The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness. | IRS says lenders don’t need to report PPP loan forgiveness → | | By Michael Cohn 1 min read | | The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness. | |
| VSCPA forms diversity council → | | By Sean McCabe 1 min read | | The Virginia Society of CPAs' new committee will advise its board of directors on diversity-focused programs and engage with local leaders to help grow the accounting student pipeline. | |
| Financial reporting isn’t getting any easier under COVID-19 → | | By Michael Cohn 5 min read | | Now that U.S. companies have experienced two fiscal quarters in the midst of the novel coronavirus pandemic, quarterly reporting for Q3 doesn’t seem to be getting any simpler, according to a new report from Deloitte. | |
| 39 states lack the money to pay bills for COVID-19 → | | By Michael Cohn 3 min read | | At least 39 states did not have enough money to pay all of their bills at the end of 2019, leaving them ill-prepared to shoulder the costs of the novel coronavirus pandemic, according to a new report. | |
| Trump tax claims in media could justify subpoena, D.A. says → | | By Bob Van Voris 3 min read | | The Manhattan district attorney said press reports suggesting potential misdeeds by President Donald Trump and his company could justify a grand jury subpoena of the president’s taxes and other financial records. | |
| In the blogs: Big surprises → | | By Jeff Stimpson 3 min read | | Taxes, relief and partisanship; more than a nickel; a new pair; and other highlights from our favorite tax bloggers. | |
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