Coronavirus: Tips and Help for Businesses

   

 

Reopening Connecticut

Workplace Safety 

Accounting, legal, and payroll services were all considered essential services under the Department of Economic and Community Development's final guidance, so accounting firms were never required to close. However, it is still preferred you work remotely if possible.

Executive order 7BB stipulates that all individuals must wear a mask or face covering in public spaces where the social distancing requirements of six feet are difficult to maintain - and this includes the workplace. Workers working alone in segregated spaces (private offices or cubicles) are able to remove their masks in that private space, but must wear a face covering when moving about the office. Read more safe workplace rules for essential employers.

 

Legislation and Relief

  

The CARES Act and Paycheck Protection Program (PPP)

  • The Paycheck Protection Program Flexibility Act of 2020 became law on June 5, 2020. Among other items, the law:
    • Amends the PPP to give borrowers 24 weeks to spend loan funds and still obtain forgiveness, up from 8 weeks.
    • Reduces mandatory payroll spending from 75% to 60% while increasing nonpayroll expenses (rent, mortgage interest, utilities_ from 25% to 40%
    • Borrowers may now obtain full forgiveness even if they don’t fully restore their workforce.
    • Loan terms have been extended from two years to five.
    • Businesses may now delay paying payroll taxes even if they took a PPP loan.

           

Connecticut Taxation Issues

 
Federal Taxation Issues

 

 

Maintaining Your CPA and CPA Exam 

  • CPE Deadline Extended to December 31, 2020 - In March, CTCPA reached out to the State Board of Accountancy to request an extension of the CPE credit deadline; we surveyed our members to determine whether Connecticut CPAs wanted additional time to earn their 40 hours of CPE, and if yes, how much additional time. We shared the information with the State Board of Accountancy, and they voted to extend the CPE deadline until December 31, 2020. Accordingly, CTCPA Professional Development Director Lisa Bugryn is reworking the education schedule to ensure that members have a selection of classes throughout the remaining calendar year that will address time and learning demands.
  • Prometric Testing Sites Reopened June 1 - Prometric resumed all testing for June 1; you can learn more about the restrictions and policies here.
  • CPA Exam Testing Window Extended for Candidates - Prometric resumed testing for the CPA Examination on May 1, 2020. Per the federal government, the CPA profession falls under “essential services.” NASBA had recommended State Boards of Accountancy extend NTS expiring between April 1 to June 30, 2020 with a blanket extension until September 30, 2020. The Connecticut State Board of Accountancy agreed with that proposal and approved that extension. They did word the vote in a manner to permit that extension to automatically get pushed back further, should NASBA modify its recommendation at a later date.
  • CPA Exam Credit Extension - All Connecticut Exam candidates with credit expiring April 1, 2020 - December 30, 2020will be extended until December 31, 2020
  • NASBA Invokes Emergency Testing Period - The emergency testing period extends the 20Q2 CPA Exam testing window from June 10, 2020 to June 30, 2020.

  

Employment Issues

Peer Review and Accounting and Auditing Issues

Peer Review:

 

Audit: 

 

FASB: 

 

GASB: 

Connect with Peers – New CTCPA Connect Group Established: 'Coronavirus Conversations'

Many of you are probably curious about what your peers are doing and how you can better help your clients.

To give you a safe space to share your concerns, questions, and recommendations, we've established a "Coronavirus Conversations" group in CTCPA Connect. You can join now to follow the conversations (remember, you can request communications come on an immediate basis or as a daily or weekly digest), or accept the invitation sent directly to your email.

 

News

PhRMA COVID-19 Treatment Progress Tracker
America’s biopharmaceutical companies are coming together to achieve one common goal: ending COVID-19. Our shared heritage of discovery and...
Lawmakers eye higher ed, nonprofits for state bailout as COVID continues
As the pandemic continues to inflict broad economic damage in Connecticut at the same time the state’s financial forecast appears, conversely, to...
COVID leaves Connecticut’s theater scene seeking a way forward
On March 16, as coronavirus cases first spiked in Connecticut, Goodspeed Musicals Production Manager Erica Gilroy walked through the East Haddam...
At 3% positive, CT reaches another dangerous COVID-19 milestone — and much faster than the last one
It took all summer and the first three weeks of fall for daily coronavirus infection test rates in Connecticut to climb back over 2%...
Colder than Antarctica in winter: super cooling concerns for the possible first COVID-19 vaccine
The race to create safe and effective vaccines against the coronavirus is facing another complex challenge: how to safely deliver tens of millions...
Governor Lamont Creates Program To Assist Small Businesses Impacted by COVID-19
Governor Ned Lamont today announced that he is creating the Connecticut CARES Small Business Grant Program to assist small businesses and...
Connecticut sends COVID-19 distribution plan to CDC
Connecticut on Friday submitted a preliminary, ambitious plan to the Centers for Disease Control and Prevention for how the state would distribute...
Accountants shifting to more advisory services amid coronavirus
Accountants and tax professionals have been helping their small business clients deal with the economic fallout from the COVID-19 pandemic,...
Moving to a permanent or hybrid remote-working model?
With the global outbreak of the novel coronavirus prompting the largest “work-from-home” experiment in history, many companies are now turning...
Businesses Anxiously Await PPP Forgiveness
Thousands of Connecticut small businesses borrowed money to pay employees during the pandemic using a federal program that promised to forgive the...

More >

 
 

 

      

The coronavirus situation is changing everyday, and Governor Ned Lamont is issuing executive orders affecting Connecticut residents and businesses several times a week. For the latest information, resources, and guidance related to coronavirus (COVID-19), visit ct.gov/coronavirus.