Posts (posts are updated as new information is released)
Statutes
Text of the CARES Act (Phase III Stimulus)
Text of the Families First Coronavirus Response Act (Phase II Stimulus)
JCT Description of CARES Act Tax Provisions
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
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 Revisions to First Interim Final Rule (6/11/2020)
Borrower Application Form (revised 6/11/2020)
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
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 Department of Revenue Updates
June 1, 2020
Iowa Nonconformity with CARES Act
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
Other Iowa Links
USDA Resources
USDA Releases Final Rule for Coronavirus Food Assistance Program
COVID Federal Rural Resources Guide
Webinar Resources
May 29
CFAP Webinar Replay and Application 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)
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.)
Email Updates