Small Business Guidance on the COVID-19 Paycheck Protection Program

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.

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.

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.

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.

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.

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.

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.

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.

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.

Finance departments can expect to incur expenses for these anti-fraud tools.

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.

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.

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.

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.

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.

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 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.

AICPA Town Hall on August 27, 2020 with guest Senator Todd Young

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.

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.

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.

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.

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.

Many Alabama families and businesses that received federal coronavirus relief funds will be taxed by the state if legislative action isn’t taken

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.

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.

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.

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

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.

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.

Some questions on federal coronavirus measures were answered Tuesday in guidance issued by the U.S. Small Business Administration (SBA) and Treasury.

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.

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.

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.

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.

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.

Notice 2020-61 provides guidance regarding the special rules relating to single-employer defined benefit pension plans under § 3608 of the CARES Act. 

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).

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 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.

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.

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.

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.

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.

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.

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.

Companies face a big question as they build their new remote cultures: Will technology replicate or redesign the traditional office?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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 their tax return by the deadline even if they cannot pay the full amount due

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.

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.

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.

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.

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.

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.

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. 

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.

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.

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.

President Donald Trump signed a bill Saturday re-opening the application window for the Paycheck Protection Program (PPP) until Aug. 8.

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.

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 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.

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.

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.

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.

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.

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).

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 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.

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.

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

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.

There is a new requirement for Reporting Agents (RAs) who sign and submit Form 7200, Advance Payment of Employer Credits Due to COVID-19.

Lender accounting issues related to the Paycheck Protection Program (PPP) are discussed in new Technical Questions and Answers (TQAs) issued Tuesday by the AICPA.

IRS has easy ways to help taxpayers who need more time or payment options

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.

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.

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.

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.

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.

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.

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.

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.

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.

Notice 2020-50 provides guidance relating to the application of section 2202 of the CARES Act for qualified individuals and eligible retirement plans.

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.

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.

The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP).

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.

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.

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.

With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.

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.

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.

The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.

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.

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.

The Internal Revenue Service today reminded taxpayers to guard against tax fraud and other related financial scams related to COVID-19.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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."

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.

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.

This new interim rule applies to loan forgiveness applications submitted under the PPP.

This new interim rule applies to loan applications & loan forgiveness applications submitted under PPP.

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 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.

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.

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.

As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected.

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.

The AICPA’s revised PPP Loan Forgiveness calculator is now available.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

The AICPA has created a useful tool in the PPP Loan Forgiveness Services Matrix.

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.

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 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.

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.

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.

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.

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)

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.

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 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.

Senate President Pro Tempore Del Marsh (R-Anniston) released the following statement regarding Governor Ivey’s announcement of the Safer at Home Order.  

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.

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.

Ahead of the July 14 Primary Runoff Election, Secretary Merrill reminds Alabama voters to apply for an absentee ballot

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.

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.

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.

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.

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.

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).

Frequently Asked Questions for Faith-Based Organizations Participating in the PPP and EIDL loan programs

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

Please help alert Alabama's small business owners by sharing this letter from Governor Kay Ivey and Paycheck Protection Information as quickly as possible.

The Treasury announced late Wednesday that Social Security beneficiaries who typically do not file a tax return will automatically get the $1,200 payment.

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.

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. Kay Ivey has awarded 20 grants totaling more than $9.5 million to provide high-speed internet access to numerous communities throughout Alabama.

The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll.

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.

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).

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.

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.

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.

The U.S. Department of Labor released its first round of guidance on the Families First Act.

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.

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 - Federal Tax Alert from Bradley Law

The 2020 Census is happening now. You can respond online, by phone, or by mail.

The Alabama Law Enforcement Agency is modifying its Driver License Division’s statewide operations in response to the Coronavirus (COVID-19).

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.

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).

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 provided by state and local tax and revenue departments in response to the novel coronavirus (COVID-19) is discussed.

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.

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.

Federal income tax filing and payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency.

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).

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

How to keep your business running

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.

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.

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.