News & Advocacy Alerts: Advocacy Alerts

AICPA Update CPA as Agent; IRS extends more deadlines & NOL guidance

Thursday, April 9, 2020  
Posted by: Ann Lupo

CPAs Acting as Agent for PPP — Additional Guidance

The AICPA just released a statement — Update on CPAs acting as an agent and getting paid for SBA PPP loan services — with additional considerations to help CPAs decide whether to provide services as “agents” under the new SBA PPP loan program.

IRS extends more tax deadlines to cover individuals, trusts, estates corporations, and others

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced April 9, 2020, that Notice 2020-23 extends additional key tax deadlines for individuals and businesses.

Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty, or interest will be due.

This notice expands this relief to additional returns, tax payments, and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations, and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due.

IRS provides guidance under the CARES Act to taxpayers with net operating losses

The Internal Revenue Service issued guidance on April 9, 2020, providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns.

Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.