The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Find guidance about this unique program from the Small Business Association, including a Paycheck Protection Program Information Sheet >
Recent ASCPA News
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New law extends COVID tax credit for employers who keep workers on payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. -
Governor Ivey Extends Safer at Home Order
Governor Kay Ivey on Thursday issued her twenty-second supplemental emergency proclamation extending the Safer at Home Order that includes a statewide mask requirement. Individuals will be required to wear a mask or other facial covering when in public and in close contact with other people, as described in the order. This order extends until Friday, March 5, 2021 at 5:00 p.m. -
SBA and Treasury PPP Guidance Issued Subsequent to the Economic Aid Act
The guidance and forms issued by the SBA and Treasury are integral to understanding PPP. Please review the authoritative resources linked here to help you answer questions you have about the program. -
Summary of Paycheck Protection Program (PPP) after enactment of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the Act) became law as a part of the Consolidated Appropriations Act, 2021. The Act provides $284.5 billion of additional funding for the Paycheck Protection Program (PPP) through the U. S. Small Business Administration (SBA). The following is a review of key provisions of the PPP after enactment of this legislation. -
IRS Operations During COVID-19: Mission-critical functions continue
The IRS is open & processing mail, tax returns, payments, refunds, and correspondence. Here's guidance on the IRS' mission critical functions during the pandemic. -
PPP calculations guidance released
The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists the documents borrowers must provide to support each set of calculations -
2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic
The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. -
Millions of taxpayers will receive their second Economic Impact Payments by debit card
The Treasury Department and the IRS are issuing millions of second Economic Impact Payments by prepaid debit card to speed delivery of the payments to as many people as possible. -
Guidance issued for PPP first-draw loan increases, reapplications
The U.S. Small Business Administration (SBA) released procedural guidance that details the requirements for Paycheck Protection Program (PPP) borrowers to reapply for a PPP loan or request an increase to a PPP loan. -
What We’re Learning About Second Draw Paycheck Protection Loans and Other Implementation of Recent Legislative Action
According to an SBA news release issued January 8, 2021, the PPP will re-open the week of January 11. Only community financial institutions will be able to make new PPP loans on January 11 and second draw PPP loans on January 13. Shortly thereafter, all participating lenders will be able to make loans. -
PPP application dates announced
The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced. -
Treasury issues millions of second Economic Impact Payments by debit card
Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card. -
Eligible Paycheck Protection Program expenses now deductible
The Treasury Department and the Internal Revenue Service issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). -
IRS releases 2020 Progress Update; annual report details unprecedented year
The Internal Revenue Service released its 2020 annual report describing the agency's work delivering taxpayer service and compliance efforts during COVID-19 while spotlighting actions taken by IRS employees to help people during the challenging year. -
Economic Impact Payments on their way, visit IRS.gov instead of calling
The Internal Revenue Service urge people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov. -
February 1 is the deadline for employers to issue and file wage statements
Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. This is also the date Form W-2s are due to employees. -
Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans
The Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. -
Special Edition: AICPA Town Hall Covering PPP2
Erik Asgeirsson and Lisa Simpson have recorded a special edition AICPA Town Hall. They cover a breakdown of the bill, eligibility and tax deductibility, and steps firms can take to prepare. -
Key Alabama Income Tax considerations related to the CARES Act provisions for individuals & businesses
After the enactment of the CARES Act in March, the ASCPA State Tax Committee closely monitored the status of the ongoing efforts to alert the state’s legislative delegation to the critical need for a special legislative session during which several pandemic-related bills could be considered. -
COVID-19 relief bill addresses key PPP issues
The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. -
ALDOR Issues Guidance for Emergency Tax Relief Measures
In accordance with Governor Kay Ivey’s 21st Supplemental State of Emergency Proclamation, the Alabama Department of Revenue (ALDOR) has issued guidance for taxpayers and employers regarding the tax relief measures included in the Governor’s proclamation. This guidance can be accessed on ALDOR’s website at https://revenue.alabama.gov/wp-content/uploads/2020/12/201218_ProclamationGuidance.pdf. -
AICPA discusses PPP2 in the latest town hall meeting
Thursday, December 17th, the AICPA discussed another round of COVID-19 relief for taxpayers--PPP2. Learn more about what to expect in the second wave of relief. -
Get Ready for Taxes: Stay home and stay safe with IRS online tools
The Internal Revenue Service encourages taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021. -
Initial Observations to CARES Act Provisions layered with Governor Ivey’s Proclamation
The summary brings forth questions and concerns raised by the ASCPA Tax Committee to the Alabama Department of Revenue. We await responses from the ADOR to the highlighted questions and will send members that update as soon as it is received. -
HILL TAX BRIEFING: Bipartisan Group Floats Route to Aid Deal
A bipartisan group of lawmakers yesterday offered details of $908 billion Covid-19 relief plan, split into two parts, a signal of the deep divides that remain over some issues. -
Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions
Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. -
Governor Ivey Signs Emergency Proclamation to Address Tax and Economic Development Issues Delayed Due to COVID-19 Pandemic
Governor Kay Ivey on Friday signed a supplemental emergency proclamation to address tax and economic development issues that were delayed in the Alabama Legislature’s 2020 Regular Session due to the COVID-19 pandemic. -
ALDOR Updating Instructions and Guidance for Certain Returns
In accordance with Governor Kay Ivey’s 21st Supplemental State of Emergency Proclamation, the Alabama Department of Revenue is updating instructions and guidance for its 2020 returns for income tax and Financial Institution Excise Tax to implement the tax relief measures included in the proclamation related to federal CARES Act stimulus payments and PPP loan forgiveness. -
Surprise Proclamation Exempting CARES Act Benefits and Extending Sunset Dates on Two Major Tax Incentives
In a bold move, Governor Kay Ivey late this morning issued a ground-breaking Proclamation that would exempt from Alabama income and financial institution excise tax certain CARES Act benefits and would extend the sunset (expiration) date of two of our major industrial tax incentives. -
IRS: Volunteers needed for free tax prep help
Safety and social distancing, along with virtual options, will be the emphasis now and for the upcoming tax season as the Internal Revenue Service seeks volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. -
Governor Ivey Extends Safer at Home Order
Governor Kay Ivey on Wednesday issued her twentieth supplemental emergency proclamation extending the Safer at Home Order that includes a statewide mask requirement. -
Internal control focus critical as a result of pandemic changes
For many organizations, the coronavirus pandemic has led to significant changes in day-to-day operations, working environments, and internal controls. -
IRS warns people about a COVID-related text message scam
The IRS and it's Security Summit partners are warning people to be aware of a new text message scam. The thief's goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment. -
AICPA and trade associations ask Congress to fix PPP loan deductibility
In a Dec. 3 letter addressed to the U.S. Senate majority and minority leaders and the leaders of the House of Representatives, several hundred national trade associations, including the AICPA, and many state and regional affiliates appealed to Congress to pass legislation this year reversing the IRS’s treatment of expenses paid by funds borrowed under the Paycheck Protection Program (PPP) that are ultimately forgiven. -
National Tax Security Awareness Week, Day 5: Security Summit alerts tax professionals to potential telework scams during COVID-19, urges all practitioners to use multi-factor authentication
The IRS, state tax agencies and the tax industry marked the final day of National Tax Security Awareness Week with a warning to all tax professionals that they face additional challenges from cybercriminals seeking to exploit COVID-19 fears. -
Expenses used for PPP loan forgiveness: Deductible or not?
The Paycheck Protection Program (PPP), created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, authorized loans to certain businesses affected by the COVID-19 pandemic. -
Governor Ivey Announces $200 Million Small Business Grant Program “Revive Plus”
Governor Kay Ivey on Wednesday announced Revive Plus, a $200 million grant program to support small businesses, non-profits and faith-based organizations in Alabama that have been impacted by COVID-19. -
Register by Nov. 21 to get an Economic Impact Payment; same deadline for federal beneficiaries to get missed $500 per child payments
The Internal Revenue Service today reminded people who don't normally file tax returns that they have until November 21 at 3 p.m. Eastern time to register for an Economic Impact Payment. -
Security Summit partners announce National Tax Security Awareness Week dates; urge increased security measures as fraudsters exploit COVID-19 concerns
The Internal Revenue Service, state tax agencies and the nation's tax industry today announced that the 5th Annual National Tax Security Awareness Week will take place between November 30 and December 4. -
Here’s who qualifies for the employee business expense deduction
Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. -
Self-supporting college students may qualify for an Economic Impact Payment
Any eligible self-supporting college student who doesn't need to file a tax return should register using the Non-Filers tool by 3:00 p.m. ET November 21 to receive an Economic Impact Payment before the end of this year. -
How the CARES Act changes deducting charitable contributions
Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that's personally meaningful to them, their charitable donations may be tax deductible. -
IRS reminder to non-filers: Nov. 10 is ‘National EIP Registration Day;’ Community partners can help people sign up for Economic Impact Payment
The Internal Revenue Service today urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, November 10. -
Governor Ivey extends mask order & lifts occupancy limits
Governor Ivey issues amended safer at home order. -
Many college students may still qualify for an Economic Impact Payment; review the guidelines and register by Nov. 21 at IRS.gov
he Internal Revenue Service (IRS) today urged any eligible self-supporting college student who doesn't need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year. -
Security Summit partners warn taxpayers of new COVID-related text scam
The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. -
IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts
The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. -
Federal beneficiaries have more time to register for an Economic Impact Payment
Federal beneficiaries who got their Economic Impact Payment but didn't register to receive a $500 supplemental payment per qualifying child can still register for this additional payment using the Non-Filers: Enter Info Here tool before 3 p.m. Eastern November 21, 2020. -
Fed opens up Main Street loans to smaller businesses
The Federal Reserve Board on Friday announced changes designed to make Main Street Lending Program loans available to smaller businesses and not-for-profits. -
To help non-filers, IRS sets Nov. 10 as ‘National EIP Registration Day;’ Register at IRS.gov for Economic Impact Payment
The Internal Revenue Service today set November 10 as "National EIP Registration Day," as the agency and partners across the country launch a final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment. -
Charitable Contributions Under Federal Law IRC 170 as compared to CARES Act Section 2205
One of the relief provisions included in the CARES Act was the temporary suspension of the normal 60% of adjusted gross income limitation for cash contributions made to qualified charities during 2020. -
What happens after a disaster that leads to taxpayer relief
No matter how devastating a disaster is, before the IRS can authorize any tax relief, FEMA must issue a major disaster declaration and identify areas qualifying for their Individual Assistance program. Here's a list of tax-related things that usually happen after a major disaster strikes. -
Reviewing these disaster resources now can help taxpayers be more prepared later
No one can fully prepare for a disaster, but knowing what resources are available beforehand can make the recovery a little easier. -
SBA settles confusion over PPP forgiveness application due date
The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. -
Climate risk and business resilience: How the profession can help
Just as our profession has been leading a path through pandemic-driven disruption by focusing on business continuity and resilience, the profession also has a crucial role to play in anticipating and mitigating the impact of climate risk. -
IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21
The deadline to register for an Economic Impact Payment using the Non-Filers tool is extended to November 21, 2020. -
PPP forgiveness simplified for loans of $50,000 or less
Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA). -
SBA clarifies deferral period for PPP loan payments
The US Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral. -
The Next Generation of Office Communication Tech
Most knowledge workers in 2020 are familiar with mixed reality tools like Zoom, Teams, and Slack that enable them to meet in virtual locations. But these experiences are just the tip of the iceberg of mixed reality offerings. -
Relief for IRS 10/15 tax filings
After discussions with the IRS regarding the upcoming 10/15 tax filing due date, we understand that the IRS is willing to work with taxpayers who need relief. -
People experiencing homelessness may qualify for an Economic Impact Payment
People experiencing homelessness may be eligible for a $1,200 Economic Impact Payment and $500 for each qualifying child under age 17. To get this payment, they must register with the IRS by Saturday, November 21, 2020. -
IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers
The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. This new date will provide an additional five weeks beyond the original deadline. -
Business owners should visit IRS.gov for help with tax actions when closing a business
Closing a business is always a difficult decision regardless of the circumstances. With this in mind, the IRS redesigned the closing a business page of IRS.gov to help business owners navigate the federal tax steps when closing a business. -
Governor Ivey Issues Amended Safer at Home Order
Gov. Kay Ivey announced an extension of her "Safer at Home" public health order on Wednesday, extending the statewide mask mandate until Nov. 8. Ivey also said hospitals and nursing homes will now be allowed to admit one visitor per resident or patient, a change from previous orders. -
Apply for an Absentee Ballot before Oct. 29, 2020
Anyone concerned about the spread of COVID-19 while voting is encouraged to apply for and cast an absentee ballot. -
Restore Your Sense of Control — Despite the Pandemic
Understanding how employees recover their sense of autonomy, and which employees may be better or worse equipped to recover promptly, is crucial for understanding the ongoing impact of Covid-19 on the workforce. -
Here’s how to get the status of an Economic Impact Payment
Eligible individuals can visit IRS.gov and use the Get My Payment tool to find out the status of their Economic Impact Payment. This tool will show if a payment has been issued and whether the payment was direct deposited or sent by mail. -
Deadlines to register for an Economic Impact Payment are just around the corner
Federal benefit recipients who don't normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, October 15 to register for their Economic Impact Payment. -
IRS highlights employer credits for businesses during Small Business Week
During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. -
PPP loan forgiveness: What CPAs should be doing now
In the six months since the Paycheck Protection Program (PPP) was created, the only certainty about the program has been uncertainty. -
Deadlines to register for an Economic Impact Payment are just around the corner
Federal benefit recipients who don't normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, October 15 to register for their Economic Impact Payment. -
The Oct. 15 deadline for extension filers is almost here
The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they're ready and don't have to wait until Thursday, Oct 15. -
IRS releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments
The IRS will sent a special mailing to people who typically aren't required to file federal income tax returns but may qualify for an Economic Impact Payment. The letter urges recipients to visit the special Non-Filers: Enter Payment Info Here tool on IRS.gov before the October 15 deadline to register for an Economic Impact Payment. -
Suggestions for members unable to meet tax-filing deadlines due to pandemic issues
With Sept. 15 tax filing deadlines looming, some tax practitioners have expressed concerns that they will not be able to meet those deadlines for a variety of reasons related to the global pandemic. -
People should have tax withheld from unemployment now to avoid a tax-time surprise
Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It's important for these individuals to know that unemployment compensation is taxable. -
$300M CARES fund transfer needed to lessen tax increase on businesses
Alabama state leaders are moving $300 million in federal CARES money to cover some unemployment benefit costs in an effort to avoid a significant increase in the tax paid by employers. -
E-signatures temporarily allowed on some tax forms
Taxpayers are encouraged to e-file forms this year, whenever possible, because of COVID-19. To protect the health of taxpayers and tax professionals, the IRS is temporarily allowing the use of digital signatures on some tax forms that can't be filed electronically. -
IRS highlights higher penalties for some tax returns filed after Sept. 14
The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14. -
Changes coming to distribution of state’s $1.9B CARES Act funds
State leaders this week are beginning the process of shifting some of the previously allocated $1.9 billion federal CARES Act money, the vast majority of which hasn’t yet been spent. -
IRS to mail special letter to estimated 9 million non-filers, urging them to claim Economic Impact Payment by Oct. 15 at IRS.gov
Later this month, the Internal Revenue Service will start mailing letters to roughly nine million Americans who typically don't file federal income tax returns who may be eligible for, but have not registered to claim, an Economic Impact Payment. -
5 strategies for investing in anti-fraud efforts
Finance departments can expect to incur expenses for these anti-fraud tools. -
Federal benefit recipients with children have more time to get the $500 Economic Impact Payment
The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran's benefits, but didn't receive $500 per child earlier this year when they received their own Economic Impact Payment. -
COVID-19 decisions create data dilemma for businesses
Businesses have struggled for years to control and track the movement of data throughout the organization. The COVID-19 pandemic has further exacerbated this issue. -
An Agile Approach to Budgeting for Uncertain Times
Companies have an opportunity to make a clean break this year, with the pandemic requiring a more agile approach. We have seen three things that work. -
AICPA Benevolent Fund and Disaster Recovery Resources
As we reach peak fire and hurricane season across the country (not to mention tornadoes, derechos and floods), here’s a reminder about the AICPA Benevolent Fund and disaster recovery resources. -
ASCPA Joins AICPA, COST in Letter Urging Congressional Support for State Tax Filing Relief for Remote Workers
The ASCPA has joined more than 120 employers and organizations across the nation in signing a letter to Congressional leaders urging them to support state tax filing and withholding relief for remote workers during the pandemic by enacting Section 403 of S.4318, the American Workers, Families and Employers Assistance Act, and a related measure, S.3995, the Remote and Mobile Worker Relief Act. -
IRS approves temporary use of e-signatures for certain forms
To protect the health of taxpayers and tax professionals, the Internal Revenue Service today announced it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. -
Governor Ivey Issues Extended Mask Mandate & Amended Statewide Order
Governor Kay Ivey on Thursday issued her seventeenth supplemental emergency proclamation containing an amended Safer at Home Order that includes a statewide mask requirement. Individuals will be required to wear a mask or other facial covering when in public and in close contact with other people, as described in the order. This amended order extends until Friday, October 2, 2020 at 5:00 p.m. -
Senator Todd Young provides up to date federal responses to pandemic
AICPA Town Hall on August 27, 2020 with guest Senator Todd Young -
New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs
The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule Monday addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. -
IRS: 50,000 spouses to get catch-up Economic Impact Payments
The Internal Revenue Service will soon send catch-up Economic Impact Payment checks to about 50,000 individuals whose portion of the EIP was diverted to pay their spouse's past-due child support. -
Deadline to file and pay heavy highway vehicle use tax is Aug. 31
The deadline to file and pay heavy highway vehicle use tax is Monday, August 31. All taxpayers who file Form 2290 are encouraged to do so electronically. Those with 25 or more taxed vehicles must e-file. All the information needed to file is on the Trucking Tax Center. -
As peak hurricane season nears, IRS reminds people to prepare for natural disasters
The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. -
IRS: Deadline to return distributions to retirement accounts is Aug. 31
The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes. -
Could the state tax virus relief money? Yes, but lawmakers want to change that.
Many Alabama families and businesses that received federal coronavirus relief funds will be taxed by the state if legislative action isn’t taken -
AICPA urges firms to schedule peer reviews as off-site deadline is extended
CPA firm peer reviews can continue to be held remotely without prior approval of the administering entity for system reviews commencing before June 30, 2021, as a result of a vote Thursday by the AICPA Peer Review Board (PRB) that extended the off-site waiver. -
IRS temporarily stops mailing notices to taxpayers with balances due
The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes. -
Implementing the payroll tax deferral
In this episode of Journal of Accountancy Podcast, Ed Karl, the AICPA’s vice president–Tax Policy & Advocacy, addresses questions the AICPA Tax Executive Committee has raised in official comments to Treasury and the IRS concerning President Donald Trump’s Aug. 8 memorandum ordering Treasury to defer the withholding, deposit, and payment of payroll taxes imposed by Sec. 3101(a) — better known as the employee portion of Social Security tax, currently 6.2% of covered wages and compensation — and a comparable rate of tax under Sec. 3201 — that’s the Railroad Retirement tax — for Sept. 1, 2020, through the end of the year. -
Payroll Tax Deferral Presidential Action: AICPA Addresses Questions, Need for Guidance
President Trump’s recent executive action will allow employees to defer certain payroll tax obligations. The AICPA wrote to the Treasury and the IRS for guidance on several key questions -
IRS takes new steps to ensure people with children receive $500 Economic Impact Payments
The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children. As part of that effort, the Internal Revenue Service announced today it will reopen the registration period for federal beneficiaries who didn't receive $500 per child payments earlier this year. -
AICPA requests guidance on payroll tax deferral
The AICPA on Wednesday sent a letter to Treasury and the IRS requesting guidance on the recent presidential memorandum deferring some employee payroll taxes until next year. -
New PPP guidance addresses health insurance, EIDL, other issues
Some questions on federal coronavirus measures were answered Tuesday in guidance issued by the U.S. Small Business Administration (SBA) and Treasury. -
Pandemic-related FAQs for health care entities
With assistance from a group of health care experts formed by the AICPA, an FAQ document has been developed to assist financial statement preparers and audit practitioners as they work through some of the challenges they are encountering amid the pandemic. -
Working Virtually: Avoid phishing scams; Part 4 of Security Summit tips for tax professionals
The Internal Revenue Service and the Security Summit partners today warned tax professionals to be alert to new phishing scams that try to take advantage of COVID-19, Economic Impact Payments and increased teleworking by practitioners. -
Good recordkeeping is an essential element of tax planning
Now is a good time for people to begin thinking about next year's tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again. -
Executive order delays workers’ payroll tax payments
President Donald Trump on Saturday issued an executive order to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020. -
Joint Board announces temporary waiver of ‘physical presence’ education requirement for enrolled actuaries
The Joint Board for the Enrollment of Actuaries today provided enrolled actuaries with notice that it is waiving the physical presence requirement for continuing professional education (CPE) credit for any formal programs conducted from January 1, 2020, through December 31, 2022. -
N-2020-61: Special Funding and Benefit Limitation Rules for Single-Employer Defined Benefit Pension Plans under the CARES Act
Notice 2020-61 provides guidance regarding the special rules relating to single-employer defined benefit pension plans under § 3608 of the CARES Act. -
Frequently Asked Questions on PPP Loan Forgiveness
The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing guidance, Frequently Asked Questions (FAQs) on PPP Loan Forgiveness, to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). -
Dirty Dozen part 1: Taxpayers should be on the lookout for these scams
All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive schemes related to COVID-19 relief, including Economic Impact Payments. -
Governor Ivey Announces $50 Million Grant Program for Nonprofit and Faith-Based Organizations
Governor Kay Ivey on Thursday announced a $50 million grant program to support nonprofit and faith-based organizations who have been financially impacted by the COVID-19 pandemic. -
IRS grants additional relief for rehabilitation credit deadlines
Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 (PDF) that provides additional relief to taxpayers in satisfying the substantial rehabilitation test. -
IRS issues final regulations and other guidance on business interest expense deduction limitation
The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. -
IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options. -
Governor Ivey Issues Amended Safer at Home Order
Today, Wednesday, July 29, 2020, Governor Kay Ivey announced that the statewide ordinance requiring masks has been extended to August 31, 2020. Visit the Governor's newsroom for resources for your businesses including--outlines of the changes & signs for your organization. -
Working Virtually: Use multi-factor authentication to protect accounts; Part 2 of Security Summit tips for tax professionals
With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts. -
IRS provides guidance on recapturing excess employment tax credits
The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. -
How to Create a Virtual Office: Two Big Ideas
Companies face a big question as they build their new remote cultures: Will technology replicate or redesign the traditional office? -
Attention teachers: Those school expenses might be tax deductible
School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. -
Pandemic teleworking causes state tax withholding issues
Determining the jurisdiction where an employee owes state and local taxes has become complicated as work arrangements have changed drastically during the pandemic. In addition to owing income taxes in an employee’s state of residency, without specific relief, the employee may also owe income taxes in any jurisdiction where they may have worked. -
ASCPA President & CEO Calls for Federal Relief
The Alabama Society of Certified Public Accountants (ASCPA) today announced that Jeannine Birmingham, President and CEO, along with 27 other state society CEOS, sent a letter to Congressional leadership urging them to pass legislation that would close a projected collective budget gap of $555 billion that states and local governments face in this fiscal year and the following two years. -
Working Virtually: Protect tax data at home and at work with the "Security Six"
With cyber thieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location. -
Treasury, IRS issue final and proposed regulations on income subject to a high rate of foreign tax
The Department of the Treasury and the Internal Revenue Service today issued a final regulation (PDF) addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax. -
Extension filers: Tax help is always available on IRS.gov
The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2019 federal tax returns is Thursday, October 15, 2020. -
What someone should do if they missed the July 15 deadline to file and pay
While the federal income tax-filing deadline has passed for most people, some taxpayers haven't filed their 2019 tax returns yet. If a taxpayer is entitled to a refund, there's no penalty for filing late. Penalties and interest began to accrue on any remaining unpaid tax due as of July 16, 2020. -
IRS advice for those who missed the July 15 deadline, file now to avoid bigger bill
For those who missed the July 15 tax deadline and didn't request an extension, the Internal Revenue Service reminds taxpayers about some important tips, including filing electronically as soon as possible to reduce potential penalties. -
IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law
The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. -
Security Summit focuses on tax pro security during coronavirus; new series on working virtually: protecting tax data at home and at work
The Internal Revenue Service and the Security Summit partners today urged tax professionals this summer to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location. -
IRS unveils "Dirty Dozen" list of tax scams for 2020; Americans urged to be vigilant to these threats during the pandemic and its aftermath
The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. -
How taxpayers can quickly and easily check their refund status
Taxpayers can use the Where's My Refund? tool to start checking on the status of refund 24 hours after the IRS acknowledges receipt of the taxpayer's e-filed tax return. Currently, the IRS is experiencing delays in processing paper tax returns due to limited staffing as a result of COVID-19. -
IRS debunks tax refund myths
With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued. -
N-2020-56: Additional Relief with Respect to Deadlines under Section 501(r)(3) Applicable to Hospital Organizations Affected by the Ongoing Coronavirus Disease 2019 Pandemic
Notice 2020-56 extends the deadline for conducting a CHNA and adopting an implementation strategy to meet the community health needs identified through the CHNA to December 31, 2020. -
IRS provides additional relief for tax-exempt hospitals: Deadline for completing certain needs assessment requirements moved to Dec. 31
Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements. -
Tax returns are due today; taxpayers who can’t pay should still file today
Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. Here are some tips for taxpayers who owe tax, but who can't immediately pay their tax bill. -
‘Where’s My Refund?’ tool on IRS.gov takes guesswork out of when to expect refunds
The IRS reminds taxpayers that one of the best ways to check on their refund is the Where's My Refund? tool on the IRS website and the IRS2Go app. Updated once a day, usually overnight, this useful tool gives taxpayers a projected refund issuance date as soon as it is approved. -
IRS is sending letters to those experiencing a delay with advance payment of employer credits
The Internal Revenue Service has started sending letters to taxpayers who have experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19 (PDF). -
Special Report: Primary Election Run-offs & Updated Statewide Health Order
The Primary Election Runoffs for a U.S. Senate seat, Congressional District 1, Congressional District 2 and a seat on the Alabama Court of Criminal Appeals were held yesterday, July 14, 2020. Starting tomorrow, July 16, 2020, the Statewide Health Order will be updated to require people to wear a mask in public. -
IRS reminder: Taxpayers can get an extension to Oct. 15 to file taxes
The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return. -
IRS reminder: File and pay 2019 business taxes by July 15; 2020 estimated tax also due
The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15. -
Small Business Disaster Loan Enhancement Act
On July 2, Senators Brian Schatz (D- Hawaii) and Catherine Cortez-Masto (D-Nev.) introduced the Small Business Disaster Loan Enhancement Act of 2020 to boost funding and lower interest rates for the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program. -
Have an installment agreement or payment plan? Payments should resume starting July 15
The IRS reminds taxpayers who received tax relief as part of the People First Initiative and didn't make previously owed tax payments between March 25, 2020 and July 15, 2020 they will need to restart those payments to avoid penalties. -
ALDOR Encourages Taxpayers to Safely File Electronically
During this time of uncertainty, and following guidance from federal and state officials, the Alabama Department of Revenue (ALDOR) continues to encourage all taxpayers to conduct their business with ALDOR through their online services. -
IRS provides last-minute tips for last-minute filers
With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the IRS is reminding taxpayers who have yet to file their tax returns that IRS.gov has tools and services to help them meet their tax obligations. -
IRS gives tips on filing, paying electronically and checking refunds online; 2019 tax returns and payments due July 15
The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can't be paid in full. -
Taxpayers should file on time even if they can’t pay their full tax bill
Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due -
IRS.gov has answers about filing, paying and July 15 due date
As the July due date for filing a tax return draws closer, the Internal Revenue Service reminds taxpayers about the many resources available on IRS.gov. -
IRA contributions made by July 15 count as 2019 tax deduction
The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return. -
IRS payment options
Taxpayers have a variety of options to consider when paying federal taxes. This year, in response to the COVID-19 pandemic, the filing deadline and tax payment due date was postponed from April 15 to July 15, 2020. -
Taxpayers need to resume payments by July 15
The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments. -
IRS resources available in English, Spanish and other languages to help taxpayers still needing to file their 2019 tax returns
As the tax-filing deadline fast approaches, the Internal Revenue Service reminds taxpayers with limited English proficiency and who have yet to file their 2019 tax returns that there are a variety of ways to get help and information in languages other than English. -
Treasury, IRS issue guidance on reporting qualified sick and family leave wages paid
The Treasury Department and the Internal Revenue Service today provided guidance in Notice 2020-54 (PDF) to employers requiring them to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA) on Form W-2. -
N-2020-54: Guidance on Reporting Qualified Sick Leave Wages and Qualified Family Leave Wages Paid Pursuant to the Families First Coronavirus Response Act
Notice 2020-54 provides guidance to employers on the requirement to report the amount of qualified sick leave wages and qualified family leave wages paid to employees under the Families First Coronavirus Response. -
IRS reminds members of the U.S. Armed Forces of special tax breaks, helpful resources as the July 15 tax deadline approaches
The Internal Revenue Service today encouraged members of the military and their families to learn more about the special tax benefits available to them as the July 15 tax filing season deadline approaches. -
The postponed federal tax deadline applies to taxpayers living overseas
Taxpayers who live and work abroad have until Wednesday, July 15, 2020 to file and pay their 2019 federal income taxes. U.S. citizens and resident aliens generally have the same filing and payment requirements regardless of where they live. The July 15 postponed deadline also applies to nonresident aliens and foreign entities with a U.S. filing and payment requirement. -
Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file
The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. -
Trump signs 5-week PPP extension
President Donald Trump signed a bill Saturday re-opening the application window for the Paycheck Protection Program (PPP) until Aug. 8. -
SBA, Treasury release names of some PPP recipients
The U.S. Small Business Administration (SBA) and Treasury released the names of all organizations that received Paycheck Protection Program (PPP) forgivable loans of $150,000 or more. They also published data for recipients of PPP loans less than $150,000 but did not reveal the names and addresses of those businesses. -
Treasury Department and IRS issue guidance for consolidated groups regarding net operating losses
The Department of the Treasury and the Internal Revenue Service issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs). -
GASB issues pandemic-related accounting guidance
GASB issued guidance to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the coronavirus pandemic. -
AICPA offers $50K in COVID-19 grants to accounting students
The American Institute of CPAs is offering up to $50,000 in education grants to help undergraduate and graduate accounting students who been monetarily impacted by the ongoing COVID-19 pandemic. -
Deadline for estimated tax payments postponed until Wednesday, July 15
As part of its response to COVID-19, the IRS has postponed several tax deadlines until Wednesday, July 15, 2020. These postponements generally apply to all taxpayers with a filing or payment deadline between April 1 and July 15, 2020. -
Thirteenth Supplemental State of Emergency: Coronavirus (COVID-19)
Because person-to-person contact increases the risk of transmitting COVID-19, Governor Kay Ivey suggested specific remote-meeting procedures similar to section V of her fifth supplemental emergency proclamation dated April 2, 2020. -
Senate approves 5-week PPP extension
The U.S. Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP) on Tuesday night just a few hours before the application window on the program was scheduled to close. -
House joins Senate in approving 5-week PPP extension
The U.S. House of Representatives on Wednesday joined the Senate in passing by unanimous consent a five-week extension of the Paycheck Protection Program (PPP). -
IRS provides tax relief for the low-income housing credit and bonds for qualified residential rental projects
In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 (PDF) to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects. -
Notice 2020-52, requirements for mid-year amendment to a safe harbor 401(k) or 401(m)
Notice 2020-52 clarifies the requirements that apply to a mid-year amendment to a safe harbor 401(k) or 401(m) plan that reduces only contributions made on behalf of highly compensated employees. -
Here are reasons people should file a 2019 tax return; Economic Impact Payment, tax credits available for some
While many people are required to file a tax return, it's a good idea for everyone to determine if they should file. Some people with low income are not required to file but will need to do so to get a tax refund. -
PPP: Client forgiveness services Q&As for CPAs
The Paycheck Protection Program (PPP), created by the U.S. government to provide relief to small businesses and some other entities during the coronavirus pandemic, has been unique in the combination of urgency and uncertainty it has presented to CPAs and their clients -
Governor Ivey Issues amended Safer at Home Order extended to July 31, 2020
The governor and state health officer chose not to require face coverings statewide, Gov. Kay Ivey said, "I strongly encourage everyone to wear face masks when out in public. Personal responsibility means it is everybody’s responsibility." Several counties, Jefferson, Montgomery and Selma currently require face coverings in all public places, including businesses open to the general public and several counties, Mobile and Tuscaloosa, are contemplating the same decision. -
Additional signature requirement for Reporting Agents who sign/submit Forms 7200 on behalf of clients
There is a new requirement for Reporting Agents (RAs) who sign and submit Form 7200, Advance Payment of Employer Credits Due to COVID-19. -
PPP lender accounting issues addressed by new TQAs
Lender accounting issues related to the Paycheck Protection Program (PPP) are discussed in new Technical Questions and Answers (TQAs) issued Tuesday by the AICPA. -
Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available
IRS has easy ways to help taxpayers who need more time or payment options -
National Taxpayer Advocate Erin Collins delivers her first report to Congress; Identifies COVID-19 challenges, CARES Act, and Taxpayer First Act implementation as priority issues for taxpayers
National Taxpayer Advocate Erin M. Collins today released her first report to Congress, identifying taxpayer challenges arising from the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the IRS's implementation of the Taxpayer First Act as priority issues the Taxpayer Advocate Service (TAS) plans to focus on in the coming year. -
IRS releases new Data Book with redesigned, expanded format to provide more detailed view of service, compliance activities in FY 2019
The Internal Revenue Service today unveiled the 2019 IRS Data Book, featuring a redesigned format that provides a different and expanded look at IRS accomplishments during the past year. -
Keep Economic Impact Payment notice with other tax records
People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received. -
IRS extends July 15, other upcoming deadlines for tornado victims in parts of the South; Provides other relief
Victims of the April tornadoes, severe storms and flooding that took place in parts of Mississippi, Tennessee and South Carolina will have until October 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. -
IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
The Internal Revenue Service announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. -
N-2020-51: Guidance on Waiver of 2020 Required Minimum Distributions
Notice 2020-51 provides guidance relating to the waiver in 2020 of required minimum distributions (RMDs) from certain retirement plans and IRAs due to the amendment of § 401(a)(9) of the Internal Revenue Code by section 2203 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. -
Your peer review has been extended — now what?
The AICPA Peer Review Board (PRB) has granted CPA firms with original due dates between Jan. 1 and Sept. 30 a six-month peer review deadline delay option to provide them with relief during the coronavirus pandemic. If your firm was the beneficiary of this extension, you should have received an email from the peer review program. Be aware, though, that the delay is not a license to ignore peer review responsibilities. -
PPP recipients can apply early for loan forgiveness, SBA says
New Paycheck Protection Program (PPP) guidance released Monday night declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money. -
Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans
The Internal Revenue Service today released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. -
N-2020-50: Guidance for Coronavirus-Related Distributions and Loans from Retirement Plans Under the CARES Act
Notice 2020-50 provides guidance relating to the application of section 2202 of the CARES Act for qualified individuals and eligible retirement plans. -
Returning an Economic Impact Payment
Millions of eligible individuals have already received their Economic Impact Payments. Some people, including those who received a payment for a deceased individual, may be unsure whether they should return a payment. -
IRS outlines changes to health care spending available under CARES Act
The Internal Revenue Service has advised that new rules under the CARES Act provide flexibility for health care spending that may be helpful in the current environment where more people may need at-home services due to measures to fight the coronavirus. -
New PPP loan forgiveness applications released
The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). -
IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities
The Internal Revenue Service today alerted nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care. -
Important CPE Reporting Information from the ASBPA
The Alabama State Board of Public Accountancy understands that COVID-19 has changed much of how you are completing your CPE. The Board wants you to be aware of the following information regarding CPE. -
N-2020-46: Treatment of Amounts Paid to Section 170(c) Organizations under Employer Leave-Based Donation Programs to Aid Victims of the Coronavirus Disease (COVID-19) Pandemic
Notice 2020-46 provides guidance under the Internal Revenue Code on the federal income and employment tax treatment of cash payments made by employers under leave-based donation programs to aid victims of the ongoing Coronavirus Disease 2019 (COVID-19) pandemic as described in the notice. -
PPP provides a lifeline, but more may be needed
With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times. -
Treasury, IRS provide tax relief to investors and businesses affected by COVID-19 in new markets tax credit transactions
The Treasury Department and the Internal Revenue Service today provided tax relief for certain taxpayers affected by the COVID-19 pandemic involved in new markets tax credit transactions. -
IRS reminder: File now, choose direct deposit or schedule tax payments electronically before the July 15 deadline
As the July 15 tax-filing deadline − postponed from April 15 − draws near, the Internal Revenue Service is reminding all taxpayers who have yet to file their 2019 federal tax return to file electronically now, choose direct deposit for their refund, or pay any tax owed electronically. -
IRS provides guidance on employer leave-based donation programs that aid victims of the COVID-19 pandemic
The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. -
Who qualifies for which new employer tax credit?
Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals. Here's a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through December 31, 2020. -
IRS reminder: Deadline postponed to July 15 for those who pay estimated taxes
The Internal Revenue Service reminds taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15. This means that any individual or corporation that has a quarterly estimated tax payment due has until July 15 to make that payment without penalty. -
IRS warns against COVID-19 fraud; other financial schemes
The Internal Revenue Service today reminded taxpayers to guard against tax fraud and other related financial scams related to COVID-19. -
Fed expands Main Street Lending Program to more businesses
The Federal Reserve Board announced Monday revisions to the Main Street Lending Program that make it possible for more small and midsize businesses to receive financial support. -
Aon resources for workplace safety planning
CPA firms in some states are starting to consider how to best reopen their offices and return their employees to the workplace. Aon created a list of government and AICPA resources to guide you (and your clients) through that process. -
IRS provides answers about Coronavirus related tax relief for Qualified Opportunity Funds and investors
The Internal Revenue Service today provided guidance for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. -
Future-proofing the tax system with small businesses in mind
Life has quickly changed because of the COVID-19 pandemic. The responses from Congress, the Department of Treasury, IRS and Federal Reserve have been wide ranging. -
Answers to tax questions are just a few clicks away on IRS.gov
There are many easy-to-use tools on available on IRS.gov. Even better, they are available 24 hours a day. These tools help people file and pay taxes, find information about their account and get answers to tax questions. -
IRS provides relief to retirement plan participants to sign elections remotely
The Internal Revenue Service today provided temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. -
Temporary Relief from the Physical Presence Requirement for Spousal Consents Under Qualified Retirement Plans
Notice 2020-42 provides participants, beneficiaries, and administrators of qualified retirement plans and other tax-favored retirement arrangements with temporary relief from the physical presence requirement. -
159 million Economic Impact Payments processed; Non-filers can quickly register for payment with IRS Non-Filers tool
With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don't usually file tax returns to register for a payment by October 15. -
FASB issues limited revenue recognition, lease accounting delays
FASB issued an update Wednesday that delayed the effective dates of its revenue recognition and lease accounting standards for certain entities in response to the coronavirus pandemic. -
IRS reminder: June 15 tax deadline postponed to July 15 for taxpayers who live and work abroad
The Internal Revenue Service today reminded people who live and work abroad that they have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The usual deadline is June 15. -
Employers can grant paid leave for COVID-19
Under the Families First Coronavirus Response Act, employers can grant paid leave for an employee to take care of their health needs related to COVID -19 or to care for their family members. This relief helps ensure employees are not forced to choose between being paid or staying home to care for themselves, a child or other family member. -
IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. -
Additional Administrative Relief with Respect to Deadlines Applicable to Employment Taxes, Employee Benefits, and Exempt Organizations Affected by the Ongoing Coronavirus Disease 2019 Pandemic
Notice 2020-35 postpones deadlines for certain specified time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, and Coverdell education savings accounts on account of the ongoing COVID-19 pandemic. -
House passes bill that would relax PPP forgiveness requirements
The U.S. House approved legislation Thursday making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans. -
Economic Impact Payment FAQs updated on IRS.gov
Many people have already received their Economic Impact Payment, and many more will be getting them soon. Whether it's already there or on the way, the payment brings questions from many people. Anyone who has questions can visit IRS.gov for updated FAQs about the Economic Impact Payment. -
Economic Impact Payments being sent by prepaid debit cards, arrive in plain envelope; IRS.gov answers frequently asked questions
As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from "Money Network Cardholder Services." -
Treasury, IRS provide safe harbor for taxpayers that develop renewable energy projects
The Treasury Department and the Internal Revenue Service today is providing relief for taxpayers developing renewable energy projects and producing electricity from sources such as wind, biomass, geothermal, landfill gas, trash, and hydropower. Safe harbor is also available for taxpayers using technologies such as solar panels, fuel cells, microturbines, and combined heat and power systems. -
Millions of people will get their Economic Impact Payment by prepaid debit card
Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers receive a debit card was made by the Bureau of the Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments. -
New Interim Rule: PPP-IFR Loan Forgiveness
This new interim rule applies to loan forgiveness applications submitted under the PPP. -
New Interim Rule: SBA Loan Review Procedures & Related Responsibilities
This new interim rule applies to loan applications & loan forgiveness applications submitted under PPP. -
Treasury, IRS issue final regulations providing relief for certain tax-exempt organizations
The Department of the Treasury and the Internal Revenue Service today issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations. -
Governor Ivey Issues Amended Safer at Home Order
Governor Kay Ivey on Thursday issued an amended Safer at Home Order to be applied Statewide. The order which includes an expanded list of items to reopen will be effective Friday, May 22, 2020 at 5:00 p.m. and will expire on Friday, July 3, 2020 at 5:00 p.m. -
IRS.gov helps taxpayers get tax information they need; find tools for filing, paying, checking accounts and answering questions
The Internal Revenue Service reminds taxpayers today about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus. -
IRS Nationwide Tax Forums go virtual in 2020
The Internal Revenue Service today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July. -
Here’s why some people’s Economic Impact Payment is different than expected
As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected. -
FASB delays revenue recognition effective date for private companies
FASB voted Wednesday to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements. -
PPP loan forgiveness calculator available; AICPA continues to push for more guidance
The AICPA’s revised PPP Loan Forgiveness calculator is now available. -
Employee retention credit available for businesses affected by COVID-19
The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year. -
Week Nine: Final Day of the 2020 Session
In brief sessions Monday afternoon, both the Alabama Senate and House overwhelmingly approved Gov. Kay Ivey's plan for spending the $1.9 billion federal Coronavirus relief funds, the only major issue in question going into the Regular Session's final day. -
New credits fund employers for Coronavirus-related paid leave
The Families First Coronavirus Response Act provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). These credits are refundable. That means if the amount of the credit exceeds the amount of tax owed, the remainder is refunded to the business or organization. -
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
Last Friday, May 15, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. -
IRS adds phone operators to answer Economic Impact Payment questions
Today, May 18, 2020, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments. -
SBA allows increased PPP loans to partnerships, extends safe harbor to May 18
The U.S. Small Business Administration (SBA) issued a new interim final rule Wednesday night opening the door for lenders to increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers. In separate guidance, the SBA extended the safe harbor for returning PPP loans from May 14 to May 18. -
IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans
The Internal Revenue Service today released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes. -
IRS People First Initiative provides relief to taxpayers facing COVID-19 issues
Due to COVID-19, the IRS' People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020. -
What people really want to know about Economic Impact Payments
IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments. -
IRS provides guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments
The Internal Revenue Service today issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to fines, penalties and certain other amounts. -
PPP Loan Forgiveness Services Matrix
The AICPA has created a useful tool in the PPP Loan Forgiveness Services Matrix. -
Special Legislative Update from Fine Geddie & Associates
The Alabama Legislature has adjourned until May 18, after meeting on Saturday to give final passage to the $7.1 billion Education Trust Fund budget, a supplemental education funding bill, a revenue bill for nursing homes, and the remaining local bills pending. Those measures have been sent to the Governor for her consideration. -
Treasury, IRS release latest state-by-state Economic Impact Payment figures
The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments, with approximately 130 million individuals receiving payments worth more than $200 billion in the program's first four weeks. -
Governor Ivey Issues Amended Safer at Home Order
Governor Kay Ivey on Friday issued an amended Safer at Home Order to be applied Statewide. The order which includes an expanded list of items to reopen will be effective Monday, May 11, 2020 and will expire on Friday, May 22, 2020 at 5:00 p.m. -
Taxpayers have until July 15 to file and pay their taxes
The federal income tax filing deadline has been extended to July 15. Taxpayers also have until July 15 to make any federal income tax payments that were originally due on April 15, without penalties and interest, regardless of the amount they owe. This extension applies to all taxpayers. -
AICPA supports bill that would make PPP-funded expenses deductible
Legislation introduced in the Senate on Tuesday would overrule an IRS notice and clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. The bill, the Small Business Expenses Protection Act of 2020, S. 3612, is currently in the Senate Finance Committee and is supported by the AICPA. -
IRS: Coronavirus-related relief for retirement plans and IRAs questions and answers
Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. -
Notice 2020-32: Deductibility of expenses when loan is forgiven under Paycheck Protection Program (COVID-19)
The IRS released an advance version of Notice 2020-32 providing guidance regarding the deductibility for federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program (PPP) -
Tools to help people get their Economic Impact Payment
The IRS has two tools to help millions of taxpayers with their Economic Impact Payment. The payments are $1,200 per eligible person and up to $500 for each qualifying child. -
Common errors to avoid when filing for advance payment of employer credits
Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. -
Governor Ivey Issues Safer at Home Order
Governor Kay Ivey on Tuesday issued a Safer at Home order to be applied Statewide. The order will be effective Thursday, April 30, 2020 at 5:00 p.m. and will expire on Friday, May 15, 2020 at 5:00 p.m. -
Senator Marsh releases statement on Governor Ivey’s Safer at Home Order
Senate President Pro Tempore Del Marsh (R-Anniston) released the following statement regarding Governor Ivey’s announcement of the Safer at Home Order. -
Special Legislative Update from Fine Geddie & Associates
The leadership of the Alabama Legislature have announced plans to convene in Regular Session May 4, 2020. The presiding officers of each house will be present in their respective chambers on April 28 to declare the absence of a quorum due to a state of emergency and move to reconvene May 4. The priority will be on the General Fund budget, the Education Trust Fund budget, and local legislation. -
AICPA Ethically Speaking: PPP Ethics Agent -- How to untangle it all
Though the first round of Paycheck Protection Program funding is spent, Congress is working to ensure small businesses get what they need during the shutdown. In this episode, Toni Lee-Andrews, director of the AICPA Professional Ethics Division, talks about the PPP and ethics with Ellen Goria, our associate director, and Iryna Klepcha, an independence and behavioral manager who has been on our hotline fielding your questions. Listen as they untangle some of the complications that can arise when you help your attest clients with this federal program. -
79 Days Left to Apply for an Absentee Ballot
Ahead of the July 14 Primary Runoff Election, Secretary Merrill reminds Alabama voters to apply for an absentee ballot -
Special alert for benefit recipients who don't file a tax return and have dependents
The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn't file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment. -
Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency
The Treasury Department and the Internal Revenue Service today issued guidance that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency. -
Senate approves $370 billion in additional small business funding
The Senate on Tuesday approved $370 billion in additional funding for small businesses through programs administered by the U.S. Small Business Administration (SBA) as part of a new COVID-19 pandemic relief bill. -
GASB Proposes to Postpone Effective Dates of Certain Pronouncements
The Governmental Accounting Standards Board (GASB) today proposed to postpone the effective dates of provisions in almost all Statements and Implementation Guides due to be implemented by state and local governments for fiscal years 2019 and later. -
Treasury, IRS unveil online application to help with Economic Impact Payments
Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. -
Update on Economic Injury Disaster Loan Advance - $1,000 per employee
On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). -
FAQ Regarding Participation of Faith-Based Organizations in PPP and EIDL
Frequently Asked Questions for Faith-Based Organizations Participating in the PPP and EIDL loan programs -
Temporary procedures to fax certain Forms 1139 and 1045 due to COVID-19
In response to the COVID-19 Pandemic and solely to implement the following provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), until further notice, the IRS is implementing the temporary procedures described below for digital transmission of Form 1139 and Form 1045. -
Update on CPAs acting as an agent and getting paid for SBA PPP loan services
The AICPA knows there is frustration around providing services to your small business clients as they apply for Paycheck Protection Program (PPP) loans being issued through the Small Business Administration (SBA). Many firms want to be recognized as an agent for the client and be compensated for their services under the agent fee section of the PPP guidance, but are concerned they will not receive payment from lenders. -
ADOR Issues Update for Income and Other Tax Relief
The Alabama Department of Revenue announced today that the period for certain tax relief related to income and other taxes has been updated. Taxpayers can defer state income tax payments due on or after April 1, 2020 (previously April 15), and before July 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers. -
New state-centric tracking chart - COVID19 State CPA Profession and Licensure Status
The AICPA State Regulation & Legislation Team is continuing to track updates and changes that affect state regulations, to help as things change by the day/hour/minute. -
Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments
To help millions of people, the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. -
Alabama Department of Labor Begins Paying Federal $600 Stimulus Benefit
Alabama Department of Labor Secretary Fitzgerald Washington announced today Alabama has begun paying the Federal Pandemic Unemployment Compensation (FPUC) benefit that was established with the passing of the federal CARES Act on March 27, 2020. -
CARES Act enhances unemployment benefits
If you are facing unemployment or reduction of hours, maintain the critical “four walls” that financial expert Dave Ramsey recommends. Those four walls are food, utilities, shelter and transportation. If your income suddenly disappears due to a job layoff, it is critical to prioritize your most critical needs. -
IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others
To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses. -
20 Tax Filing FAQs
Based on member feedback, the AICPA identified seven key areas in need of immediate relief and provided the latest developments to the 20 most frequently asked questions on tax filing and payment relief. -
Bronze Valley and gener8tor launch emergency response program
In partnership with Bronze Valley, business accelerator program, gener8tor created the Alabama Emergency Response Program will provide small businesses, startups, freelancers and nonprofits throughout the state with access to a free, week long webinar series. The series is designed to help identify and leverage critical resources for weathering the ongoing public health crisis. -
Businesses Applying for Federal Aid Can Receive Certificates of Existence through SOS Office
Federal resources have been made available to support businesses during the coronavirus pandemic to assist with tax relief, employee protection and benefits, loans and grants, and many other challenges business owners may encounter. In order to be eligible for this federal aid, some corporations and businesses may be required to prove their existence as part of their application. Certificates of Existence can be obtained through visiting the Alabama Secretary of State’s website. -
AICPA recommends lender documents and key calculations to use in PPP applications
The American Institute of CPAs is recommending a defined set of documents for lenders to rely on as well as some key clarifications in the Treasury Department and Small Business Administration’s Paycheck Protection Program (PPP) application process. -
Consequences of COVID-19: Potential Auditing Challenges
During the pandemic, challenges never before faced by auditors in performing audits are emerging. In response, auditors need to be more agile and creative in performing audits and complying with the auditing standards. The key is remembering that, while the auditing standards outline the performance requirements for obtaining reasonable assurance the financial statements are free from material misstatement, the auditing standards do not set specific requirements on how auditors might obtain that assurance. Now, more than ever, auditors might rely on technology in performing audit procedures. -
Updated Q&A from the DOL on the Families First Act
As provided under the legislation, the U.S. Department of Labor will be issuing implementing regulations. Additionally, as warranted, the Department will continue to provide compliance assistance to employers and employees on their responsibilities and rights under the FFCRA. -
Free SBA Paycheck Protection Program for CPAs
AICPA's Private Companies Private Section (PCPS) team has created and updated free tools to help CPAs support small businesses (and CPA firms, too), as you work to secure funding through the Small Business Administration. -
U.S. Treasury issues updated PPP FAQs
The U.S. Treasury expanded the FAQs on Payment Protection Program (PPP) loans yesterday, April 6. They address gross payroll and $100,00 salary max, among other FAQs. -
Follow IRS on Social Media & Subscribe to IRS Newsroom for Urgent COVID-19 Updates
The Internal Revenue Service reminded taxpayers, businesses, tax professionals and others to follow the agency's official social media accounts and email subscription lists to get urgent information on COVID-19 and economic impact payments. These platforms provide the latest alerts and information on various tax topics to include emerging scams. -
AICPA Calls on Accounting Profession to Support Small Business Relief Program
The American Institute of CPAs (AICPA) praised the Treasury Department and Small Business Administration (SBA) for the fast rollout of the Paycheck Protection Program (PPP), a small business relief program that is a key part of the recently enacted $2.2 trillion economic stimulus package. -
Governor Ivey Issues Stay at Home Order
Governor Kay Ivey on Friday issued a Stay at Home order to be applied statewide. The order will be effective beginning Saturday, April 4, at 5:00 p.m. and will expire Thursday, April 30, 2020 at 5:00 p.m. -
Overview of Assistance for Small Businesses from the Dept of the Treasury
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. -
A Special Message from Governor Ivey to Small Businesses in Alabama
Please help alert Alabama's small business owners by sharing this letter from Governor Kay Ivey and Paycheck Protection Information as quickly as possible. -
Social Security recipients who don’t usually file tax returns will automatically get $1,200 payments, Treasury says in reversal
The Treasury announced late Wednesday that Social Security beneficiaries who typically do not file a tax return will automatically get the $1,200 payment. -
U.S. Chamber of Commerce Provides Guidance on Coronavirus Small Business Loans
The U.S. Chamber of Commerce wants to help you and your clients understand the Coronavirus Small Business Loans. They created a helpful guide & checklist to help you understand how to start. -
CISA Updates Guidance on Essential Critical Infrastructure Workers; More States Issue Stay-at-Home Orders
Over the weekend, the Cybersecurity & Infrastructure Security Agency (CISA) issued updated guidance expounding on its classification of workers who are essential to the nation’s critical infrastructure viability during the COVID-19 crisis. -
Gov. Ivey awards $9.5 million in broadband expansion grants
Gov. Kay Ivey has awarded 20 grants totaling more than $9.5 million to provide high-speed internet access to numerous communities throughout Alabama. -
Employee Retention Credit for businesses impacted by COVID-19
The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. -
ADOR Warns of Scams Related to Upcoming Stimulus Checks
The Alabama Department of Revenue would like to remind taxpayers to be vigilant about protecting their personal and financial information. Scammers and fraudsters take advantage of honest taxpayers through calls to action using phishing emails and other methods seeking this type of information. Criminals are always looking for new opportunities to successfully pull off such schemes, such as the federal government’s upcoming stimulus checks. -
Update to Notice 2020-18 from the IRS: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift & Generation-Skipping Transfer Tax Filing & Payment Deadlines
The Secretary of the Treasury has determined that any person (as defined in section 7701(a)(1) of the Code) with a Federal gift tax or generation-skipping transfer tax payment due or the requirement to file Form 709 (United States Gift and Generation-Skipping Transfer Tax Return) on April 15, 2020, is also affected by the COVID-19 emergency for purposes of the relief described in this section III (Affected Taxpayer). -
AICPA Requests Accounting Deemed as Essential Business
The AICPA sent a letter to ask Treasury Secretary Mnuchin to deem public accounting as an “essential service” by the federal government, similar to what many state governors have already done for shelter-in-place orders. -
Report of Foreign Bank and Financial Accounts (FBAR) Due Date
The Financial Crimes Enforcement Network (FinCEN) would like to reiterate, as previously announced their our website, the annual due date for filing FBARs for foreign financial accounts is April 15. -
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic. While the focus of the legislation is not tax, a large number of tax provisions are included in the over-600-page bill. -
Families First Act Guidance from DOL
The U.S. Department of Labor released its first round of guidance on the Families First Act. -
IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program
To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. -
IRS Online FAQ Posted
The IRS posted answers to frequently asked questions related to the relief provided in the Notice. These questions and answers will be updated periodically and are designed to be a flexible tool to communicate information to taxpayers and tax professionals in this changing environment. -
Update on Federal and State Tax Responses to COVID-19 Pandemic
Update on Federal and State Tax Responses to COVID-19 Pandemic - Federal Tax Alert from Bradley Law -
Encourage Others to Complete the U.S. Census
The 2020 Census is happening now. You can respond online, by phone, or by mail. -
ALEA Modifies Driver License Division Operations in Response to COVID-19
The Alabama Law Enforcement Agency is modifying its Driver License Division’s statewide operations in response to the Coronavirus (COVID-19). -
Governor Ivey Delays State Tax Filings
Governor Kay Ivey and the Alabama Department of Revenue announced today that the state income tax filing due date is extended from April 15, 2020, to July 15, 2020. -
Preparing to Apply for a Small Business Economic Injury Loan
The Federal Emergency Declaration last week activated the SBA’s Economic Injury Disaster Loan program (EIDL). These loans will provide working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). -
Governor Ivey Issues Order to Authorize Commissioner to Postpone Tax Payments
On March 23, 2020, Governor Ivey issued an emergency order (Order) pursuant to § 31-9-6(11), Code of Alabama 1975, delegating to the Commissioner of Revenue the authority to postpone the April 15, 2020, due date for the payment of the following state taxes until July 15, 2020, for any person affected by the COVID-19 pandemic: Individual Income Tax, Corporate Income Tax, Financial Institution Excise Tax, and Business Privilege Tax. -
Tax Relief Offered by States and Localities in Response to COVID-19
Tax relief provided by state and local tax and revenue departments in response to the novel coronavirus (COVID-19) is discussed. -
AICPA Thanks Congressional Members for Successful Tax Filing Extension
The American Institute of CPAs (AICPA) today thanked Senator John Thune (R-SD) for his leadership on a bipartisan congressional effort to extend the tax filing deadline to July 15th. The AICPA also thanked the 42 other Senators who either cosponsored S. 3535, Senator Thune’s Tax Relief Filing Act for America, or signed a letter- to Treasury Secretary Mnuchin, led by Senator Chris Murphy (D-CT). Between the two efforts, 43 U.S. Senators voiced their strong support for a tax filing deadline extension. -
IRS plan to implement Coronavirus-related paid leave for workers and tax credits for small & midsize businesses to swiftly recover
The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. -
Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic
Federal income tax filing and payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. -
President Signs Families First Coronavirus Response Act
On March 18, 2020 President Trump signed the Families First Coronavirus Response Act which contains measures designed to provide assistance to employees and employers directly impacted by the Coronavirus (COVID-19). -
Treasury Secretary Mnuchin Announces the IRS will Extend the Tax Filing Deadline
At 9AM this morning, U.S. Treasury Secretary Mnuchin announced that the Trump administration with extend the IRS tax filing deadline three months from April 15, 2020 to July 15, 2020. -
ADOR Extends Relief to Lodgings Businesses
Effective immediately, the Department of Revenue is extending relief to state lodgings tax account holders who are unable to timely pay their February, March, and April 2020 state transient occupancy tax, commonly referred to as “lodgings tax” liabilities. -
Call to Action for Clarity, Guidance, & to Extend the Filing Deadline
We are calling on the Department of the Treasury to immediately give taxpayers an extension of the April 15th filing deadline — and we need your help. -
ASBPA Grants Extensions in Response to Prometric Test Center Closures
Prometric has determined it is necessary and appropriate to temporarily close test centers in the United States and Canada for a period of 30 days, starting March 18. -
ASBPA Notice about CPE
In the midst of CPE course cancellations and changes in delivery method, please note that the Alabama Board has been proactive in moving to more fluid formats of CPE that will make completion of your CPE hours during this trying situation much easier. The CPE Rules were changed effective October 1, 2019 to remove the cap on self-study hours, allowing all 40 of your CPE hours to be completed by self-study if you so choose. -
ADOR Extends Relief to Small Businesses
Effective immediately, the Department of Revenue is extending relief to small retail businesses that are unable to timely pay their February, March, and April sales tax liabilities. -
IRS Guidewire: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic
Payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals - regardless of filing status – and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020. -
Fine Geddie Special Report #2 Regarding Coronavirus
The State of Alabama continues to update its response efforts regarding Coronavirus(COVID-19). The Alabama Dept. of Labor has modified its existing unemployment compensation rules to allow workers to file a claim for unemployment compensation benefits (see the attached March 16 Press Release and FAQ from the Alabama Dept. of Labor). -
Governmental Quality Audit Center Alert on single audit related developments regarding COVID-19
The purpose of this GAQC Alert is to provide you with single audit related developments regarding the Novel Coronavirus (COVID-19). It covers the following important information: A recently released U.S. Office of Management and Budget (OMB) memorandum, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) (OMB Memo); A memorandum issued by the Department of Education (ED), Guidance for Interruption of Study Relating to Coronavirus (COVID-19), relating to the Student Financial Assistance (SFA) program (ED memo); and Thoughts on looking forward. -
Payment Deadline Extended to July 15th
In a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline. Corporations can defer up to $10 million in payments for 90 days. During that time, the IRS will not charge interest or penalties. -
ADOR Responds to the COVID-19 Outbreak
The Alabama Department of Revenue is monitoring developments pertaining to the Coronavirus (COVID-19) and is following guidance from federal and state officials. We understand the public may have some concerns and uncertainty pertaining to COVID-19 and the Department is committed to keeping taxpayers informed. -
Best Practices to Secure Your Network
Cybercriminals are now leveraging our national crisis to target businesses of all sizes by launching cyberattacks and phishing campaigns in order to exploit us at a potential time of weakness. There have been warnings issued by government agencies related to cybercriminals targeting businesses that are turning on remote access to their systems in order to help with business continuity. -
It's not too late for these 9 crisis-prep steps
How to keep your business running -
Fine Geddie Special Report Regarding Coronavirus
As with much of the country, the State of Alabama is taking unprecedented steps to address the Coronavirus. As of 1:23 p.m.(CT) today, the Alabama Dept. Of Public Health has reported 28 confirmed Coronavirus cases in the state. -
AICPA Calls for Tax Relief for Individuals and Businesses Amid Coronavirus Pandemic
The American Institute of CPAs (AICPA) today called for the Treasury Department and the IRS to provide relief to all taxpayers in light of the uncertainty and challenges caused by the spread of the Coronavirus (COVID-19) pandemic. -
What the emergency Fed rate cut means for your finances
As a result of increasing fears about the impact the coronavirus may have on the U.S. economy, the Federal Reserve announced an emergency cut to the target range for the federal funds rate of 0.5%. The new target rate is now 1% to 1.25%. This reflects the largest rate decrease in more than a decade and the first emergency cut since 2008.