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COVID-19 Resource Center

​Important COVID-19 update from CPA Partners ⚠

As the Coronavirus (COVID-19) continues to spread globally, our main objective is to support you and your business, and to navigate this complicated and everchanging environment together. As part of this commitment, rely on these free resources to assist you as you prepare and respond to issues.

Final Regulations Providing Relief for Certain Tax-Exempt Organizations

The Department of the Treasury and the IRS have issued final regulations, which can be found here, clarifying the reporting requirements generally applicable to tax-exempt organizations. This document contains reporting regulations under section 6033 that are generally applicable to organizations exempt from tax under section 501(a). For more information continue reading on our blog.

Guidance for Income Tax Withholding on Certain Retirement and Annuity Payments

The U.S. Department of the Treasury and the IRS have issued a proposed regulation updating the federal income tax withholding rules for periodic retirement and annuity payments made after December 31, 2020. For more information regarding the Tax Cuts and Jobs Act please continue reading on our blog.

FAQs Regarding Economic Impact Payments

As Economic Impact Payments continue to be successfully delivered, the IRS today reminds taxpayers that some payments are being sent by prepaid debit card. Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. For more information regarding fee waiving and other FAQs, please continue reading on our blog.

Check the Status of Your Economic Impact Payment

To view the status of your economic impact payment you may need your 2019 return, if filed, and your 2018 return. In the IRS application you are able to view our payment status, your payment type, and whether we need more information from you, including bank account information. For more information on this application please continue reading on our blog.

US Stimulus Answers Regarding COVID-19 Relief

Millions of Americans are struggling financially, trying to make ends meet after being laid off or furloughed, and worried about when they will receive unemployment benefits. To get you some answers, a list of various questions related to US stimulus programs answered by bankers, credit counselors, financial advisors and tax experts have been compiled on our blog, continue reading here.

IRS Provides Flexibility for Taxpayers

The IRS has released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes. For more information continue reading on our blog.

Three New Credits Avaiable to Businesses Affected By COVID-19

Employers affected by COVID-19 have three important credits available to them. These include the Employee Retentions Credit, Paid Sick Leave Credit, and Family Leave Credit. For qualifications and eligibility please continue reading on our blog.

Guidance for Estates & Trusts Regarding Itemizing Deductions

The IRS has issued proposed regulations that provide guidance for estates and trusts clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions. The Tax Cuts and Jobs Act prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. For more information continue reading on our blog.

Summary of New CARES Act Funding

The White House and Congress have agreed on a new pandemic relief plan providing $310 billion increase for Paycheck Protection Program, $10 billion increase for EIDL Grants and an additional $50 billion increase of EIDL Loans, $75 billion increase for healthcare reimbursements, and $25 billion for COVID-19 tests. For more information continue reading on our blog.​

IRS Adds Phone Operators to Answer Economic Impact Payment Questions

The IRS is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments. IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. For more information continue reading on our blog.

Pinellas County CARES Small Business Grant

Pinellas County will provide emergency financial support through the Pinellas CARES Small Business Grant for qualified small businesses that are impacted by the COVID-19 pandemic due to orders to close or limit operations. The program will offer one-time $5,000 grants to qualifying small businesses to cover expenses such as employee wages, vendor bills and rent. For eligibility and application please continue reading on our blog.

IRS Warns of Coronavirus-Related Scams 

The IRS urges taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. "Remember, don't open them or click on attachments or links. Go to IRS.gov for the most up-to-date information." said IRS Commissioner Chuck Rettig. Continue reading on our blog

FAQs Regarding Tax Filing & Payment Relief

Taxpayers and CPAs across the country are faced with unprecedented challenges this filing season in light of the COVID-19 pandemic. The AICPA has identified and provided the latest developments to the 20 most frequently asked questions on tax filing and payment relief. For this list please continue to our blog.

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