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COVID-19 Regulatory & Tax Updates



COVID-19: FASB Proposes Delay For Leases And Revenue Recognition Standards For Private Companies And Not-For-Profit Organizations

The FASB is proposing the postponement of effective dates of ASU 2016-02, Leases (Topic 842) and ASU 2014-09, Revenues from Contracts with Customers (Topic 606) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.


COVID-19: FASB Proposes Delay for Leases And Revenue Recognition Standards For Certain Companies

The FASB is proposing the postponement of effective dates of ASU 2016-02, Leases (Topic 842) and ASU 2014-09, Revenues from Contracts with Customers (Topic 606) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.


COVID-19 Legislation: What It Means for Not-For-Profit Organizations

Not-for-profit organizations are navigating financial hardship and uncertainty caused by the COVID-19 pandemic. Fortunately, there are now numerous options available to ease these unprecedented situations.


COVID-19: Regulatory Summary for Individuals & Families

Recently governments and business have launched various programs and changes to help those affected financially by the COVID-19 pandemic.


COVID-19: The Business Impact of the COVID-19 Pandemic

COVID-19 continues to impact us all across the country, and recent legislation provides support to those struggling to navigate these uncertain times.



COVID-19: CARES Act will Release Billions of Federal Funding into the Economy

The CARES Act will release billions of dollars in federal funding into the system to be administered by states and federal agencies.


COVID-19: Families First Coronavirus Response Act Paid Sick Leave and Family Medical Leave Expansion

During the first two weeks of unpaid expanded family and medical leave, you may not simultaneously take paid sick leave under the EPSLA and preexisting paid leave, unless your employer agrees to allow you to supplement the amount you receive from paid sick leave with your preexisting paid leave, up to your normal earnings. 


COVID-19: President Signs into Law Coronavirus Relief Act

On March 18, 2020, President Trump signed into law the Families First Coronavirus Relief Act. In addition to providing free COVID-19 testing, access to meals for children required to stay home from school and extended unemployment insurance, the bill includes benefits for employees and employers impacted by the pandemic. 



COVID-19: Employee Retention Credit FAQ

The IRS recently published additional FAQs on the refundable Employee Retention Credit (ERC), as well as draft Form 941 for 2020.


COVID-19: Rev Proc. 2020-25 Provides Guidance On Claiming Retroactive QIP Depreciation

On Friday, April 17, 2020, the IRS released Revenue Procedure 2020-25. This guidance explains how taxpayers may now claim accelerated depreciation or bonus depreciation on Qualified Improvement Property (QIP) for tax years 2018-2020.


COVID-19: Revenue Procedure 2020-22, Reversing a Prior Election out of the Interest Limitation Rules

On Thursday, April 9, the IRS published Revenue Procedure 2020-22, allowing taxpayers who made an irrevocable election out of the interest expense limitation of Section 163(j) as a “real property trade or business” on a 2018 or 2019 tax return to undo the election.


COVID-19: IRS Payroll Deferral FAQ

On April 10, 2020, the IRS released guidance on the employment tax deposit deferral that came as part of the CARES Act.


COVID-19: Notice 2020-23

On April 9, 2020, the IRS released Notice 2020-23, which automatically postpones due dates for payments, returns, and form filings specified in the notice to July 15th, 2020.


COVID-19: Revenue Procedure 2020-23

On April 8th, 2020, the Internal Revenue Service released Rev. Proc. 2020-23.


COVID-19: Notice 2020-20 Extends Filing and Payment Date for Gift Tax Returns

On March 27, 2020, the IRS published Notice 2020-20, which expands relief provided previously in Notice 2020-18. The notice extends the due date for Form 709, (Gift and Generation Transfer Skipping Tax Return), as well as the date for making payments of Federal gift and generation-skipping transfer tax from April 15, 2020 until July 15, 2020.


COVID-19: IRS Provides Additional Guidance of Blanket Extension of April 15 Tax Deadline to July 15

Last Friday, the IRS superseded and expanded guidance issued earlier in the week by giving certain taxpayers an extra three months to file and pay their taxes.


COVID-19: Federal Emergency Declaration Opens Door for Employers to Make Certain Tax-Free Payments to Employees

With President Trump having issued an “emergency declaration” related to the COVID-19 pandemic, the IRS delayed tax season until July 15th by relying on Section 7508A(a) of the Internal Revenue Code, which can only be done when there is a “federally declared disaster” pursuant to Code Section 165.


COVID-19: Questions Related to Notice 2020-17

As the April 15 tax deadline fast approaches, the nation continues to struggle with the Coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin promised relief for taxpayers, and on March 18th, the IRS formalized that relief by publishing Notice 2020-17


COVID-19: Treasury Department Delays April 15 Tax Payment Deadline

The United States Treasury Department announced today, March 17, that it would be pushing back the April 15 deadline to pay taxes owed by 90 days, giving Americans three extra months to pay their 2019 income tax bills.