News

This month’s update includes information on Arizona’s state revenue projections, an update on the Arizona State Board of Accountancy and its Advisory Committees, an article about the AICPA’s letter to Congress and a PAC update.

The AICPA, on behalf of the accounting profession, continues to encourage Congress to not delay in finding bipartisan consensus on additional relief and recovery legislation, and to include provisions that reflect the true and immediate need of small businesses. In a letter sent on July 20 to Congressional leaders, the profession called for a focus on small business’ and the American workforce’s urgent need for fast, simple solutions that drive economic recovery.

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This month’s update includes information on the Arizona House and Senate; legislation impacting the CPA profession; a Board of Accountancy update, including volunteer opportunities; and a PAC update.

This month’s update includes information on the Arizona Legislature’s attempts to adjourn session, tax implications of forgiven PPP loans, letters sent to Arizona’s Congressional delegation, an overview of the governor’s executive orders and the monthly State Board of Accountancy meeting.

Any size and type of business can have a liquidity crisis. Liquidity can be defined as the ability of a business to pay its current financial obligations, which requires converting assets, such as, accounts receivable, inventory or services provided into cash as quickly as possible. Cash is the most liquid of all assets and is used to pay current financial obligations and purchase capital assets.

This month’s update includes information about ASCPA’s COVID-19 Resource Center, an update on the legislature, an overview of the governor’s executive orders, the cancellation of this month’s State Board of Accountancy meeting and a PAC update.

This month’s update includes an information from this month’s Board of Accountancy meeting, legislation impacting the State Board of Accountancy and a rule change, Department of Revenue Director confirmation, income tax conformity legislation, the adjournment of Arizona legislature, political fundraisers and a PAC update.

The world’s economic outlook, political environment, and social atmosphere are much different today than they were just a few weeks ago. Inevitably, some of these changes will take longer to overcome and others may never be the same. While no one could have clearly predicted a deadly virus outbreak, signs for an upcoming economic plateau, or even another recession, were inevitably on the horizon, even before coronavirus. Whether it’s the recent Great Recession, the early 2000s dot-com boom and subsequent bust, the Great Depression of the 1930s, or even a global pandemic such as COVID-19, successful companies should understand the imperative need to prepare for the worst and plan for the best.

On March 26, Governor Ducey issued Executive Order 2020-17, which requires non-medical licensing boards to defer renewals for licenses expiring between March 1 and September 1, 2020, unless the requirements can be completed online. The executive order also includes language regarding continuing education deferral and suspension of rules limiting online or alternative learning.