With hundreds of billions in loans given out to small businesses across the country, many business owners are pressing their tax advisors for information on the program. Year-end legislation reopened PPP for hard-hit businesses. Visit our resources page for answers to all of your PPP questions.
- How much can a business borrow?
- How do you qualify for loan forgiveness?
- How can businesses use the money?
- Are expenses paid with PPP loan proceeds deductible?
COVID-19 Tax & Accounting Updates
Tax Issues Related to Working From Home
CCH Forward Together Virtual Conference Will Help Accounting Firms Navigate Change
08/14/2020
CARES 2 Legislation Stalls; President Trump Signs Executive Order Deferring Payroll Taxes
08/11/2020
Enhanced business interest deduction rules can help companies struggling with impact of COVID-19
07/17/2020
U.S. Master Tax Guide® (2021)
The nation's top federal tax resource, includes coronavirus (COVID-19) Relief Acts, and pertinent federal taxation changes that affect 2020 returns.
CCH AnswerConnect
Get complimentary access to all COVID-19 research with CCH® AnswerConnect
COVID-19 Resources: Deep Dives for Tax & Accounting Professionals
Guidance on Loans from the Paycheck Protection Program
Download this one-page resource, outlining the guidance from the IRS and Small Business Association (SBA) on loans distributed through the Paycheck Protection Program. Providing a concise overview of the program, qualifications and stipulations, along with direct links to source documents and additional guidance.
COVID-19 Financial Reporting Checklist
Companies should consider their disclosures regarding coronavirus (COVID-19). The SEC and its staff have provided certain guidance or relief that either addresses disclosures or other financial reporting considerations. This checklist focuses on SEC requirements or guidance and is organized into disclosure topic areas as follows.
A Closer Look: COVID-19 Financial Reporting Implications
Accounting, financial reporting and auditing regulations across the globe have issued guidance and relief provisions designed to aid practitioners as the effects of the COVID-19 pandemic become apparent. This edition of A Closer Look summarizes, in a matrix format, the selected COVID-19 guidance items as they exist as of May 1, 2020.
Explanations & Analysis from CCH AnswerConnect
Federal Coronavirus Summary
Comprehensive summary and explanations of all Federal COVID-19 relief efforts.
State-by-State Updates
Stay up to date with state-by-state COVID-19 updates (updates regularly).
International Coronavirus Summary
Track COVID-19 legislation and policies across more than 90 countries.
Client Impact Analysis
In-depth explanations of the impact COVID-19 has on various clients.
COVID-19 Client Letters
Download more than 20 pre-written client letters related to COVID-19.
Complimentary COVID-19 Webinars & Self-Study CPE
COVID-19 New Cyber Frauds and Cybersecurity Internal Controls
This free one-hour self-study course is designed to familiarize participants who are not IT experts on cybersecurity risks and internal controls.
Considering Business Continuity in the World of COVID-19
Learn about priorities you should consider to protect your business, improve HR and employee management, and help the economy recover.
Successful Leadership Through Good Times and Bad — 8 CPE Credits
Take this complimentary series of self-study courses to ensure you are prepared with essential leadership skills during this time of uncertainty.
COVID-19 Tax Briefings
Our analysts break down COVID-19 legislation, with in-depth explanations and insights into the impact on tax professionals.
2020 Payroll Tax Deferral Order
After it was determined that leadership and White House were at an impasse on the next CARES Act, four executive orders were passed by the president, including the deferral of payroll taxes beginning Sept. 1, 2020.
CARES Act
Explanation of the new legislation and the implications for tax professionals as it pertains to individual tax relief, business tax relief, and additional provisions in the Coronavirus Aid, Relief, and Economic Security Act.
SEC COVID-19 Guidance
The SEC issued an order that provides publicly traded companies with an additional 45 days to file certain reports. Download our SEC Guidance Tax Briefing for more about the guidance and what it means for you.
Families First Coronavirus Response Act
This special briefing provides an in-depth look at the new tax relief legislation and the impact it will have on tax professionals, including the new tax return deadline date, paid leave credits, IRS guidance and more.
Complimentary Access to COVID-19 Research with CCH AnswerConnect
In response to the rapidly changing tax landscape and the overwhelming need for information and resources, Wolters Kluwer is providing free access to all COVID-19 related content within our award-winning tax research platform, CCH AnswerConnect.
Remote Work Solutions
The sudden shift to a work-from-home environment may not have been a welcomed one, but it doesn’t have to be difficult. Help your team navigate the new normal with these remote-friendly tools.
Find the Right Remote Work Tools for You
Whether you’re a current Wolters Kluwer customer or using different software, a Solutions Consultant can help you find the tools you need to meet your remote work needs.
COVID-19 Response Series: Working with Clients Remotely
Almost overnight, your clients’ needs have changed dramatically. For many firms, working with clients in an entirely digital way went from a being a long-term goal to an immediate need. From your clients’ perspective, it will be incumbent on you to make the necessary changes and meet their needs. Fortunately, there are changes you can make in the short-term that will provide lasting benefits.
Additional Resources for Accounting & Audit Professionals
COVID-19 Related Technology Issues with Brian Tankersley
Listen as Brian Tankersley, CPA, CITP, CGMA and Director of Strategic Relationships with K2 Enterprises talks about harnessing technology during these unprecedented times...
Auditors Working Remotely (Parts 1–3)
Saville, Dodgen & Company discuss their adjustment to work-from-home mandate: working with clients, prioritizing work, and more...
Tips for Engagement Audit Teams Navigating Effects of COVID-19
Consider these tips if your team is working from home and using CCH® ProSystem fx® Engagement
Special Considerations For Reporting With Melisa Galasso
Listen as Melisa Galasso talks about special considerations that auditors must make during these unprecedented times...
In-Depth Webinars and Publications
Federally Declared Disaster Areas: Tax Provisions Including COVID-19
Join expert Greg White, CPA, in this timely one-hour webinar, as he takes a deep dive into the Federal tax consequences of presidentially declared disasters under the Stafford Act, with detailed coverage of the COVID-19 disaster declaration and Notice 2020-17.
U.S. Master Tax Guide® (2020) Special Edition
As a tax professional, staying on top of all the annual changes to tax law and provisions is a substantial challenge. The upheaval resulting from the COVID-19 pandemic has left no aspect of life untouched, and that includes the realm of federal tax. To help you understand recent updates and essential regulations, Wolters Kluwer offers the U.S. Master Tax Guide (2020) Special Edition — reorganized to address the current U.S. tax structure.
Coronavirus (COVID-19) Tax Relief: Law, Explanation & Analysis
Provides practitioners with a single integrated source for law and explanation of the tax provisions of the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act as well as other important guidance issued by the IRS. This volume includes the text of amended sections of the Internal Revenue Code, Congressional reports, and detailed explanations, complete with analysis and practitioner comments covering the tax provisions of these two massive Acts.
Additional COVID-19 Resources
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Wolters Kluwer COVID-19 StatementAs the coronavirus disease (COVID-19) situation continues to evolve as a truly global problem, governments and healthcare organizations around the globe are issuing new guidance and measures every day. Our leaders and experts are engaged, we are 24/7 monitoring the latest information, and rapidly responding to latest developments and guidance. Our top priority is to protect the health and well-being of our employees and our communities, and at the same time continue to service our clients without interruption.
Our thoughts are with the people affected and the professionals working around the clock to help those most in need, including healthcare professionals responding on the front lines, and tax, financial, and legal professionals keeping our economies and communities running.
Continue to serve our clients
We recognize that customers rely upon us and may face an increased need to leverage our solutions to enhance their business continuity plans. We’re working to do our part at Wolters Kluwer by continuing to service our clients while providing additional support and service to further help them navigate these challenging times.
We’re making our expert solutions available to help our customers, partners, and communities. We also offer solutions to governments, hospitals, and clinicians that are dealing with the impact of the virus, including Health solutions like UpToDate, Lippincott Nursing resources, Audio Digest, and Ovid; CCH® AnswerConnect Tax Briefing; Enablon EHS solutions; Employment & Labor Law guidance for our Legal customers, and BOLD (Chinese legal database).
We are open for business
As of March 16, we have extended our work-from-home guidance to all employees globally as a precautionary measure and to protect the health and safety of our employees, clients, and communities, to help contain the spread of the virus. Our investment in digital infrastructures allow us to continue operating and progressing in line with our company values, while serving our highly engaged teams.
While we serve the needs of our clients remotely, our offices will remain open for critical functions. We will shift back to normal work patterns when possible and in line with governmental mandates and advice. -
Cybersecurity ResourcesWith more and more people turning to remote work options in the face of the COVID-19 pandemic, cybersecurity has never been more important.
In fact, Accounting Today reported that the IRS warned tax professionals Wednesday (3/18/20) of a new phishing email scam targeting them. The IRS is urging tax professionals to beware and follow some security steps to safeguard their clients and businesses.
The steps include:
Use the multifactor authentication option offered by tax prep software to protect accounts from unauthorized access.
Use strong password protections on all devices.
Never open suspicious emails, links and attachments that may carry malware.
Use strong security software and keep it updated.
We’ve pulled together more in-depth resources to help you navigate cybersecurity.
Fireside Chat: Cybersecurity Guidance from the IRS Security Summit
More than ever, tax preparers will need to stay educated and informed on measures that they can take to prevent fraud and security breaches. In this fireside chat, Shannon Bond, VP & Segment Leader for the Preparer Market and contributing member of the IRS Security Summit, shares insights on how to safeguard your clients’ information and stay informed on best practices when it comes to dealing with data breaches and identity fraud.
Watch now
White Paper: Data Security in the Cloud vs. On-Premise
This white paper takes a detailed look at things you need to consider to adequately protect your firm and clients' data against digital threats, analyzing the differences between cloud-based and on-premise security.
Download
Additional Resources:
Accounting Today: Cybersecurity Headlines
Pennsylvania Institute of CPAs: Cybersecurity for CPAs Resource Center
IRS Publication 4557, Safeguarding Taxpayer Data -
Government & Health Resources
What Does Coronavirus Mean for Tax & Accounting Professionals?
As tax professionals, we need to respond to the recent coronavirus developments on multiple fronts: understanding the tax implications of tax and compliance changes related to the virus, and ensuring business can continue to function remotely. We’re here to help.
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