Paycheck Protection Program (PPP) loans and the start of tax season are two topics squarely on the minds of CPAs these days. This episode analyzes the Jan. 25 update by the U.S. Small Business Administration (SBA) about processing second-draw loan applications and looks at what recent IRS announcements mean for tax season. Kari Hipsak, CPA, CGMA, a senior manager at the Association of International Certified Professional Accountants, and Alistair Nevius, J.D., the JofA’s editor-in-chief, tax, are the guests for this quick look at recent news that affects the accounting profession.

What you’ll learn from this episode:

• Why PPP loan applicants should be patient and vigilant.
• The practical applications of the SBA’s recent update.
• A preview of the JofA’s February print issue.
• What the announced date that the IRS begins accepting tax returns means for practitioners and filers.
• Effects of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, on tax season.