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AICPA CPA-REG : CPA Regulation Exam

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Test Number : CPA-REG
Test Name : CPA Regulation
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CPA-REG exam Format | CPA-REG Course Contents | CPA-REG Course Outline | CPA-REG exam Syllabus | CPA-REG exam Objectives


Content area allocation Weight
I. Ethics, Professional Responsibilities and Federal Tax Procedures 10–20%
II. Business Law 10–20%
III. Federal Taxation of Property Transactions 12–22%
IV. Federal Taxation of Individuals 15–25%
V. Federal Taxation of Entities 28–38%

minutes — Welcome/enter launch code
5 minutes — Confidentiality/section information
4 hours — Testing time
15 minutes — Break after third testlet (option to pause exam timer)
5 minutes — Survey
Each of the four exam sections is broken down into five smaller sections called testlets. These testlets feature multiple-choice questions (MCQs) and task-based simulations (TBSs). In the case of BEC, you also have to complete three written communication tasks. The number of MCQs and TBSs tested varies depending upon the specific section taken. You will receive at least one research question (research-oriented TBS) in the AUD, FAR and REG sections. To complete them, you will have to search the related authoritative literature and find an appropriate reference.

The REG section blueprint is organized by content AREA, content GROUP and content TOPIC. Each course includes one or more representative TASKS that a newly licensed CPA may be expected to complete when performing tax preparation services, tax advisory services or other responsibilities of a CPA. The tasks in the blueprint are representative. They are not intended to be (nor should they be viewed as) an all-inclusive list of tasks that may be tested in the REG section of the Exam. Additionally, it should be noted that the number of tasks associated with a particular content group or course is not indicative of the extent such content group, course or related skill level will be assessed on the Exam. Similarly, examples provided within the task statements should not be viewed as all-inclusive.

Area I Ethics, Professional Responsibilities and
Federal Tax Procedures 10–20%
Area II Business Law 10–20%
Area III Federal Taxation of Property Transactions 12–22%
Area IV Federal Taxation of Individuals 15-25%
Area V Federal Taxation of Entities 28-38%

Overview of content areas
Area I of the REG section blueprint covers several topics, including the following: • Ethics and Responsibilities in Tax Practice – Requirements based on Treasury Department Circular 230 and the rules and regulations for tax return preparers
• Licensing and Disciplinary Systems – Requirements of state boards of accountancy to obtain and maintain the CPA license
• Federal Tax Procedures – Understanding federal tax processes and procedures, including appropriate disclosures, substantiation, penalties and authoritative hierarchy
• Legal Duties and Responsibilities – Understanding legal issues that affect the CPA and his or her practice
Area II of the REG section blueprint covers several subjects of Business Law, including the following:
• Knowledge and understanding of the legal implications of business transactions, particularly as they relate to accounting, auditing and financial reporting.
• Areas of agency, contracts, debtor-creditor relationships, government regulation of business, and business structure.
- The Uniform Commercial Code under the subjects of contracts and debtor-creditor relationships.
- Nontax-related business structure content. Area V of the REG section blueprint covers the tax-related issues of the various business structures. • Federal and widely adopted uniform state laws and references as identified in References below.
Area III, Area IV and Area V of the REG section blueprint cover various topics of federal income taxation and gift and estate tax. Accounting methods and periods, and tax elections are included in the Areas listed below:
• Area III covers the federal income taxation of property transactions. Area III also covers subjects related to federal estate and gift taxation.
• Area IV covers the federal income taxation of individuals from both a tax preparation and tax planning perspective.
• Area V covers the federal income taxation of entities including sole proprietorships, partnerships, limited liability companies, C corporations,
S corporations, joint ventures, trusts, estates and tax-exempt organizations, from both a tax preparation and tax planning perspective.
Section assumptions
The REG section of the exam includes multiple-choice questions, task-based simulations and research prompts. Candidates should assume that the information provided in each question is material and should apply all stated assumptions. To the extent a question addresses a course that could have different tax treatments based on timing (e.g., alimony arrangements or net operating losses), it will include a clear indication of the timing (e.g., use of real dates) so that the candidates can determine the appropriate portions of the Internal Revenue Code or Treasury Regulations to apply to

Remembering and understanding is mainly concentrated in Area I and Area II. These two areas contain the general ethics, professional responsibilities and business law knowledge that is required for newly licensed CPAs and is tested at the lower end of the skill level continuum.
• Application and analysis skills are primarily tested in Areas III, IV and V. These three areas contain more of the day-to-day tasks that newly licensed CPAs are expected to perform and therefore are tested at the higher end of the skill level continuum.
The representative tasks combine both the applicable content knowledge and the skills required in the context of the work that a newly licensed CPA would reasonably be expected to perform. The REG section does not test any content at the Evaluation skill level as newly licensed CPAs are not expected to demonstrate that level of skill in regards to the REG content.
1. Regulations
governing
practice
before the Internal Revenue Service
Recall the regulations governing practice before the Internal Revenue Service.
Apply the regulations governing practice before the Internal Revenue Service given a specific scenario.
2. Internal Revenue
Code and
Regulations
related
to tax return
preparers
Recall who is a tax return preparer.
Recall situations that would result in federal tax return preparer penalties.
Apply potential federal tax return preparer penalties given a specific scenario.
B. Licensing and disciplinary systems
Understand and explain the role and authority of state boards of accountancy.
C. Federal tax procedures
1. Audits, appeals
and judicial
process
Explain the audit and appeals process as it relates to federal tax matters.
Explain the different levels of the judicial process as they relate to federal tax matters.
Identify options available to a taxpayer within the audit and appeals process given a specific
scenario.
Identify options available to a taxpayer within the judicial process given a specific scenario.

2. Substantiation
and disclosure
of tax positions
Summarize the requirements for the appropriate disclosure of a federal tax return
position.
Identify situations in which disclosure of federal tax return positions is required.
Identify whether substantiation is sufficient given a specific scenario.
3. Taxpayer penalties Recall situations that would result in taxpayer penalties relating to federal tax returns.
Calculate taxpayer penalties relating to federal tax returns.
4. Authoritative
hierarchy
Recall the appropriate hierarchy of authority for federal tax purposes.
D. Legal duties and responsibilities
1. Common law
duties and
liabilities to
clients and third
parties
Summarize the tax return preparers common law duties and liabilities to clients and
third parties.
Identify situations which result in violations of the tax return preparers common law duties
and liabilities to clients and third parties.
2. Privileged
communications,
confidentiality
and privacy acts
Summarize the rules regarding privileged communications as they relate to tax practice.
Identify situations in which communications regarding tax practice are considered
privileged.

1. Authority of agents
and principals Recall the types of agent authority.
Identify whether an agency relationship exists given a specific scenario.
2. Duties and
liabilities of agents
and principals
Explain the various duties and liabilities of agents and principals.
Identify the duty or liability of an agent or principal given a specific scenario.
B. Contracts
1. Formation Summarize the elements of contract formation between parties.
Identify whether a valid contract was formed given a specific scenario.
Identify different types of contracts (e.g., written, verbal, unilateral, express and implied)
given a specific scenario.
2. Performance Explain the rules related to the fulfillment of performance obligations necessary for an
executed contract.
Identify whether both parties to a contract have fulfilled their performance obligation given
a specific scenario.

3. Discharge, breach
and remedies
Explain the different ways in which a contract can be discharged (e.g., performance,
agreement and operation of the law).
Summarize the different remedies available to a party for breach of contract.
Identify situations involving breach of contract.
Identify whether a contract has been discharged given a specific scenario.
Identify the remedy available to a party for breach of contract given a specific scenario.
C. Debtor-creditor relationships
1. Rights, duties
and liabilities of
debtors,
creditors
and guarantors
Explain the rights, duties and liabilities of debtors, creditors and guarantors.
Identify rights, duties or liabilities of debtors, creditors or guarantors given a specific
scenario.
2. Bankruptcy and
insolvency
Explain the rights of the debtors and the creditors in bankruptcy and insolvency.
Summarize the rules related to the different types of bankruptcy.
Explain discharge of indebtedness in bankruptcy.
Identify the rights of the debtors and the creditors in bankruptcy and insolvency given a
specific scenario.
Identify the type of bankruptcy described in a specific scenario.
3. Secured
transactions
Explain how property can serve as collateral in secured transactions.
Summarize the priority rules of secured transactions.
Explain the requirements needed to create and perfect a security interest.
Identify the prioritized ordering of perfected security interests given a specific scenario.
Identify whether a creditor has created and perfected a security interest given a
specific scenario.
D. Government regulation of business
1. Federal securities
regulation
Summarize the various securities laws and regulations that affect corporate governance
with respect to the federal Securities Act of 1933 and federal Securities Exchange Act
of 1934.
Identify violations of the various securities laws and regulations that affect corporate
governance with respect to the federal Securities Act of 1933 and federal Securities
Exchange Act of 1934.
2. Other federal
laws and
regulations
(e.g., employment
tax, qualified health
plans and worker
classification)
Summarize federal laws and regulations, for example, employment tax, qualified health plans
and worker classification federal laws and regulations.
Identify violations of federal laws and regulations, for example, employment tax, qualified
health plans and worker classification federal laws and regulations.
1. Selection and
formation of
business entity
and related
operation
and termination
Summarize the processes for formation and termination of various business entities.
Summarize the non-tax operational features for various business entities.
Identify the type of business entity that is best described by a given set of
nontax-related characteristics.
2. Rights, duties,
legal obligations
and authority
of owners and
management
Summarize the rights, duties, legal obligations and authority of owners and management.
Identify the rights, duties, legal obligations or authorities of owners or management given a
specific scenario.
1. Basis and holding
period of assets
Calculate the tax basis of an asset.
Determine the holding period of a disposed asset for classification of tax gain or loss.
2. Taxable and
nontaxable
dispositions
Calculate the realized and recognized gain or loss on the disposition of assets for federal income
tax purposes.
Calculate the realized gain, recognized gain and deferred gain on like-kind property exchange
transactions for federal income tax purposes.
Analyze asset sale and exchange transactions to determine whether they are taxable or
nontaxable.
3. Amount and
character of gains
and losses, and
netting process
(including
installment sales)
Calculate the amount of capital gains and losses for federal income tax purposes.
Calculate the amount of ordinary income and loss for federal income tax purposes.
Calculate the amount of gain on an installment sale for federal income tax purposes.
Review asset transactions to determine the character (capital vs. ordinary) of the gain or
loss for federal income tax purposes.
Analyze an agreement of sale of an asset to determine whether it qualifies for installment
sale treatment for federal income tax purposes.
4. Related party
transactions
(including imputed
interest)
Recall related parties for federal income tax purposes.
Recall the impact of related party ownership percentages on acquisition and disposition
transactions of property for federal income tax purposes.
Calculate the direct and indirect ownership percentages of corporation stock or partnership
interests to determine whether there are related parties for federal income tax purposes.
Calculate a taxpayers basis in an asset that was disposed of at a loss to the taxpayer by a
related party.
Calculate a taxpayers gain or loss on a subsequent disposition of an asset to an unrelated
third party that was previously disposed of at a loss to the taxpayer by a related party.
Calculate the impact of imputed interest on related party transactions for federal
tax purposes.
B. Cost recovery (depreciation, depletion and amortization)
Calculate tax depreciation for tangible business property and tax amortization of intangible
assets.
Calculate depletion for federal income tax purposes.
Compare the tax benefits of the different expensing options for tax depreciation for federal
income tax purposes.
Reconcile the activity in the beginning and ending accumulated tax depreciation account.
1. Transfers subject
to gift tax Recall transfers of property subject to federal gift tax.
Recall whether federal Form 709 — United States Gift (and Generation-Skipping Transfer)
Tax Return is required to be filed.
Calculate the amount and classification of a gift for federal gift tax purposes.
Calculate the amount of a gift subject to federal gift tax.
2. Gift tax annual
exclusion and gift
tax deductions
Recall allowable gift tax deductions and exclusions for federal gift tax purposes.
Recall situations involving the gift tax annual exclusion, gift-splitting and the impact on
the use of the lifetime exclusion amount for federal gift tax purposes.
Compute the amount of taxable gifts for federal gift tax purposes.
3. Determination
of taxable estate
Recall assets includible in a decedents gross estate for federal estate tax purposes.
Recall allowable estate tax deductions for federal estate tax purposes.
Calculate the taxable estate for federal estate tax purposes.
Calculate the gross estate for federal estate tax purposes.
Calculate the allowable estate tax deductions for federal estate tax purposes
Calculate the amounts that should be included in, or excluded from, an individuals gross
income as reported on federal Form 1040 — U.S. Individual Income Tax Return.
Analyze projected income for use in tax planning in future years.
Analyze client-provided documentation to determine the appropriate amount of gross
income to be reported on federal Form 1040 — U.S. Individual Income Tax Return.
B. Reporting of items from pass-through entities
Prepare federal Form 1040 — U.S. Individual Income Tax Return based on the information
provided on Schedule K-1.
C. Adjustments and deductions to arrive at adjusted gross income and taxable income
Calculate the amount of adjustments and deductions to arrive at adjusted gross income
and taxable income on federal Form 1040 — U.S. Individual Income Tax Return.
Calculate the qualifying business income (QBI) deduction for federal income tax purposes.
Analyze client-provided documentation to determine the validity of the deductions
taken to arrive at adjusted gross income or taxable income on federal Form 1040 — U.S.
Individual Income Tax Return.
D. Passive activity losses (excluding foreign tax credit implications)
Recall passive activities for federal income tax purposes.
Calculate net passive activity gains and losses for federal income tax purposes.
Prepare a loss carryforward schedule for passive activities for federal income tax purposes.
Calculate utilization of suspended losses on the disposition of a passive activity for
federal income tax purposes.
Uniform CPA Examination Blueprints: Regulation (REG) REG16
Regulation (REG)
Area IV – Federal Taxation of Individuals



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AICPA Regulation outline

New PPP information issued with the aid of SBA, Treasury | CPA-REG Real exam Questions and Dumps

The U.S. Small enterprise Administration (SBA) and Treasury issued counsel Wednesday night for the reconstituted Paycheck insurance policy software (PPP).

The assistance blanketed two period in-between last guidelines (IFRs).

  • The 82-web page IFR “enterprise personal loan program transient changes; Paycheck insurance policy application as Amended” consolidates the rules for PPP forgivable loans for first-time borrowers and descriptions changes made with the aid of the financial support to challenging-Hit Small organizations, Nonprofits, and Venues Act, P.L. 116-260.
  • The 42-page IFR “company mortgage software transient alterations; Paycheck insurance plan program 2d Draw Loans” lays out the guidelines for brand new PPP loans to groups that in the past obtained a PPP loan.
  • furthermore, the SBA launched a three-web page “advice on gaining access to Capital for Minority, Underserved, Veteran and women-Owned business concerns.” That tips includes a commitment from the SBA to make at the least the primary two days of the PPP software window open completely to applications from neighborhood fiscal associations that serve minority- and girls-owned corporations.

    The SBA and Treasury announced Friday that the brand new PPP will re-open the week of Jan. eleven with group monetary institutions completely allowed to make first-draw PPP loans on beginning Jan. 11 and second-draw PPP loans starting Jan. 13. The PPP will open to all participating lenders at an unspecified date shortly thereafter and continue to be open through March 31.

    Erik Asgeirsson, CEO of the AICPA’s business subsidiary, CPA.com, stated Wednesday afternoon in an AICPA city hall that new types for PPP are expected to be launched this week and that the SBA might birth receiving applications as early as Monday.

    Congress revived the PPP as a part of the $900 billion COVID-19 relief bill that changed into signed into legislations on Dec. 27. The customary PPP supplied $525 billion in forgivable loans over 5 months earlier than it stopped accepting purposes in August. the new PPP has $284.5 billion purchasable, together with $35 billion for first-time loans.

    The economic assist Act rebooted the PPP with many of the identical parameters because the first application however also several critical modifications from the customary PPP.

    2nd-draw PPP loans

    one of the most biggest adjustments with the brand new PPP is that Congress made funding purchasable to agencies that had up to now obtained a PPP loan. borrowers are eligible for a second-draw PPP mortgage of up to $2 million, supplied they have got:

  • 300 or fewer employees.
  • Used or will use the complete quantity of their first PPP loan on or before the expected date for the second PPP mortgage to be disbursed to the borrower. The IFR also clarifies that the borrower need to have spent the complete volume of the primary PPP mortgage on eligible expenses.
  • skilled a income reduction of 25% or extra in all or a part of 2020 in comparison with all or a part of 2019. here's calculated by way of evaluating gross receipts in any 2020 quarter with an relevant quarter in 2019, or, in a provision delivered within the IFR, a borrower that became in operation for all 4 quarters of 2019 can publish copies of its annual tax types that exhibit a discount in annual receipts of 25% or better in 2020 in comparison with 2019.
  • The financial assist Act did not supply a typical definition of gross receipts for settling on a borrower’s profits discount, so the brand new suggestions makes the definition in step with the definition of receipts in 13 C.F.R. part 121.104 of SBA’s dimension rules. especially, the IFR defines gross receipts to include all revenue in something kind bought or accrued (in line with the entity’s accounting formulation) from whatever thing supply, including from the income of items or capabilities, interest, dividends, rents, royalties, prices, or commissions, decreased through returns and allowances. Forgiven first-draw PPP loans are not covered in the 2020 gross receipts.

    First-draw PPP loans

    The economic help Act makes first-draw PPP loans available to borrowers that had been in operation on Feb. 15, 2020, and come from one among the following groups:

  • organizations with 500 or fewer employees that are eligible for different SBA 7(a) loans.
  • Sole vendors, impartial contractors, and eligible self-employed individuals.
  • not-for-earnings, together with church buildings.
  • lodging and meals capabilities operations (those with North American trade Classification system (NAICS) codes starting with seventy two) with fewer than 500 personnel per physical place.
  • Sec. 501(c)(6) business leagues, corresponding to chambers of commerce, visitors’ bureaus, etc., and “vacation spot marketing agencies” that have 300 or fewer employees and do not get hold of more than 15% of receipts from lobbying. The lobbying actions must incorporate no greater than 15% of the organization’s complete actions and have can charge no more than $1 million all over probably the most fresh tax yr that ended earlier than Feb. 15. 2020. activities leagues aren't eligible.
  • news agencies which are majority-owned or managed with the aid of an NAICS code 511110 or 5151 company or no longer-for-profit public broadcasting entities with a exchange or company below NAICS code 511110 or 5151. The dimension limit for this category isn't any greater than 500 employees per vicinity.
  • In a transformation from the original PPP, publicly traded agencies and companies managed, either at once or in some way, by the president, vice chairman, head of executive departments, and participants of Congress (or their spouses as defined via applicable general legislation) aren't eligible for PPP loans.

    PPP applicants should submit documentation satisfactory to set up eligibility and to exhibit the qualifying payroll volume, which can also encompass, as applicable, payroll data; payroll tax filings; kind 1099-MISC, Miscellaneous earnings; kind 1040, agenda C, earnings or Loss From business, or schedule F, earnings or Loss From Farming; earnings and costs from a sole proprietorship; or financial institution information.

    PPP mortgage highest quantities

    In customary, first- and second-time PPP borrowers may also receive a mortgage amount of as much as 2.5 times their standard month-to-month payroll fees (with a cap per worker of $a hundred,000 annualized) in 2019, 2020, or the 12 months just before the personal loan. PPP borrowers with NAICS codes starting with seventy two (such as inns and restaurants) can receive up to 3.5 instances their ordinary monthly payroll charges on second-draw loans.

    The maximum for a first-draw PPP mortgage is $10 million, the equal as in the normal PPP. candidates need to deliver a form 941, employer’s Quarterly Federal Tax Return, (or different forms with identical assistance) and state quarterly wage unemployment coverage tax reporting forms from every quarter in 2019 or 2020 (whichever is used to calculate the mortgage volume), or equivalent payroll processor statistics, together with evidence of any retirement and health insurance contributions.

    Eligible prices

    PPP debtors can have their first- and second-draw loans forgiven if the dollars are used on eligible costs. As with the primary circular of the PPP, the charges eligible for personal loan forgiveness within the revised PPP encompass payroll, employ, coated personal loan hobby, and utilities. additionally, right here fees are now eligible:

  • coated worker insurance policy and facility change fees, including very own protective gadget, to conform to COVID-19 federal health and protection instructions.
  • covered property harm costs concerning property harm and vandalism or looting due to public disturbances in 2020 that had been not lined by using insurance or different compensation.
  • fees to suppliers that are standard on the time of buy to the recipient’s latest operations.
  • covered operating costs, which check with funds for any enterprise utility or cloud computing service that helps company operations; product or service start; the processing, charge, or tracking of payroll costs; human supplies; earnings and billing services; or accounting or monitoring of components, stock, facts, and charges.
  • To be eligible for full mortgage forgiveness, PPP debtors will ought to spend at the least 60% of the money on payroll over a covered period between eight or 24 weeks.

    Simplified forgiveness

    debtors that receive a PPP mortgage of $a hundred and fifty,000 or less shall acquire forgiveness if the borrower signals and submits to the lender a certification that isn't multiple web page in length, contains an outline of the number of employees the borrower became in a position to continue on account of the mortgage, the estimated total volume of the personal loan spent on payroll fees, and the full mortgage volume. The SBA has yet to create the simplified software form however have to achieve this by Jan. 20. The kind may additionally now not require further substances until imperative to substantiate income loss requirements or satisfy relevant statutory or regulatory requirements. borrowers are required to keep crucial statistics concerning employment for four years and different statistics for 3 years, as the SBA might also assessment and audit these loans to examine for fraud.

    Minority, underserved, veteran, and women-owned corporations

    The economic support Act provided set-asides for brand spanking new and smaller debtors, for borrowers in low- and average-earnings communities, and for neighborhood and smaller lenders. The set-asides include:

  • $15 billion throughout first- and 2nd-draw PPP loans for lending by means of community fiscal institutions;
  • $15 billion throughout first- and 2nd-draw PPP loans for lending through insured depository associations, credit unions, and Farm credit device associations with consolidated belongings of below $10 billion;
  • $35 billion for brand new first-draw PPP debtors; and
  • $15 billion and $25 billion for first-draw and 2nd-draw PPP loans, respectively, for debtors with a optimum of 10 employees or for loans of less than $250,000 to borrowers in low- or reasonable-profits neighborhoods. The SBA has decided that at least 25% of each of those set-asides will go to every probably the most corporations: loans to debtors with a highest of 10 employees and loans of lower than $250,000 to debtors in low- or average-earnings neighborhoods.
  • The SBA announced in its three-web page suggestions that it might take a number of steps to be certain elevated entry to the PPP for minority, underserved, veteran, and ladies-owned enterprise concerns. Most peculiarly, the SBA noted it is going to settle for PPP loan purposes best from neighborhood financial associations for at the least the first two days when the PPP mortgage portal reopens. moreover, the SBA pointed out it would:

  • Direct Lender fit borrower inquiries to small lenders that can support traditionally underserved communities;
  • fit small companies via Lender in shape with certified construction agencies (CDCs), Farm credit system lenders, microloan intermediaries, and standard smaller asset dimension lenders;
  • proceed atmosphere apart dedicated hours to procedure and assist the smallest PPP lenders with their PPP loans;
  • proceed to strongly motivate group construction monetary associations and minority-, ladies-, veteran-, and military-owned lenders to apply to become PPP lenders. SBA spoke of it might supply full and on the spot consideration to these purposes to become PPP lenders according to program instructions, together with in cases where the lender doesn't meet the entire requirements listed on the updated SBA form 3507;
  • continue to work with the Board of Governors of the Federal Reserve system on the PPP Liquidity Facility to allow PPP lenders, together with nonbank lenders, to pledge PPP loans to the Federal Reserve as collateral for Federal Reserve borrowings to increase lender liquidity and enable PPP lenders to extend their lending capability;
  • Promote focus of these policies and techniques by means of usual media strategies, SBA social media bills, and assistance to lenders before the formal opening of the SBA’s mortgage methods;
  • continue to work with federal partners. together with the department of Agriculture, the Federal Reserve, the Federal Deposit assurance business enterprise, the workplace of the Comptroller of the foreign money, the Farm credit Administration, and the national credit Union Administration, to share the guidance with PPP lenders, borrowers, and the broader public.
  • AICPA certified focus on the latest on the PPP and other small enterprise help programs during a biweekly virtual town hall. The webcasts, which supply CPE credit, are free to AICPA contributors. Go to the AICPA city hall collection webpage for greater information and to register.

    The AICPA’s Paycheck protection software elements page residences components and equipment produced by way of the AICPA to support handle the financial have an impact on of the coronavirus.

    For greater news and reporting on the coronavirus and the way CPAs can deal with challenges involving the pandemic, discuss with the JofA’s coronavirus resources page or subscribe to their electronic mail signals for breaking PPP news.

    — Jeff Drew (Jeff.Drew@aicpa-cima.com) is a JofA senior editor.


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