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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.

 

PPP Loans Forgiven Under CARES Act 

The IRS has released an advanced version of Announcement 2020-12 clarifying that lenders that make PPP loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the amount of qualifying forgiveness. For a summarization of the 2020-12 Announcement, continue reading on our blog.

Telemedicine and Potential Tax Implications

The traditional patient and non-patient criteria for determining UBI is dated, both the IRS and the states need to reexamine the definitions of a patient as well as the definition of providing healthcare services. For information on how tax-exempt healthcare organizations can meet their exempt purposes today, continue reading on our blog.

Higher Penalties for Some Tax Returns Filed After Sept. 14th

Individuals who owe taxes but have not yet filed for 2019 need to act now to avoid larger penalties that, by law, start after September 14. For more information on deadlines, requirements, and payments, schedule an appointment with us today.

Unemployment Compensation is Taxable; Withold to Avoid a Surprise

As millions of Americans receive taxable unemployment compensation, they have the option to have taxes withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year. For assistance on estimated payments or information continue reading on our blog or schedule an appointment with us.

13.9 Million Americans to Recieve Tax Refund Interest

The Treasury Dept and the IRS will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds.The interest payments average to about $18. For more information and eligibility, continue reading on our blog.

Families with Children Ensured to Receive $500 Economic Impact Payments 

The IRS has announced it will reopen the registration period for federal beneficiaries who didn't receive $500 per child payments earlier this year. For more information and eligibility, continue reading on our blog.

Use a VPN to Secure Remote Locations 

A VPN provides a secure, encrypted tunnel to transmit data between a remote user via the Internet and the company network. As teleworking or working from home continues during the coronavirus, VPNs are critical to protecting and securing internet connections. For more information, continue reading on our blog.

Protect Data at Home and at Work  

With cyberthieves active during COVID-19, the IRS and the Security Summit partners have urged professionals to review critical security steps to ensure they are fully protecting client and personal data whether working in the office or a remote location. Continue reading on our blog for six basic protections everyone handling sensitive data should use.

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.

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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