in 2021, according to a new survey by BDO USA.