Accounting News

1. 10 takeaways on the PPP loan forgiveness application

   The SBA’s form clarifies some issues, but still leaves questions to be answered.

2. New regs ease reporting for some tax-exempts

   Opponents like Sen. Ron Wyden claims the rules are politically motivated.

3. IRS proposes new rules for retirement and annuity payments

   The Internal Revenue Service and the Treasury Department issued proposed regulations Wednesday to update the income tax withholding rules for periodic retirement and annuity payments made after Dec. 31, 2020.

4. IIRC proposes revisions to reporting framework and names new chair

   The council has opened a 90-day consultation period on proposed revisions to its International Integrated Reporting Framework, and named Conor Kehoe as its new chair.

5. Xero fast-tracks new cash flow features to help COVID-affected businesses

   The software company has also debuted a new monthly revenue feature for accountants.