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 10/21/20)
The U.S. Small Business Administration announced that a borrower may use PPP Loan Forgiveness Application Form 3508S if the borrower received a PPP loan of $50,000 or less.
Non-filers have until Saturday, November 21st to register for their Economic Impact Payment.
On Aug. 28, the IRS issued guidance on implementing the Presidential Memorandum issued on Aug. 8, allowing employers to defer withholding and payment of the employee's portion of the Social Security tax.
President Trump signed four executive orders related to coronavirus relief. They are intended to deliver relief through a range of measures, including expanded unemployment insurance, a payroll tax deferment, student loan relief, and a moratorium on evictions.
Intuit recently launched new estimators for self-employed and small business clients to better understand tax credits available to them within Intuit Aid Assist.
Key resources for you and your clients
What they need to know
- What to know about stimulus checks
- View deadlines for my client’s state
- Learn about expanded unemployment benefits
- Get an overview of the CARES Act
- Health-related benefits under the CARES Act
- Learn about the impact of COVID-19 on the foreign income and housing exclusions
- Additional federal resources
Loans and cashflow
- Discover client business relief options with Intuit Aid Assist
- Help clients prepare ahead to apply for PPP loan forgiveness
- Assess clients’ cash situation to help them achieve and maintain positive cash flow with the Cash Flow Continuity Playbook
- Find out if your client is eligible to delay the employer portion of their Social Security payroll taxes
Taxes, payroll, security
- 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
- Help your client communicate with landlords, lenders, financial institutions, and more with Intuit’s mock action plan and sample letters
- Share security tips with clients moving from working in the office to working from home
Stay up to date with free virtual training
Stimulus Loans and Advising Clients Under the CARES Act
Five Steps to Help Manage Cash Flow Right Now
Income Tax Measures and Advising Clients Under the CARES Act
Payroll Tax Measures and Advising Clients Under the CARES Act & FFCRA
Ignite Your Practice by Providing Advisory Services on the CARES Act
Advising Clients on PPP Flexibility Act, EIDL and Unemployment Comp
Taking Your Practice Remote
Advise your clients with helpful, shareable documents
Simplify working remotely with helpful workflow tools
Collaborate with your firm employees and clients virtually with add-on productivity tools for your software.
Run your firm remotely with a centralized, real-time view of your work, clients and staff from one place.
Currently available for Lacerte and ProConnect Tax.
Request, track and collect signatures digitally from the convenience of your workspace.
Hosting for desktop
Take your software to the cloud and get improved flexibility, reduced IT hassle, and built-in security.
Request and collect client documents through a secure, free, online portal.
Offer clients the option to pay from their refund without any out-of-pocket costs.
Other information related to COVID-19
- AICPA coronavirus resource center
- “Is maximizing PPP loan forgiveness the real endgame?” via Accounting Today
- “Coronavirus: Is your firm prepared for a pandemic?” via CPA Practice Advisor
- “Cybersecurity in a time of coronavirus” via Accounting Today
- “Keeping you informed and prepared amid the coronavirus outbreak” via Jounal of Accountancy