New AICPA PPP lender documents recommendations; AICPA calls for more tax relief
Wednesday, April 8, 2020
Posted by: Ann Lupo
Collaboration Is Key to Helping CPAs Help Clients and Businesses
In a time of social distancing for the good of all, LCPA is working closely with key stakeholders for the best interests of the CPA profession and the individuals and businesses they serve.
LCPA's Advocacy Team continues to collaborate with the AICPA and support their efforts with the US Department of Treasury, IRS, and SBA to get additional guidance and expanded tax relief related to COVID-19. Alliances with AICPA and other state CPA societies provide concerted support to make the profession's voice heard regarding common concerns that demand immediate attention.
Be sure to bookmark LCPA's COVID-19 Resources page. It's updated with Advocacy Alerts — like the information below — as well as the most current links to essential documents and organizations.
We operate by the mantra, "Strength in Numbers" — and that proves true now more than ever. LCPA is here for you, so please stay safe and let us know how we can help.
New Resource – PPP Lender Documents – AICPA Recommendations for Members' Use
On April 8, 2020, the Small Business Administration issued additional guidance in the form of SBA's FAQs to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP).
To continue to provide clarity, the AICPA has also created some additional broad recommendations for lender documents for the Paycheck Protection Program to assist with member questions about the PPP application process. AICPA's goal is to drive a common understanding and approach to implement the new program.
The AICPA Recommendations PPP Application Documents for Lenders is very straightforward and not meant to be exhaustive. They cover four (4) documentation areas for employer applicants (federal payroll tax reports; compensation; group health care benefits; and retirement plan benefits) as well as directions for Average Monthly Payroll cost calculations.
Tax Filing FAQs; AICPA letter to Treasury Secretary Mnuchin Pushes for More Relief, More Quickly
To help provide the latest updates on key tax filing issues, the AICPA Tax Policy & Advocacy Team has created this Tax Filing FAQs resource updated on April 7.
It includes the latest developments on the 20 most frequently asked questions, based on input received from members and through state societies – and it outlines the information that’s still needed from IRS.
The FAQs are further detailed in a recently posted Journal of Accountancy article.
Treasury Secretary Mnuchin received a letter from AICPA President & CEO Barry Melancon, calling for broad filing season relief. As you’ll see in the headline of the attached press release, the letter states that “…it’s impractical, if not impossible, for taxpayers and their advisors to continue business as usual…”
We’ve also strongly encouraged the IRS to provide additional guidance this week, in advance of upcoming deadlines.
The AICPA letter to the Treasury Secretary calls for extensions for all filing and payment deadlines, e-signatures, estimated payment relief for second-quarter payments and more – items that you’ve likely heard about over the past uncertain weeks.
The profession’s voice has resulted in tremendous changes that have benefited taxpayers and tax preparers during this unprecedented crisis.
Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.