Coronavirus Resources | TXCPA

Small Business Paycheck Protection Program

+ PPP Services & Peer Review (5-26-21)

+ Guidance: Franchise Tax & PPP Loan Forgiveness (5-21-21)

+ Restaurant Revitalization Fund to stop accepting applications (5-19-21)

+ Abbott Signs Texas Franchise Tax Exception for Forgiven PPP Loans (5-14-21)

+ IRS Clarifies Pandemic Relief for Dependent Care (5-11-21)

+ SBA Sending First $2 billion in Restaurant Revitalization Fund Payments (5-10-21)

+ Pandemic Government Relief: Details, allocations provided (5-10-21)

+ SBA Stops Accepting New PPP applications - Funds Run Out (5-5-21)

+ SBA Delays SVOG Reopening to April 26 (4-24-21)

+ Expenses Paid with 2020 PPP Loans Deductible in 2021 (4-22-21)

+ Tips: Applying NFP accounting rules for PPP funds (4-19-21)

+ SBA to Reopen Shuttered Venue Operators Grant Portal (4-19-21)

+ PPP Funds Running Low (4-5-21)

+ Biden Signs PPP Deadline Extension into Law (3-25-21)

+ Restaurant Revitalization Fund Targets April Launch (3-25-21)

+ New PPP guidance implements changes from American Rescue Plan Act (3-18-21)

+ AICPA asks for guidance on S corp. and partnership PPP loan forgiveness (3-16-21)

+ PPP extension bills gain backing of business groups (3-16-21)

+ SBA defers EIDL payments until 2022 (3-15-21)

+ The Case for PPP Deadline Extension (3-9-21)

+ AICPA calls on SBA to change 'unfair' PPP guidance, deadline (3-5-21)

+ Treasury Guidance: Paycheck Protection FAQs (3-3-21)

+ PPP Rules Adjusted for Self-Employed (3-3-21)

+ AICPA Urges PPP Deadline Extension (3-2-21)

+ To Tax or Not to Tax: Should PPP Loans That Are Forgiven Under Federal Law be Subject to the Texas Franchise Tax? (2-25-21)

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Texas

Some State Provide Corporate Tax Filing Relief (10-12-20)

Uneven Economic Recovery Likely in Texas (8-11-20)

State Board Information: Fingerprinting, CPE and CPA Exam info (5-2020)

Analysis: Texas in a State of Financial Uncertainty (7-24-20)

Texas Economic Indicators (7-21-20)

Recessions and Revenues Perspective on the Downturn (5-20)

Pandemic Drives Record Unemployment (5-20)

Labor Economy at Greater Risk in Texas than U.S. (5-12-20)

Shock, Grief and Opportunity: The Emotional Roller Coaster of COVID-19 in the Small Business Community. (5-12-20)

Texans’ Back to Work Task Force Report (5-6-2020)

Texas Economic Activity Falls Sharply (5-7-20)

Open Texas Checklists (5-5-20)

Governor Announces Phase One to Open Texas (4-27-20) | Protocol Guide for Businesses and Individuals

Regional Economic Conditions:
Business Survey Results (4-27-20)
Texas Service Sector (4-28-20)
Texas Manufacturing (4-27-20)

Accounting Services Considered Essential - Gov. Abbott Implements Essential Services Protocols for Texas (3-31-20) | Also see Homeland Security CISA guidelines

Sales Tax Help - From Texas Comptroller (4-16-20)

Texas Franchise Tax Due Date Extended to July 15 (4-2-20)

Texas Comptroller Offers Relief (3-25-20) Call (800-252-8880) for compliance options, avoiding interest & late fees.

State Board Info.
Email contacts | Notices: Fingerprinting | CPE | license renewals | Payments (3-18-20)

TSBPA Adopts Emergency Rule Revision to Qualified Accounting Courses in Response to COVID-19 (3-12-20)

County COVID-19 Declarations (3-25-20)
Legislation & Regulation
Associations Lobby for PPP Loan Deductibility Fixes (12-3-20)

Fed Adjusts Main Street Lending Program

Six Predictions for Where States are Planning to get Their Tax Money

FASB Issues Limited Revenue Recognition, Lease Accounting Delays (6-3-20) | Accounting Standards Update No. 2020-02

U.S. House Passes $3 Trillion Coronavirus Relief Package (5-15-20)
IRS

Expenses Used for PPP Loan Forgiveness: Deductible or Not? (12-3-20)

Taxpayer Advocate Service Website Launches COVID-19 Business Tax Relief Tool (10-22-20))

IRS Allows E-Signatures Temporarily (8-27-20)

Working Virtually: Protecting Data & Reporting (8-18-20)

IRS Operations Update (8-13-20)

Trump Delays Workers’ Payroll Tax Payments (8-10-20)

IRS Temporary Procedure: Taxpayers Filing Form 3115, Application for Change in Accounting Method (7-30-20)

Tax Considerations for Businesses Considering Bankruptcy (July-August 2020, Today's CPA)

Guidance on Recapture of Excess Employment Tax Credits (7-28-20)

IRS Guidance on Reporting Qualified Sick and Family Leave Wages Paid (7-9-20)

Guidance for Consolidated Groups on the Treatment of Net Operating Losses (7-6-20)

Tax Savings Opportunities From the CARES Act (7-1-20)

RIC Shareholders can Take Sec. 199A Deduction for REIT Dividends (6-24-20)

IRS Further Extends Acceptance of Digital Signatures and Emailed Documents During Pandemic (6-20-20)

COVID Retirement Plan Withdrawals Expanded by IRS (6-19-20) | IRS Notice 2020-50

IRS Permits Remote Signatures for Plan Loan Consents (6-3-20)

Understanding the Filing Relief for 'Time-Sensitive Acts' in IRS Notice 2020-23 (6-4-20)

IRS Commissioner Affirms July 15 Deadline, Asks for Patience for IRS Reopening (5-16-2020)

IRS Allows Midyear Changes to Health Coverage, Dependent Care Elections (5-12-20)

COVID-19-Related Employee Retention Credits: Amount of Allocable Qualified Health Plan Expenses FAQs and Interaction with Other Credit and Relief Provisions FAQs (5-8-20)

Sending Requests for IRS Guidance (4-30-20)

CARES Act QIP Change Requires Action (4-29-20)

COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses | FAQs | summary (4-16-20)

How to take Retroactive 100% Bonus Depreciation on QIP (4-17-20) | Rev. Proc. 2020-25

IRS Info.: U.S. Citizens Abroad | Foreign businesses FAQ | Foreign nationals

Business Interest Expense Election Guidance for Farming & Real Estate (4-13-20)

Time Running Out for Taxpayers to Reschedule Payments set for April 15 (4-13-20)

Guidance on NOL Carryback and Tentative Carryback Adjustments (4-10-20) | Rev. Proc. 2020-24

IRS Extends More Tax Deadlines (4-9-20) | Notice 2020-23 (4-9-20) [ individuals, trusts, estates, corporations & others ] Read summary

IRS Guidance: CARES Act - Taxpayers With Net Operating Losses (4-9-20)

Partnerships Can Amend Returns to get CARES Act Benefits (4-8-20)

IRS: Employee Retention Credit Available for Many Businesses (3-31-20) | See instructions | See form 7200 | View guide | See summary article

Tax Loss Harvesting During The COVID-19 Crisis (4-10-20)

IRS Waives Failure-to-Deposit Penalties During Pandemic (4-1-20) | IRS Notice 2020-22

FASB to Consider Delaying Effective Dates of New Standards (4-1-20)

CARES Act Tax Provisions Aim to Stabilize Pandemic-Ravaged Economy (3-27-20)

Financial Institutions Using CARES Act Deferrals Won’t Violate GAAP, SEC says (4-3-20)

Practitioner Priority Service, other IRS help lines suspended due to coronavirus (3-27-20)

Taxpayer Advocate Service Website Launches COVID-19 Business Tax Relief Tool (10-22-20)

Gift and GST Returns Also Postponed (3-27-20) | See IRS Notice 2020-20

IRS Temporarily Adjusts & Suspends Key Compliance Program (3-25-20)

Going Concern Tips for Auditors During the Pandemic (4-3-20)

IRS: Paid Leave & Tax Credits for Small/Midsize Businesses (3-20-20) | IRS Notice 2020-21

Regulators Clear Way for Certain Loan Modifications (3-22-20)

High-Deductible Health Plans Can Cover Coronavirus Testing, Treatment (3-11-20)
Accounting & Auditing Standards

Internal Control Focus Critical During Pandemic (12-7-20)

Tips for Single Audits Amid Pandemic Uncertainty (10-20-20)

4 Key COVID-19 Audit Risks for 2020 Year Ends (8-1-20)

Pandemic Issues for Government Financial Statement Preparers and Auditors (7-14-20)

Guidance for Consolidated Groups on the Treatment of Net Operating Losses (7-6-20)

GASB - Tech. Bulletin No. 2020-1 - CARES Act reporting issues | Summary (7-5-20)

Strategies for Addressing Pandemic-Related Audit Risks (6-24-20)

SEC Staff Guidance Addresses Pandemic-related Disclosures (6-23-20)

FASB Q&As Address Application of Taxonomy to Pandemic Disclosures (6-22-20)

Considerations for Employee Benefit Plans During Pandemic (6-17-20)

GASB Guidance: CARES Act Aid (6-11-20)

4 Key COVID-19 Audit Risks for 2020 Year Ends (6-5-20)

What CPAs Should Consider Before Deferring ASB Reporting Standards (5-14-20)

Pandemic Concerns for ESOPs and ESOP Auditors (5-11-20)

CPE Exceptions Granted to Auditors under GAGAS (5-8-20) | (GASB statement 95)

GASB Delays Effective Dates of Recent Pronouncements (5-8-20)

Ethics Standards Implementation Delayed (5-6-20)

SEC Expands Crowdfunding Access (5-4-20) | SEC Temporary Amendment

Auditing Standards Board Delays Implementation of 7 New Standards (5-1-20)

FASB Staff Q&As on Hedge Accounting (4-28-20)

IASB proposal: COVID-19 Related Rent Concessions (4-27-20) | proposal draft

FASB Relief Proposal - Lease Accounting Delay for Private Companies (4-21-20) | proposal | press release

UPDATE: Pandemic Alters Lease Accounting (4-16-20) | FASB Q&As Clarify Pandemic Lease Accounting Issues: FASB Staff Q&A | Summary (4-10-20)

Accounting Standards Board Delays SASs No. 134-140 (4-20-20)

GASB Considering Postponing New Rule Implementation (4-15-20) | GASB exposure draft

Tips for Auditing With Changed Controls During the Pandemic (4-13-20)

FASB Amends Effective Dates | FASB Staff Clarifies Other Issues (4-8-20)

AICPA Information for Auditors (4-7-20)

Audit Challenges During Pandemic (4-1-20)

Optional delay provided in regulatory capital transition to credit losses standard (3-27-20)

Financial Reporting and Auditing (3-17-20) | Key issues
Advocacy Efforts
SBA releases PPP forgiveness form but AICPA urges more detail (5-16-20)
TXCPA Calls for Withdrawal of IRS Notice 2020-32 (5-7-20)
TXCPA Asks Congress to Consider More Tax and Stimulus Adjustments (4-29-20)
AICPA Seeks Guidance and Clarity on Employee Retention Credit (4-21-20)
COVID-19 Mobilizes an Army of Accountants
Committee Requests Additional Federal Tax Filing, Payment and Collection Relief (TXCPA Federal Tax Policy Committee)
TXCPA Asks Governor to Include Professional Accounting Services Among Essential Services
TXCPA Asks Comptroller to Extend Franchise Tax Deadline
TXCPA Promotes Accounting as an Essential Service During Shelter-in-Place
AICPA Requests Further Deadline Relief
CPA Candidate Testing
CPA Exam Testing Center Closings Extended Through May 1 (4-10-20)
CPA Exam emergency testing period invoked (3-27-20)
NASBA CPA Exam Testing FAQs (4-30-2020)
Continuous testing to launch July 1, 2020 (3-31-2020)
TSBPA temporarily accepting electronic transcripts for Application of Intent. Ask your Registrar to send your electronic transcripts to: transcripts@tsbpa.texas.gov. (3-26-2020)
Texas CPA Exam candidates with one or more Exam credits expiring on or before June 30, 2020, will be granted an extension to September 30, 2020. (3-17-2020)
TSBPA eliminates requirement for candidates to take at least 15 of their 30 hours of upper division accounting courses as in-person classes. (3-12-2020)
Prometric Update for CPA Exam Candidates (3-12-20)
Business Continuity
COVID-19 Strategy and Tactical Decisions (July/August 2020 Today's CPA)
How Cybersecurity has Changed since the Coronavirus Outbreak Began, and What it means for Businesses (7-11-20)
Tax Considerations for Businesses Considering Bankruptcy (July-August 2020, Today's CPA
EIDL Pandemic Assistance Facts for CPAs (7-8-20)
LiftFund’s Microlending Helps Small Businesses Battle to Survive COVID-19 (6-24-20)
How to Navigate a Business Interruption Claim (6-18-20)
17 Strategic Questions to Answer Before Reopening (6-17-20)
Questions for Firm Leaders Before Returning to the Office (6-16-20)
Federal Disaster Loan Program Applications No Longer Limited to Agricultural Businesses (6-15-20)
CFOs’ Top 5 Lessons for Handling COVID Crisis (6-15-20)
OSHA Guidance for the Pandemic Workplace | Dept of Labor Resources
Shock, Grief and Opportunity: The Emotional Roller Coaster of COVID-19 in the Small Business Community. (5-12-20)
Business Continuity Planning
Protect Your Company with a Business Contingency Plan
SBA Disaster Assistance in Response to the Coronavirus
SBA Economic Injury Disaster Loans | How to Apply
Guidance for Businesses and Employers to Plan and Respond
Guidance for Employers
Workplace Tips for Employees
Emergency planning tips
Tips for Managing a Pandemic
Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19), February 2020 (CDC)
Occupational Safety and Health Administration (OSHA) COVID-19 Guidance
Tips for Working Remotely
CARES Act
Rollover Relief for Required Minimum Distributions (6-23-20)
Guidance on How to take CARES Act Distributions from Qualified Plans (6-19-20)
GASB Guidance: CARES Act Aid (6-11-20)
How the CARES Act has Affected Business Valuation (6-2-20)
AICPA FAQs
Webcast Archive: CARES Act: What You Need to Know
Webcast Handouts
Coronavirus Relief Compendium (Courtesy Freeman Law)
| Clarification note
IRS FILING & PAYMENT EXTENSIONS
IRS Coronavirus Tax Relief
IRS Provides Guidance for April 15 Filing Delay (3-21-20)
IRS Notice 2020-18 | Filing and Payment Deadlines Questions and Answers | Summary
Further Clarity Sought (3-24-20)
Health Information
- Extensive helpful information for sharing (Texas Health Services)
- Centers for Disease Control and Preventions (CDC) Coronavirus Disease 2019 (COVID-19) webpage
- How will Country-Based Mitigation Measures Influence the Course of the COVID-19 Epidemic? (The Lancet - March 9, 2020) | PDF version Covers the purpose and parameters of social distancing
- World Health Organization (WHO) Q&A on Coronaviruses (COVID-19)
- Johns Hopkins University COVID-19 Global Case Map of confirmed cases, recovered cases, and deaths due to COVID-19 across the world
- Flu Prevention Resources (CDC) | See printable flyer with tips for work, school, home
- People at Risk for Serious Illness from COVID-19
- Glossary of Terms for Virus Outbreak (AP)
- Texas Counties Health Entities
- General Information (Texas Health Services)
- EPA Antimicrobial Products for Use Against Coronavirus
- How to Care for Yourself While Practicing Physical Distancing

COVID Updates

Federal Tax Policy: Comment on Appropriations for Full IRS Funding (5-28-21)
Wait to File Form 7200 (5-19-21)
COBRA premium assistance credit under ARPA clarified (5-13-21)
How nonfilers can claim advance child tax credit payments (5-13-21)
Tips for Lease Accounting Amid Financial Uncertainty (5-13-21)
Extensions—and the Interplay Between the Pandemic Filing Relief and the Texas Winter Storm Relief (5-11-21)
Restaurant Revitalization Fund Faces Funding Shortfall (5-12-21)
SBA Unveils Initial Restaurant Revitalization Fund Results (5-6-21)
Single Audit: Pandemic Aid and Major Program Determinations (5-6-21)
SBA Restaurant Revitalization Fund Applications Available April 30 (4-27-21)
IRS Extends E-Signature Authorization (4-21-21)
IRS Extends Penalty Relief for Pandemic Payroll Credits (4-14-21)
IRS explains new treatment of excess premium tax credits (4-12-21)
PCAOB's 2021 inspections target pandemic concerns, predictability (4-6-21)
Stimulating the Economy Through Tax Policy (3-2021)
SBA Raises COVID-19 EIDL Loan Limit to $500,000 (3-24-21)
Federal Tax Filing Relief (3-24-21)
IRS Postpones April 15 Deadline (3-18-21)
New Exclusion of up to $10,200 of Unemployment Compensation (3-16-21)
IRS Issues Employee Retention Credit Guidance (3-2-21)
Weathering the Pandemic: Texas Industries and COVID-19 (2-4-21)
Not-for-Profit Auditors Face New Challenges Amid Pandemic (01-27-21)
Tax & Economic Provisions of 2021 Stimulus Bill (01-21-21)
Insurance Issues for the COVID-19 Pandemic (Jan./Feb. Today's CPA)

New PPP Guidance & Forms

+ Procedural Notice PPP Borrower Resubmissions of Loan Forgiveness Applications, Lender Notice Responsibilities, and Offset of Remittances for Lender Debts (1/15/21)

+ Procedural Notice Paycheck Protection Program Excess Loan Amount Errors (1/15/21)

+ How to Calculate Maximum Loan Amounts for First Draw and What Documentation to Provide By Business Type (1/17/21)

+ Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (1/19/21)

+ Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (1/19/21)

+ PPP Loan Forgiveness Application Form 3508 (Revised 1/19/21)

+ PPP Loan Forgiveness Application Form 3508EZ (Revised 1/19/21)

+ PPP Loan Forgiveness Application Form 3508S (Revised 1/19/21)

+ Borrower’s Disclosure of Certain Controlling Interests (1/19/21)

PCPS Sample

Tool: Forgiveness Form Decision Tree
Description: The Small Business Administration (SBA) has released three forms and corresponding sets of instructions to be used by borrowers when applying for forgiveness of the Paycheck Protection Program (PPP) loans. The PCPS Forgiveness Form Decision Tree will walk borrowers through the key questions and considerations to keep in mind when selecting the appropriate forgiveness form. With easy to read Yes/No questions, borrowers can follow the guides to come to a tentative conclusion about the form that will work best for their particular circumstances.

This tool is an example of the turnkey practice management tools and resources PCPS delivers. PCPS is an add-on firm membership section within the AICPA. A PCPS firm membership, at only $35 per CPA, up to a max of $700 per firm, is a great investment for a broad range of practice management resources. Find out if you are already a PCPS member or register for a virtual tour to learn more.