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 2/10/2021

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

COVID-19 Professional Education

Videos

Blogs

For tax and accounting professionals:

For taxpayers, small business owners, and other stakeholders:

Resource Downloads

  1. (NEW) FREE Download — Recovery Rebate Credit: As we get into tax season, it appears an issue that should be simple will become a trouble maker. In order to properly prepare a client’s tax return, the amount of the client’s two Economic Impact Payments, EIP1 and EIP2, must be known. These two payments are advance payments of the Recovery Rebate Credit(RRC).
  2. (NEW) FREE Download — Interaction Between PPP Loans and the Employee Retention Credit
  3. (NEW) FREE Download — PPP Loan Second Draw - SBA IFR.: The last day to apply for and receive a PPP loan is March 31, 2021. This white paper is a summary of the SBA Interim Final Rule related to the PPP Loan Second Draw.
  4. (NEW) FREE Guide – Applying for PPP Loan Forgiveness: Need help guiding your clients through the PPP forgiveness process? Our experts at TaxCPE converted the SBA’s very complicated instructions and side computations into a series of worksheets that make completing the SBA applications (Form 3508EZ and Form 3508) considerably easier.
  5. (NEW) FREE White Paper – California Proposition 19: In November 2020, California voters – by a narrow margin of 51.1% – passed Proposition 19, which makes changes to property tax benefits. Here’s a breakdown of the bright and dark sides.
  6. 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 19 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.
  7. 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.
  8. 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.

IRS

  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) February 8, 2021: New IRS form available for self-employed individuals to claim COVID-19 sick and family leave tax credits under FFCRA
    (NEW) February 4, 2021: Educators can now deduct out-of-pocket expenses for COVID-19 protective items
    (NEW) January 29, 2021: IRS updates FAQs on paid sick leave credit and family leave credit
    (NEW) January 28, 2021: IRS offers guidance to taxpayers on identity theft involving unemployment benefits
    (NEW) January 27, 2021: Important reminders before filing 2020 tax returns
    (NEW) January 26, 2021: New law extends COVID tax credit for employers who keep workers on payroll
    (NEW) January 19, 2021: Employers can withhold, make payments of deferred Social Security taxes from 2020
    (NEW) January 15, 2021: 2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic
    (NEW) January 15, 2021: IRS Free File available today; claim Recovery Rebate Credit and other tax credits
    (NEW) January 12, 2021: IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions
    • January 7, 2021: Treasury issues millions of second Economic Impact Payments by debit card
    January 6, 2021: Eligible Paycheck Protection Program expenses now deductible
    January 4, 2021: Economic Impact Payments on their way, visit IRS.gov instead of calling
    December 29, 2020: Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans
    November 9, 2020: IRS reminder to non-filers: Nov. 10 is ‘National EIP Registration Day;’ Community partners can help people sign up for Economic Impact Payment
    November 5, 2020: Many college students may still qualify for an Economic Impact Payment; review the guidelines and register by Nov. 21 at IRS.gov
    November 4, 2020: Security Summit partners warn taxpayers of new COVID-related text scam
    November 2, 2020: IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts
    October 26, 2020: IRS provides tax inflation adjustments for tax year 2021
    • October 7, 2020: October 15 deadline nears for taxpayers who requested tax filing extensions
    October 5, 2020: IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers
    September 24, 2020: IRS highlights employer credits for businesses during Small Business Week
    September 23, 2020: IRS reminds taxpayers of the home office deduction rules during Small Business Week
    September 17, 2020: IRS releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments
    September 16, 2020: IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches
    September 16, 2020: IRS reminds taxpayers and practitioners of expedited letter ruling procedures
    September 8, 2020: IRS to mail special letter to estimated 9 million non-filers, urging them to claim Economic Impact Payment by Oct. 15 at IRS.gov
  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

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) Here Is What's In The COVID-19 Relief Package
    (NEW) IRS to employers: Remember February 1, 2021 deadline for Form W-2, other wage statements
    (NEW) SBA Approves Simple 1-Page PPP Forgiveness Application for Loans of $50,000 or Less
    (NEW) New PPP Rules From SBA Aimed At Clarifying Loan Forgiveness
    SBA EIDL Program: Advances No Longer Available But Favorable Loans Still Being Granted
    Five takeaways from PPP loan data
    House votes unanimously to extend deadline for coronavirus small-business loan program
    SBA Finally Clarifies PPP Loan Forgiveness Rules: Full Forgiveness For Self-Employed Borrowers

Social Media

CountingWorks PRO

TaxBuzz

CountingWorks

IRS

CDC

WHO

Industry News

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

For any questions, please contact us.

All rights reserved CountingWorks PRO © 2020

Privacy Policy