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COVID-19 Tax and Accounting updates
Resources to guide you confidently into the future
Your role in the tax and accounting profession is essential, as your clients and community respond to a broad economic crisis brought on by COVID-19. We understand that at Thomson Reuters. To honor this, you’ll find a collection of resources created specifically for you to get the answers you and your clients need. As you continue to move forward, trust that Thomson Reuters is here to be your partner and help you confidently strengthen your firm and relationships.
Podcasts and webcasts
checkpoint education webinar
Key SBA Tools for Survival: PPP and EIDL
June 9, 2020: 10am - 12pm CT
This webinar will discuss SBA programs, including allowable uses of the loan proceeds, documentation required to substantiate use of the loan proceeds, federal income tax impacts and ultimately, forgiveness of the PPP loan amount.
Free Checkpoint Edge COVID-19 resources
Reports and White Papers
Coronavirus risk disclosures
Learn about the considerations that public companies should keep top-of-mind as they assess the current and potential impact on their businesses.
COVID-19 Crisis and EU VAT
Read about the various COVID-19 mitigation measures being implemented throughout the EU that have potential VAT implications.
EY Tax COVID-19 Response Tracker
Recent news coverage
See COVID-19 news that particularly impacts tax and accounting topics.
America’s pandemic safety net
The U.S. Treasury Department and The Federal Reserve have setup crisis programs to help ensure people and companies, including banks and financial firms, continue to borrow and lend to each other, sometimes making those loans itself. Reuters breaks down the Treasury- and Federal Reserve-backed aid programs.
IRS Division Suspends some Information Document Request Enforcement
In a memorandum, the IRS Large Business and International Division has temporarily suspended, through July 15, 2020, information document request enforcement procedures with respect to certain taxpayers who may be unable to respond timely to IDR requests because of the coronavirus pandemic.
IRS Issues Official Guidance on Filing and Payment Deadline Postponements
In Notice 2020-18, IRS has made official the earlier announcement by Treasury Secretary Mnuchin that the filing and payment deadline for 2019 federal income tax returns and 2020 federal income tax estimates that would otherwise be due on April 15, 2020, has been postponed to July 15, 2020.
FASB Assessing Impact of Accounting Rules Amid Looming COVID-19 Credit Crunch
The FASB is assessing the impact of certain accounting rules in light of the coronavirus pandemic, which is likely to bring about credit crunch without intervention. Among the accounting standards the FASB is reviewing are the credit loss and loan modification rules.
COVID-19 resource center
Additional coverage of the COVID-19 impact on firms
Our experts summarize impact resulting from the novel coronavirus in these recent blog posts and articles.
Have my CPE requirements changed as a result of COVID-19?
As the novel coronavirus (COVID-19) continues to spread globally, its societal impact is reshaping the way businesses operate. As part of this, many state boards of accountancy are updating or amending their continuing professional education (CPE) requirements to relax reporting deadlines as well as allow for adherence to social distancing.
Companies and auditors, what does CARES Act relief mean for you?
CARES Act relief is meant to ease the financial pain from COVID-19 with its temporary unwinding of certain TCJA reforms for business-liquidity purposes and other economic relief—all of which have broad implications for corporate governance that should be carefully considered by companies and their advisors as they navigate the terms of the stimulus.
How to communicate with accounting clients during COVID-19
In this episode of Pulse of Practice “Communicating with Staff and Clients in COVID 19”, Paul Miller, CPA from Business by Design, and I discussed the challenges around collecting dynamic information and shared our own successful practices for client communication during a crisis.
Best practices for remote accounting during COVID-19
In this episode of Pulse of Practice “Going Remote as Firms Deal With COVID 19”, Paul Miller, CPA from Business by Design, and host, Will Hill, discuss advising and communicating remotely with your staff and clients. It is important, now more than ever, for your firm to show leadership and become the face of calm.
Share with your clients – COVID-19 relief: Overview of the CARES Act
To help you communicate important information about the CARES Act to your clients and other contacts during the COVID-19 pandemic, we’re providing a complimentary article, social media post and related image that you can use on your website and social media – or send it out via email.
COVID-19 solutions for tax and accounting firms
Put what you've learned into action with these tools and articles. You can work successfully through COVID-19 in your firm, with your clients and in your community.