Keeping CPAs Up to Date on Tax Matters

A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice.

Coronavirus Aid, Relief and Economic Security Act

This page will contain resources related to the sessions on the CARES Act conducted April 2 and 3, 2020.

Washington Session Additional Materials

Washington 8 Hours Session Slide - for May 27 webcast

Interim Final Rule on Loan Forgiveness - SBA rule explaining forgiveness issued on May 22, 2020

Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities - SBA rule explaining procedures to be followed by SBA and lender in reviewing a forgiveness application issued on May 22, 2020

May 22 IFRs from SBA - PPP Loan Forgiveness - Text of articles on the above two interim final rules

Idaho Session Additional Materials

Idaho 8 Hours Session Slides - for May 19 and 20 video

PPP Loan Forgiveness Application - along with instructions released May 15

Arizona Session Slides

Arizona 8 Hour Slides - for session on May 7

New Jersey Session Slides and Update Video

The New Jersey program is divided into two sessions, each with their own set of slides.

Slides for Day 1 - Mainly Business Topics for CARES
Slides for Day 2 - Mainly Individual CARES Topics, but also §139 Issues and SECURE Act
An update for the May 14 and May 15 rebroadcast. No CPE credit for this additonal material, but information on additional information issued following the end of the original program on May 1. Additional materials.

Original Session Materials

These are materials from the first session on CARES, given April 2 and 3. Remember that some new guidance is out, but this was current then

Slides for Kaplan Session - Slides from the final session given (so most up to date) on April 3, 2020.

Questions and Answers from Session - From Idaho and Arizona Society Sessions on April 2, 2020 and Kaplan Financial Education Session on April 3. Note the first two sets of answers were written and posted before the SBA posted the interim final rules late Thursday.

Tony Nitti two hour presentation on COVID-19 law changes - again, this was just after the law came out and we’ve had developments since then.

Other Items

U.S. Treasury Department page on Payroll Protection Program loans and other assistance

PDF of information for borrowers
Application for borrowers
FAQ: Information for banks on verifying payroll numbers for PPP loan.
FAQ: Information sheet on the affiliation rules applicable to PPP loans.
April 6 Comprehensive FAQ Update on PPP loans - clarifies a number of issues.
“Business Loan Program Temporary Changes; Paycheck Protection Program – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans”, Interim Final Rule, Small Business Administration, April 14, 2020

SBA Interim Final Rules on CARES Act Sections 1102 and 1106 - key change is that the interest rate has increased to 1% from 0.5% after feedback from community banks that 0.5% was below their cost of funds. Has some clarifications on other issues (even if not perfectly clear).

SBA Interim Final Rule on Affiliation for PPP Loans - includes clarification that the affiliation rule does not apply to churches.

Treasury Statistics on PPP Loans Approved - covers the initial funding amount. Tells loans by size of entity, number and amount per state.

Ten Things We Need to Know About Paycheck Protection Program Loan Forgiveness - Article by Tony Nitti summarizing the major unknown issues related to how borrowers qualify for PPP loan forgiveness—and these are things we need to know very, very soon.

AICPA SBA Paycheck Protection Program resources for CPAs - includes PPP loan calculator spreadsheets

AICPA Statement on CPAs as Agents for PPP applications

AICPA Coalition Statement on Proper Calculation of Average Monthly Payroll for PPP - Bottom line, gross income for 2019 is what the coalition believes is the proper method of calculation per the law, as well as indicating Congressional intent is to not have it reduce any payroll (though that may need a technical correction)

IRS Guidance

IRS Form 7200 page - Advance Payment of Payroll Tax Credits - how a business gets a refund for payroll tax credit benefits if the credit exceeds their payroll tax deposits.

IRS Notice on Economic Impact Payments

§163(j) Relief: Revenue Procedure 2020-22

Deferral of employment tax deposits and payments through December 31, 2020, IRS Website