Coronavirus Resource Center

Coronavirus Resource Center

July 13, 2021
By Tonneson
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With information changing rapidly regarding the Coronavirus (COVID-19) pandemic, tonneson + co has created this Coronavirus Resource Center where you can find communications to our clients, as well as links to helpful COVID-19 websites. We will continue to update this page as new information is made available.

Client Communications and Updates

Massachusetts Enacts PTE Elective Excise as Workaround to $10k SALT Cap – December 30, 2021

PPP Loan Necessity Questionnaire Eliminated – July 13, 2021

Federal and MA Individual Income Tax Returns Extended – March 18, 2021

Good News for MA Pass-throughs Regarding Taxability of Forgiven PPP Loan Proceeds – March 15, 2021

American Rescue Plan Act Signed Into Law – March 11, 2021

American Rescue Plan Act passed by the House – March 1, 2021

MA Tax Issue Regarding Forgiven PPP Loan Proceeds – January 21, 2021

SBA Opens Applications to More Lenders on Friday and Monday – January 14, 2021

What’s New for PPP Loans under the CAA – January 7, 2021

More on the Consolidated Appropriations Act 2021 – December 22, 2020

Consolidated Appropriations Act – New PPP Provisions – December 22, 2020

$900 Billion Stimulus Package Includes PPP Expense Deductibility and Other Important Provisions – December 21, 2020

IRS Offers IRS Identity Protection with Expanded Program – December 14, 2020

PPP Loan News and Updates – December 14, 2020

Year-End Tax Letter 2020 – December 10, 2020

IRS Issues Safe Harbor Rule for PPP Loan Expenses – November 19, 2020

SBA Requiring Borrowers of PPP loan in Excess of $2M to Submit Questionnaire – November 11, 2020

Additional Guidance on Payroll Tax Deferral – September 2, 2020

PPP Forgiveness Rules for Owners and Related Party Expenses – September 1, 2020

More Clarification Regarding the Payroll Tax Deferral – August 14, 2020

President Trump Signs Four Executive Orders – August 11, 2020

New FAQs for PPP Loan Forgiveness – August 5, 2020

House HEROES Act vs. Senate HEALS Act Ready for Debate – July 28, 2020

PPP Loan Forgiveness Tool Now Available Ahead of Final Guidance – July 22, 2020

SBA and Treasury Release Data on PPP Loan Recipients – July 21, 2020

AICPA Makes Recommendations for Inclusion in Next Relief Bill – July 21, 2020

IRS to Examine High Income Taxpayers; AICPA Asks for Waiver of Penalties for 2019 Returns – July 9, 2020

News on the Paycheck Protection Program – July 2, 2020

Latest News from IRS, Treasury and Congress – July 1, 2020

New Guidance on Loan Forgiveness and SBA Loan Review Procedures – June 24, 2020

Revised PPP Loan Forgiveness Application and New EZ Form for Certain Borrowers – June 18, 2020

Revised Application for PPP Loan – June 16, 2020

IRS Statement on Balance Due Notices – June 15, 2020

First Guidance from Treasury and SBA Regarding New PPP Flexibility Act – June 9, 2020

Senate Passes PPP Flexibility Act without Changes to House Version – June 4. 2020

House Passes Paycheck Protection Flexibility Act of 2020 – May 29, 2020

House to vote on changes to PPP extending 8 week covered period – May 27, 2020

House to Vote Next Week on a New Bill with Significant Changes to PPP – May 21, 2020

AICPA Releases PPP Loan Forgiveness Calculator – May 19, 2020

SBA Releases PPP Loan Forgiveness Application and Instructions – May 16, 2020

House Approves Second Stimulus Package – May 15, 2020

AICPA to post loan forgiveness calculator by Friday absent official guidance – May 14, 2020

May 14th Safe Harbor Extended to May 18th – May 14, 2020

SBA Updates FAQs with Guidance on Good-Faith Certification for PPP Loans – May 13, 2020

AICPA Makes Plea for Guidance on PPP Loans – May 13, 2020

News Update on Possible Deadline Extensions – May 11, 2020

IRS Issues Draft Form 941 for Second Quarter 2020 Payroll Taxes – May 8, 2020
Draft of the revised Form 941 allows for reporting of new employment tax credits and other tax relief related to COVID-19.

Payroll Tax Credits and Deferral for Employers Impacted by COVID-19 – May 8, 2020

PPP Loan Application and Certification of Need – May 7, 2020
Learn about factors to consider and steps you can take as you evaluate certification of need for a PPP loan.

Congress and AICPA support bill allowing double benefits for PPP loan borrowers – May 6, 2020

May 7th Safe Harbor Extended to May 14th – May 6, 2020
The repayment date for safe harbor has been extended from May 7 to May 14, 2020.

AICPA Challenges Non-deductibility of PPP Loan Expenses – May 4, 2020

PPP Loan Forgiveness Reduction When Employee Declines to Return to Work – May 4, 2020

IRS Clarifies No Double Deduction for Expenses Paid with Forgiven PPP Loan Debt – May 1, 2020

New SBA FAQs on Certification of Necessity for PPP Loans – April 30, 2020

AICPA issues recommendations on PPP loan forgiveness – April 29, 2020

Secretary Mnuchin’s Statement on Review Procedure for PPP Loans – April 29, 2020

Additional PPP Loan Funds Made Available – April 27, 2020

Preliminary Loan Forgiveness Calculator – April 23, 2020

Senate votes on $310 Billion additional money for PPP loan program – April 22, 2020

IRS FAQs on Deferral of Employment Tax Deposits and Payments – April 22, 2020

IRS Plus 500 Push April 22 Deadline for Economic Impact Payments – April 21, 2020

PPP Loan Forgiveness – April 17, 2020
Learn more about Paycheck Protection Program loan forgiveness.

IRS Launches Get My Payment Online Application – April 16, 2020
The IRS has launched a new online application called Get My Payment to assist taxpayers with Economic Impact Payments.

Additional deadline extensions covering individuals, trusts, estates, and corporations – April 10, 2020
Extension of additional key tax deadlines for individuals and businesses are announced.

DOR Extends Tax Filing and Payment Relief for Personal Income – April 3, 2020
DOR extends deadline to July 15, 2020 for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income.

Paycheck Protection Program Resources – April 3, 2020
Link to U.S. Department of Treasury website for Small Business Assistance.

CARES Act Signed Into Law – March 31, 2020
Learn about some of the key tax provisions for individuals and businesses.

MA State Income Tax Filing Deadline Extended to July 15 – March 27, 2020
MA income tax filing deadline has been extended.

Families First Coronavirus Response Act – March 25, 2020
Learn how the Families First Coronavirus Response Act impacts your business and employees.

Extension of Federal Tax Filing Deadline to July 15 – March 20, 2020
Treasury Secretary Steven Mnuchin extends the Federal Tax filing deadline to July 15, 2020.

Helpful Links

Accounting Industry Resources

AICPA Coronavirus Resource Center

Journal of Accountancy Coronavirus Resources for CPAs

MSCPA Coronavirus Resource Center for CPAs

MACPA (Maryland) Coronavirus Resources

State Tax Resources

AICPA State Tax Filing Guidance for Coronavirus Pandemic

Bloomberg State Tax Coronavirus Roadmap

Business Resources

For insights into PPP loan forgiveness, check out the article More PPP Funding Approved, Questions Remain Unanswered written by Jennifer Wolff, a shareholder at Godfrey & Kahn S.C., published in The National Law Review.

America’s SBDC Small Business COVID-19 Resources

AICPA SBA Paycheck Protection Program Resources

Greater Boston Chamber of Commerce – COVID-19 Resources

IRS Notice 2020-23 Regarding Additional Deadline Extensions

OSHA COVID-19 Resources

Small Business Administration – COVID-19

SBA FAQs on PPP Loans

State of MA COVID-19 Resources for Businesses

U.S. Department of Labor – Coronavirus

U.S. Department of Treasury – Assistance for Small Businesses

Nonprofit Resources

MA Nonprofit Network Coronavirus Resources

Payroll/Benefit Resources

Department of Labor – Families First Act FAQ

IRS – Families First FAQs

Student Aid Resources

Federal Student Aid – Coronavirus Resources

Public Health Resources

Centers for Disease Control – Coronavirus

World Health Organization – Coronavirus