COVID-19 news and information for CPAs

TOPICS

March 19, 2021

Shuttered Venue Operators Grant program to open April 8

The SBA will begin accepting Shuttered Venue Operators Grant applications on April 8. Entities interested in applying can sign up for updates via a splash page for the new SVOG application portal.

March 18, 2021

A new risk management tool, and PPP and tax deadline updates

Hear or read about the Association’s new risk management resource, plus news on tax deadlines, potential PPP application deadline changes, and more.

March 18, 2021

New PPP guidance implements changes from American Rescue Plan Act

The SBA issued an interim final rule incorporating revisions to the Paycheck Protection Program made by the American Rescue Plan Act. The new guidance also rules that entities that receive a Shuttered Venue Operators Grant cannot subsequently receive a PPP loan.

March 18, 2021

Vacation and sick day accruals during the pandemic

Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.

March 17, 2021

IRS postpones April 15 deadline

The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.

March 17, 2021

Federal aid could hobble new state tax cuts and credits

The American Rescue Plan Act’s $350 billion in “fiscal recovery” aid to states comes with a big string attached — the states may not use the money to offset new tax credits or other revenue reductions.

March 17, 2021

House passes PPP deadline extension in 415-3 vote

The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional 30 days for processing applications received by May.

March 16, 2021

AICPA asks for guidance on S corp. and partnership PPP loan forgiveness

In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.

March 15, 2021

SBA defers EIDL payments until 2022

The SBA extended deferral periods for all disaster loans, including those made through the COVID-19 Economic Injury Disaster Loan (EIDL) program. With the deferral, small businesses that received a COVID-19 EIDL loan won’t have to make a first payment on the loan until next year.

March 15, 2021