Coronavirus: Tips and Help for Businesses

   

CTCPA members: Join the Economic Relief Packages (PPP and More) Group to discuss the latest developments with your peers.


 

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: 

    Upcoming Professional Development

     


    News

    New IRS "Submit Forms 2848 and 8821 Online" offers contact-free signature options for tax pros and clients sending authorization forms
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    IRS offers option when PPP loan forgiveness is denied
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    Pandemic eases, and complicates, legislating
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    Treasury plans efforts to deliver missing stimulus payments
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    SBA releases streamlined PPP forgiveness forms
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    COVID & Stress: Addressing Mental Health at Work
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    6 tips for CPAs on newest round of PPP funding
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    Overcoming Tax Policy Issues for Remote Workers
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    Lamont to lead NGA task force on pandemic response
    Gov. Ned Lamont will co-chair a National Governors Association task force on pandemic and disaster response, an appointment made by New York Gov....

    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.