COVID-19 tax news and information

TOPICS

October 1, 2020

Navigating the tax accounting impacts of the CARES Act

This discussion highlights some key issues under Topic 740 that may arise in both interim and annual financial statements.

September 22, 2020

Lenders will not file Form 1099-C for forgiven PPP loans

The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.

September 16, 2020

E-filing problems plague some Sept. 15 tax returns

Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.

September 11, 2020

Pandemic makes meeting Sept. 15 filing deadline difficult

Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.

September 10, 2020

6 more IRS forms can be filed with e-signatures

The IRS added 6 forms to its list temporarily permitting electronic signatures.

September 9, 2020

IRS issues guidance on COVID-19 testing coverage

The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.

September 1, 2020

Taking CARES Act distributions from qualified plans

The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.

September 1, 2020

Upcoming deadline to amend certain BBA partnership returns

While the ability to temporarily file amended returns is welcome by many BBA partnerships,
some unanswered questions remain about the consequences of doing so, and in some circumstances filing an AAR could be preferable.

September 1, 2020

Tax practice issues in the age of COVID-19

CPAs are positioned to advise clients on fresh cybersecurity concerns, return filing date changes,
independent contractor status updates, PPP forgiveness determinations, and tentative NOL carrybacks.

September 1, 2020

Coronavirus pandemic prompts IRS to extend deadlines, relax QOZ rules

In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.