During this stressful time of managing your busy season while contending with the impact of the Coronavirus (COVID-19) we understand the challenges that you are faced with in dealing with your peer review. We, as the Administering Entity for Alabama, Arkansas, and Mississippi along with the AICPA have taken immediate steps intended to make life easier for you in scheduling and completing your peer reviews coming due in the next few months.
We are taking COVID-19 very seriously. First and foremost, we want to protect the health and well-being of our members, staff and reviewers.
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Offsite System Reviews
We understand the impact that travel restrictions and health concerns may have in your search for a peer reviewer and performance of your onsite system review. As such, for system reviews that are scheduled to commence prior to July 1, 2020, we have streamlined the process we will be very flexible in allowing such reviews to occur.
We also recognize the impact the current situation has on the ability to have your peer review and any applicable corrective actions or implementation plans conducted by the due date(s). Please discuss with your peer reviewer if an extension would be appropriate. If called for, extension requests still need to be made through PRIMA. Again, though, we will be very flexible in granting your request.
For help with PRIMA, please see the instructions for requesting a due date extension in PRIMA or instructions for requesting a due date extension for a corrective action or implementation plan in PRIMA.
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As always and particularly during these uncertain times, if you have any questions, please contact our team below:
Name: Ashley Sellers, Director, Peer Review Operations
Direct Line: 334-386-5762
Name: Raegen Nuffer, Manager, Peer Review Operations
Direct Line: 334-386-5753
Name: Bethany Booth, Associate Peer Review Operations & Billing
Direct Line: 334-386-5751
Name: Chuck Jordan, Director, Peer Review Professional Standards
Direct Line: 334-386-5765
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 DeadlinesThe 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.