COVID-19 resources for accountants and tax professionals
Navigate the road ahead for your clients and business with the most recent and relevant COVID-19 news.
Latest updates (as of 5/12/21)
IRS guidance provides that amounts attributable to carryovers or an extended period for incurring claims on dependent care assistance programs for 2021 and 2022, are not taxable. Read more here
Changes to the Child Tax Credit will help many families receive advance payments starting this summer. Read more here
Tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines. Read more here
The US Small Business Association (SBA), provides details about the Restaurant Revitalization Fund (RRF), established by the American Rescue Plan. RRF provides funding to help eligible restaurants, bars and other qualifying businesses impacted by COVID-19. Read more here
State conformity to federal COVID-19-related tax provisions. Read more here
Section 9662 of the American Rescue Plan suspends the excess Advanced Premium Tax Credit (APTC) repayment requirement for 2020. Read more here
Unemployment compensation: If you have already filed Form 1040 or 1040-SR for 2020, you may not need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. Depending on your clients situation though, filing an amended return may still be a consideration. The IRS stated they will begin recalculating returns starting in May. Read more here
The IRS has announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Read more here. Many state tax deadlines are also changing. Deadlines to make contributions to IRA’s and health savings accounts were also announced. See details here
The IRS provides guidance on the Employee Retention Credit for employers claiming the employee retention credit under the CARES Act and Relief Act. Read about first two calendar quarters for 2021 here. Learn about calendar quarters for 2020 here.
Guidance issued on tax relief on deductions for food or beverages from restaurants. Read more here
Key resources for you and your clients
What they need to know
- What to know about stimulus checks
- Understand the new exclusion for unemployment compensation in the American Rescue Act Plan of 2021.
- Emergency aid granted to students due to COVID is not taxable. Learn more here.
- Learn about the impact of COVID-19 on the foreign income and housing exclusions
Loans and cashflow
- Discover client business relief options with Intuit Aid Assist
- The Paycheck Protection Program
- Find out if your client is eligible to delay the employer portion of their Social Security payroll taxes
Taxes, payroll, security
- Data shows that small businesses are on a path to recovery after the challenges that COVID-19 presented. Get details here.
- Advising clients on repaying deferred payroll taxes
- Cassidy Jakovickas, CPA, and Vanessa Vasquez share how to go beyond taxes to help clients
- See if your client can keep employees on payroll with the Employee Retention Credit
- For businesses with fewer than 500 employees, help your clients get relief with provisions in the Families First Coronavirus Response Act
- Working from home may bring companies greater exposure to state tax codes. Learn more here including how to help clients communicate with landlords, lenders, financial institutions and more.
- Share security tips with clients moving from working in the office to working from home
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American Rescue Plan Act of 2021 — Key Measures & Insights
COVID-19 Relief — Key Measures & Insights
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Other information related to COVID-19
- AICPA coronavirus resource center
- “Keeping you informed and prepared amid the coronavirus outbreak” via Jounal of Accountancy