Accounting for the CARES Act

Accounting lecturer Lisa Nash believes providing students relevant coursework and real-life application is of critical importance. It is no surprise that soon after the CARES Act was passed, she modified her classroom assignments in line with current topics.

In late March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. The more than $2 trillion economic relief package provided direct Economic Impact Payments to Americans as well as assistance for businesses and state and local governments. The CARES Act impacts not only business accounting today, but also taxes and returns to be processed in 2021.

Nash’s students were given the option to report on any of the elements of the CARES Act as well as how it offers economic relief and how businesses and Americans obtain that relief.

“As accountants, our graduates should understand when these rapid changes are provided by Congress, businesses and individuals look to their accountants and financial professionals for advice and information to obtain the funding,” said Nash. “Students must be prepared to research and determine how to best serve clients with any information that they may need to succeed.”