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What’s in Senate Republicans’ $1T pandemic relief plan
Senate Republican leaders on Monday unveiled a draft plan to provide $1 trillion in coronavirus relief funding ahead of talks with Democrats. A package of separate bills, it gives Congress the option of passing parts of the agenda — such as extensions of unemployment insurance or schools funding — now and leaving the rest for later.
CTCPA Executive Director Bonnie Stewart Signs Letter from State CPA Society CEOs Calling for Federal Relief for State, Local Governments Amid Coronavirus
Massachusetts Society of CPAs president and CEO Amy Pitter is spearheading a group of 28 state CPA society heads who have sent a letter to congressional leaders asking them to pass legislation to help state and local governments deal with the COVID-19 pandemic. The novel coronavirus pandemic has decimated the budgets of states and local governments, and congressional leaders are meeting this week to determine the shape of the next stimulus package, which is expected to be the last before...
Lawmakers urge IRS to fix stimulus payment problems
Over a hundred members of Congress are asking the Internal Revenue Service to resolve a number of issues preventing the remaining Economic Impact Payments from going out to taxpayers who desperately need the money as they struggle through the novel coronavirus pandemic.
President Trump signs 5-week PPP extension
The extension keeps a source of funding open to struggling small businesses while Congress works on a second, more targeted funding program. The PPP, which has approximately $129 billion in funding remaining, was launched in early April as the COVID-19 pandemic battered the U.S. economy and forced many businesses to close. The program provides forgivable loans that small businesses and other qualifying entities can use to cover payroll and other select costs.
Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available
The Department of the Treasury and IRS today announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.
Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans
This includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as "qualified individuals") and providing helpful guidance and examples on how qualified individuals will reflect the tax treatment of these distributions and loans on their federal income tax filings.
SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application.
IRS adds phone operators to answer Economic Impact Payment questions
IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local advisories permit.
IPSASB works to improve public sector accounting standards amid coronavirus
The International Public Sector Accounting Standards Board is trying to prod more countries to adopt its standards along with the accrual method of accounting, as nations around the world face unexpected expenses and revenue shortfalls arising from the novel coronavirus pandemic.
Cares Act and Single Audit Requirements
Until recently, it has been unclear if any of the funds received, either as loans or grants, would be subject to Single Audit requirements.