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 4/12/21)
Section 9662 of the American Rescue Plan Act 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 Paycheck Protection Program application deadline has been extended to May 31, 2021. Read more here
IRS extends additional tax deadlines for individuals to May 17. This includes time to make contributions to IRAs, health savings accounts and more. 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. Many state tax deadlines are also changing. Read more here
What you need to know about the American Rescue Plan and what it means for your clients.
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.
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
- What you and your clients need to know about PPP and loan forgiveness.
- Advice from Andy Ibarra, CPA/PFS, EA, CFP, on how to help clients streamline the PPP loan forgiveness process
- Tracking how a Paycheck Protection Program loan is used
- Find out if your client is eligible to delay the employer portion of their Social Security payroll taxes
Taxes, payroll, security
- Advising clients on repaying deferred payroll taxes
- Learn about the CARES Act and how it retroactively relaxed limitations of net operating losses, interest expenses, AMT credits, and more
- 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
- Help your client communicate with landlords, lenders, financial institutions, and more with Find out how working from home may bring companies greater exposure to state tax codes
- 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