Coronavirus and CountingWorks PRO Resource Hub

As the coronavirus disease (COVID-19) outbreak continues to impact people around the world, we’ve received many questions and concerns about how to navigate these uncertain times as a tax and accounting practice.


To help, we’ve created this resource library that you can use to manage your business and your clients during this time.

*updated as of 7/6/20

Whether you’re a solopreneur tax preparer, an Enrolled Agent with a few employees, a more established CPA firm, or anything in between, CountingWorks PRO will be here to support you as the impacts of this pandemic continue. We are continually monitoring the situation and will update this post as new resources become available, so be sure to bookmark this page and follow us on social media to get all the updates.

General Planning and Preparation

Videos

COVID-19 Professional Education

  • ClientWhys TaxCPE Tax Update & Review Virtual Seminar: Stay on the frontlines of the economic recovery with this 16-hour virtual tax event, taking place in various sessions from November 2, 2020 - January 21, 2021. Included with registration: Q & A monitored by team of tax subject experts and 1,000+ page Big Book of Taxes PDF edition. View the agenda and register here.
  • Big Book of Taxes 365: Part quick reference guide, part tax research platform, the Big Book of Taxes 365 was designed for the tax professional on a limited research budget, though powerful enough to add to any tax research library. This 1,100+ page online research tool is also being continually updated with COVID-19 relevant tax information.
  • CPE Self-Study: COVID-19 Tax Related Issues - 2 Hours CPE
  • CPE Webcast: COVID-19 Tax-Related Issues - 2 Hours CPE

Blogs

For tax and accounting professionals:

For taxpayers, small business owners, and other stakeholders:

Resource Downloads

  1. COVID-19 Tax-Related White Papers
    With the constant changes in legislation and rules governing our industry, it can be hard to keep up. That’s why the tax experts at TaxCPE & ClientWhys put together 17 free white papers on the most important tax issues during COVID-19.
    • The list also includes helpful worksheets on topics like PPP forgiveness calculations so you can best serve your clients during this time.
  2. Email Template: Coronavirus Outbreak Update
    We know every practice is different and is setting up its unique office policies to meet the challenges ahead. To save you time, we have developed a free email message that can be edited and used as a template to establish your policy.
  3. Email Templates: “What to say when…” Practice Updates During COVID-19 
    This blog offers five email templates you can directly copy and paste to use for your own client communication during the coronavirus pandemic. Each one covers a common update you may be needing to send your clients regarding changes to your practice during this time.

Helpful CountingWorks PRO Features During COVID-19

If you’re a CountingWorks PRO client, our digital offerings will be especially vital for your practice as you aim to use virtual client engagement wherever possible. Not a client yet? Talk to us here. Below are some of the most helpful features and links to training videos for your client portal:

You can also learn more about each of these features more in-depth on our blog.

For the Tax Industry

In order to best serve your tax clients during what must be one of the most unconventional tax seasons in history, make sure you’re staying up to date on the latest info from the IRS and other sources.

  1. IRS
    Get My Payment portal for stimulus payments 
              Note: A Spanish version of Get My Payment is here.
  2. IRS Newsroom
  3. News Releases & Statements:
    (NEW) July 1, 2020: IRS provides tax relief for the low-income housing credit and bonds for qualified residential rental projects
    (NEW) July 1, 2020: IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline
    (NEW) June 29, 2020: Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available
    (NEW) June 26, 2020: IRS: July 15 tax payment deadline approaching; plan on scheduling multiple payments now
    (NEW) June 23, 2020: IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
    (NEW) June 19, 2020: Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans
    (NEW) June 17, 2020: IRS outlines changes to health care spending available under CARES Act
    (NEW) June 16, 2020: IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities
    (NEW) June 12, 2020: Treasury, IRS provide tax relief to investors and businesses affected by COVID-19 in new markets tax credit transactions
    (NEW) June 11, 2020: IRS provides guidance on employer leave-based donation programs that aid victims of the COVID-19 pandemic
    (NEW) June 8, 2020: IRS warns against COVID-19 fraud; other financial schemes
    • June 4, 2020: IRS provides answers about Coronavirus related tax relief for Qualified Opportunity Funds and investors
    June 4, 2020: Interest rates decrease for the third quarter of 2020
    June 4, 2020: IRS Chief Counsel goes virtual with national Settlement Days; Helps dozens of taxpayers settle their Tax Court cases 
    June 3, 2020: 159 million Economic Impact Payments processed; Low-income people and others who aren’t required to file tax returns can quickly register for payment with IRS Non-Filers tool
    June 3, 2020: IRS provides relief to retirement plan participants to sign elections remotely
     June 2, 2020: IRS reminder: June 15 tax deadline postponed to July 15 for taxpayers who live and work abroad
    May 28, 2020: IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
    May 27, 2020: Economic Impact Payments being sent by prepaid debit cards, arrive in plain envelope; IRS.gov answers frequently asked questions
    May 22, 2020: Treasury, IRS release latest state-by-state Economic Impact Payment figures for May 22, 2020
    May 18, 2020: IRS adds phone operators to answer Economic Impact Payment questions
    May 15, 2020: IRS expands partner materials for Economic Impact Payments; continues sweeping effort to share details in multiple languages
    May 12, 2020: IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans
    • May 11, 2020: Why the Economic Impact Payment amount could be different than anticipated
    • May 8, 2020: Act by Wednesday for chance to get quicker Economic Impact Payment; timeline for payments continues to accelerate
    • May 8, 2020: Treasury, IRS release latest state-by-state Economic Impact Payment figures
    • May 7, 2020: IRS: Three new credits are available to many businesses hit by COVID-19
    May 5, 2020: IRS retools Settlement Days program in response to COVID-19 pandemic; allows unrepresented taxpayers to settle their cases virtually and reach finality
    April 28, 2020: Use IRS Non-Filers: Enter Payment Here tool to get Economic Impact Payment; many low-income, homeless qualify
    April 26, 2020: IRS enhances Get My Payment online application to help taxpayers
    April 24, 2020: VA, SSI recipients with eligible children need to act by May 5 to quickly add money to their automatic Economic Impact Payment; ‘Plus $500 Push’ continues
    April 24, 2020: Treasury, IRS deliver 88 million Economic Impact Payments in first three weeks, release state-by-state Economic Impact Payment figures
    • April 21, 2020: Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency
    April 20, 2020: SSA, RRB recipients with eligible children need to act by Wednesday to quickly add money to their automatic Economic Impact Payment; IRS asks for help in the "Plus $500 Push"
    April 17, 2020: Veterans Affairs recipients will receive automatic Economic Impact Payments
    • April 15, 2020: Supplemental Security Income recipients will receive automatic Economic Impact Payments; step follows work between Treasury, IRS, Social Security Administration
    April 15, 2020: Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date
    April 14, 2020: IRS, Security Summit partners warn tax professionals on scams, urge additional security measures to protect taxpayer data
    April 13, 2020: REMINDER: Schedule and pay federal taxes electronically due by July 15
    April 10, 2020: Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments
    April 9, 2020: IRS urges taxpayers to use electronic options; outlines online assistance
    April 9, 2020: IRS provides guidance under the CARES Act to taxpayers with net operating losses
    April 9, 2020: IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others
    • April 3, 2020: Follow IRS on social media, sign up for e-news subscriptions for urgent updates on COVID-19, scams and economic impact payment information
    • April 2, 2020: IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments
    • March 31, 2020: Employee Retention Credit available for many businesses financially impacted by COVID-19
    • March 30, 2020: Economic impact payments: What you need to know
    • March 25, 2020: IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program
    • March 24, 2020: IRS Operations During COVID-19: Mission-critical functions continue
    • March 21, 2020: Tax Day now July 15 – Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed
    • March 20, 2020: Treasury, IRS and Labor announce 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
    • March 20, 2020: The IRS has temporarily closed all Taxpayer Assistance Centers and discontinued face-to-face service throughout the country
    • March 18, 2020: Treasury News Release – Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
    • March 11, 2020: High-deductible health plans can cover coronavirus costs
  4. Guidance:
    Notice 2020-32 (PDF), IRS Denies Tax Deductions For Wages, Rent Paid With Forgivable PPP Loans
    Notice 2020-17 (PDF), Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic
    Notice 2020-15 (PDF), High deductible health plans and expenses related to COVID-19
  5. Taxpayer Bill of Rights

IRS

AICPA

Tax Foundation

For Small Businesses

Whether you use these resources for your own practice or for your small business clients, make sure you know all the resources and assistance available to help SMBs in this time of economic hardship.

  1. U.S. Treasury Department
    Treasury Assistance for Small Businesses Resource Page
    Small Business Paycheck Protection Program (PPP)
    • Paycheck Protection Program (PPP) Information Sheet: Borrowers
    Final PPP Borrower Application Form 
  2. USA Small Business Administration
    Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease
    Coronavirus Relief Options   
    SBA Disaster Assistance for COVID-19
    Capital Access Resources
    SBA Local Assistance Directory
    Disaster Response Jobs at SBA
  3. U.S. Chamber of Commerce
    COVID-19 Small Business Guide
    Coronavirus response toolkit for small businesses
  4. U.S. Federal Reserve
    COVID-19 Supervisory and Regulatory FAQs
    Main Street Lending Program for small to medium-sized businesses
  5. Department of Labor
    Coronavirus Resource Center
    State by state list of workforce agencies
    Occupational Safety and Health Administration (OSHA) COVID-19 guidance
  6. Resources
    Stand for Small: COVID-19 Help for Small Businesses
    • Small Business Development Center: COVID-19 Small Business Resources
    • ADP : Good resource for businesses managing absences, paid and unpaid leave
    • Forbes: List Of Coronavirus Small Business Relief Programs (updated continually, state and local included)
    Support Local (USA Today): Buy gift cards to support local businesses struggling during this time – and encourage others to do the same! 
    Mazars USA offers Paycheck Protection Program analysis tool for small biz 
  7. Financial assistance (Grants, loans, etc):
    How To Get $1,000 If You Are A Freelancer, Gig Worker, Or Independent Contractor
    • For freelancers: The Freelancers Union has started a Freelancers Relief Fund where you can apply for grants to make up for lost income
    • Faire: Financial planner for retailers – Use this calculator to understand the potential impact of COVID-19 on your business, and see immediate next steps you can take
    • Loom: Free COVID-19 Cash Runway Scenario Planning Tool – Gauge the impact COVID-19 could have on your company
    • Facebook: Small Business Grants Program (offering $100M in cash grants and ad credits)
    • Finder.com: Where to find free or low-interest loans for small businesses affected by the coronavirus
    • Kiva: The crowdsourcing/microfinance company is offering 0% loans up to $15,000 with no payments for six months.
    • GoFundMe has partnered with Yelp to launch the Small Business Relief Initiative, offering grants and resources to small business owners.
  8. Articles
    (NEW) House votes unanimously to extend deadline for coronavirus small-business loan program
    (NEW) SBA Finally Clarifies PPP Loan Forgiveness Rules: Full Forgiveness For Self-Employed Borrowers
    Good news for small businesses as Congress passes PPP reform bill
    Treasury, SBA post rules for PPP loan forgiveness
    IRS: Companies who receive PPP loans will not qualify for tax deductions
    Trump signs $484 billion coronavirus relief package
    7 ways of doing business by Zoom that are here to stay
    11 surprising industries the coronavirus downturn is affecting
    "Main Street" Loan Program to Support SMBs During COVID-19
    Are You Compliant with COVID-19 Leave Laws?
    How to Update Your Business Hours on Google, Facebook, and Yelp
    • Zoom: Five Tips for Successfully Managing Your Remote Team
    Social Distancing: A Work From Home Survival Guide
    35 questions for coronavirus planning at your business
    Is a Remote Work Option Right for Your Business?
    7 Things to Do When Creating an Emergency Work-From-Home Policy for COVID-19
    How to Manage Small Business Coronavirus Concerns When Employees Can't Work From Home
    8 Things Your Small Business Needs to Do Immediately During COVID-19

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The latest updates about key events, sites, and more from around the tax and accounting industry.

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