COVID-19 Information for CPAs
Governor Bullock announced a Stay at Home Directive and accountants are considered an essential service. MSCPA asked for accountants to be included so we can continue to provide financial information and assistance to our employers and clients, specifically CPAs play a critical role in helping small businesses apply for SBA programs; provide payroll services to many clients; and help clients file their tax returns.
Montana Department of Revenue COVID Resources
Click on this LINK: https://mtrevenue.gov/ and then click on this photo:
Montana Department of Labor & Industry Recommendations for Workplaces/Employers
The COVID-19 emergency is now impacting the work and personal lives of Montanans throughout our state. The Montana Department of Labor & Industry is closely following the changing dynamics and policies at the state and federal level. This page will be regularly updated to share updated information.
Congress has passed and President Trump has signed a historic $2 trillion stimulus package, which includes checks sent to individuals and a number of disaster relief options available for businesses of all sizes. Here's a look at the stimulus package, by the numbers.
Internal Revenue Service
- Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed.
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. (Note the change that the maximum dollar amounts qualifying for the extended payments have been eliminated.) This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
- The IRS just unveiled its "People First" program, a sweeping series of steps to assist taxpayers by providing relief on a variety of issues. New changes include issues ranging from postponing certain payments related to Installment Agreements and Offers in Compromise to collection and limiting certain enforcement actions. The IRS will be temporarily modifying the following activities as soon as possible; the projected start date will be April 1 and the effort will initially run through July 15.
- The IRS has released FAQs in regards to the tax payment and filing relieve announced in Notice 2020-18 (PDF). Read the FAQs.
- The IRS has provided more information on what a national emergency may mean for taxpayers and tax practitioners: IRS Resource Guide on Disaster Assistance and Emergency Relief Program.
- IR-2020-54, IRS: High-deductible health plans can cover coronavirus cost
- President Trump signed House Bill 6201, the Families First Coronavirus Response Act (“FFCRA”) into law. The law takes effect on April 2, 2020, and remains in effect until December 31, 2020. The FFCRA amends portions of the FMLA while also providing for paid sick leave in limited cases. Get details on what this means for your business.
- As part of the Families First Coronavirus Response Act, most employers with under 500 employers will be required to offer ten paid sick days for each full-time employee. Those employers will also be required to pay two-thirds of a worker’s wages if they need to stay home and care for a child whose school or daycare is closed.
- Part-time employees will be provided time off proportional to their hours worked.
- The cost to employers to provide paid leave will be fully reimbursed by the federal government with a payroll tax credit.
- Individuals who are self-employed will be given tax relief equivalent to these benefits.
- For more information on how to businesses should implement these benefits or find out if you’re eligible, see this guidance from the IRS.
- The Treasury, IRS and Labor announced plan to implement coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing coronavirus-related leave.
Banking and Loans
- Federal disaster loans are available for businesses, private nonprofits, homeowners, and renters.
- Small businesses and nonprofit organizations in Montana that have been negatively impacted by the global COVID-19 outbreak are eligible for disaster relief loans of up to $2 million from the SBA.
- Get more information on SBA disaster assistance in response to the coronavirus.
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic. While the focus of the legislation is not tax, a large number of tax provisions are included in the over-600-page bill. Additional information.
Many of you are probably curious about what your peers are doing and how you can better help your clients.
To give you a safe space to share your concerns, questions, and recommendations, please join the conversation in MT Roots. Go to mtroots.org and use your MSCPA login credentials or contact firstname.lastname@example.org if you experience any difficulties logging in.
AICPA Coronavirus (COVID-19) Resource Center - . Check it out here
Coronavirus (COVID-19) Audit and Accounting Resources - COVID A&A
GASB Proposes to Postpone Effective Dates - Learn more
COVID-19 Webinar Opportunities
The coronavirus situation is changing every day, and Governor Steve Bullock is issuing executive orders affecting Montana residents and businesses several times a week. For the latest information, resources, and guidance related to coronavirus (COVID-19), visit https://covid19.mt.gov/