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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.

 

July 15th Tax Payment Deadline Approaching 

As the new 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. This postponement provided temporary tax relief in response to the COVID 19 pandemic. For more information on payment requirements, continue reading on our blog.

Relief for Taxpayers Taking Distributions or Loans from Retirement Plans

The IRS has released Notice 2020-50 (PDF) to help retirement plan participants affected by COVID-19 take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. For more information on details and qualifications, continue reading on our blog.

Tax Relief for Investors and Businesses Affected by COVID-19

The Treasury Department and the IRS have provided tax relief for certain taxpayers affected by the COVID-19 pandemic involved in new markets tax credit transactions. Taxpayers receiving relief through today's guidance are community development entities (CDEs) and qualified active low-income community businesses (QALICBs) investing and conducting businesses in low-income communities. For more information on qualifications and requirements, continue reading on our blog.

New Warnings Against COVID-19 Related Fraud 

In the last few months, the IRS has seen a variety of Economic Impact Payment scams and other financial schemes looking to take advantage of unsuspecting taxpayers. The IRS continues to work with law enforcement agencies domestically and abroad to investigate the criminals perpetrating taxpayers during this challenging time. For more information on protecting yourself and your family against fraud, continue reading on our blog.

Non-Taxpayers May Register for Stimulus Payments Through Non-Filers Tool 

With millions of Economic Impact Payments processed, the IRS reminds many low-income Americans who don't usually file tax returns to register for a payment by October 15. Millions of low-income people and others may be eligible for an Economic Impact Payment and can register using the free Non-Filers tool, available only on IRS.gov. For more information, continue reading on blog.

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.

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.

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.

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.​

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.

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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