COVID-19

COVID-19 Resources

 

Webinar Resources

April 17, 2020

Replay of April 17 Webinar (Since this webinar was recorded, Congress has changed the law to allow farmers to apply for EIDLs)

PDF of Slides from Webinar

April 9, 2020

The CARES Act and other COVID-19 Developments: An Update for the Tax Professional (current as of 11:00 am,  April 9, 2020)

Access Recording from April 9 Webinar (information current as of April 9 a.m.)

 

Posts (posts are updated as new information is released)

May 5, 2020

Some PPP Borrowers Taking a Closer Look at Good Faith Certification

May 4, 2020 Update

SBA is accepting EIDL Advance Loan applications for agricultural businesses only

 
April 9, 2020
 
March 30, 2020 (updated April 5, 2020)
 
March 28, 2020 (updated March 31, 2020)
 
March 18, 2020

 

Statutes

Text of the CARES Act (Phase III Stimulus)

Text of the Families First Coronavirus Response Act (Phase II Stimulus)

Text of the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (Phase I Stimulus)

 

JCT Description of CARES Act Tax Provisions

Description Of The Tax Provisions Of Public Law 116-136, The Coronavirus Aid, Relief, And Economic Security ("CARES") Act

 

Economic Impact Payments

IRS Says EIP to the Deceased Must Be Returned and Provides an Address (May 6, See Q & A #10 and #41)

Economic Impact Payment Resources Page

 

Extended Deadlines

  • Extended Deadlines Resources Page (Updated April 22)
  • Notice 2020-23 (issued 4/9 to provide additional deadline relief)(latest deadline relief)
    • Notice 2020-20 (PDF), Update to Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift and Generation-Skipping Transfer Tax Filing and Payment Deadlines
    • Notice 2020-18 (PDF), Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic

 

IRS Procedures

IRS Urges Taxpayers to Use Online Options, Outlines Resources in Light of Reduced Staff (April 9)

IRS Accepting More Digital Signatures in Light of COVID-19

 

General IRS Information

IRS Coronavirus Tax Relief Page

 

New IRS Forms

Form 7200 Advance Payment of Employer Credits Due to COVID-19
Inst 7200 Instructions for Form 7200, Advance Payment of Employer Credits Due to COVID-19
 

Families First Coronavirus Response Act

Department of Labor Page on Coronavirus Families First Response Act

Department of Labor Temporary Final Rule for Families First Response Act (April 2)

COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs

Notice 2020-22 (PDF), Relief from Penalty for Failure to Deposit Employment Taxes (March 31)

Notice 2020-21 (PDF), Effective Date for Employment Tax Credits Under the Families First Coronavirus Response Act

Form 7200 Advance Payment of Employer Credits Due to COVID-19

Inst 7200 Instructions for Form 7200, Advance Payment of Employer Credits Due to COVID-19

 

Paycheck Protection Program / Economic Injury Disaster Loans

Interim Final Rule on Loan Forgiveness (5/22/2020)

Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (5/22/2020)

New Application for Forgiveness Released (May 15)

Safe Harbor for PPP Good Faith Certifications is Good News for Borrowers

Some PPP Borrowers Taking a Closer Look at Good Faith Certification

Frequently Asked Questions (5/13/2020)

How to Calculate Loan Amounts (April 24)

Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans  (originally posted 4/14/2020) (Self-Employment Guidance)

Interim Final Rule from SBA on Paycheck Protection Program (April 2)

Small Business Administration Page

Treasury Department Paycheck Protection Program Page (With Application)

AICPA Resource Page for CPAs Working with PPP Loans

USDA FAQ on PPP

 

Employee Retention Credit

"Iowa Lawyer" Review of Employee Retention Credit

FAQs: Employee Retention Credit under the CARES Act (Updated significantly on April 30)

Notice 2020-22 (PDF), Relief from Penalty for Failure to Deposit Employment Taxes (March 31)

Form 7200 Advance Payment of Employer Credits Due to COVID-19

Inst 7200 Instructions for Form 7200, Advance Payment of Employer Credits Due to COVID-19

 

Payroll Tax Deferral

IRS Issues FAQ on payroll tax deferral option (April 16, 2020)

 

Retirement Provisions

IRS Issues Q & A on Retirement Plan Provisions (May 4, 2020)

 

NOL Guidance (Due to CARES Act Changes)

Rev. Proc. 2020-24, provides guidance to taxpayers with net operating losses that are carried back under the CARES Act. (April 9)

Notice 2020-26, grants a six-month extension of time to file Form 1045 or Form 1139, as applicable, with respect to the carryback of a net operating loss that arose in any taxable year that began during calendar year 2018 and that ended on or before June 30, 2019. (April 9)

 

Partnership Guidance (to allow amended returns to take advantage of CARES Act changes instead of AARs)

Rev. Proc. 2020-23, allows eligible partnerships to file amended returns for tax years beginning in 2018 and 2019 using a Form 1065, and to issue an amended Schedule K-1, to each of its partners instead of filing an administrative adjustment request (AAR).This applies only to partnerships that have not opted out of the centralized partnership audit regime. (April 8)

 

Iowa Updates

May 6, 2020

Iowa Small Business Tax Deferral (May 6, 2020)

April 9, 2020

Iowa Department of Revenue Gives Conditional Relief from Penalty for Failure to File Some Estimates

USDA Resources

USDA Releases Final Rule for Coronavirus Food Assistance Program

USDA COVID-19 Resource Page

COVID Federal Rural Resources Guide

 

Email Updates

March 30, 2020 | CALT Update
 
March 28, 2020 | CALT Update
 
March 24, 2020 | CALT Update
 
March 20, 2020