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IRS announced on Monday, June 29 that the July 15 tax filing deadline will not be postponed

June 30, 2020

The Department of the Treasury and the Internal Revenue Service (IRS) announced on Monday, June 29 that the 2019 tax filing deadline will not be postponed. The deadline remains July 15, 2020. Additionally, individual taxpayers who cannot meet the July 15 due date can request an automatic extension of time to file until October 15.

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FASB limits delay of revenue recognition and leasing standards for private companies and nonprofits

June 3, 2020

On June 3, 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that grants a one-year effective date delay for certain companies and organizations applying the revenue recognition and leases guidance. The ASU permits private companies and nonprofit organizations that have not yet issued financial statements adopting the revenue recognition standard

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