More AICPA & SBA PPP Guidance; LDR Veterans Prescriptive Period; LWC Benefits; IRS Economic Impact
Monday, April 27, 2020
Posted by: Ann Lupo
Additional Paycheck Protection Program (PPP) Guidance
Updated SBA PPP Loan FAQs
Questions 32–35 (published April 24, 2020) and Question 36 (published April 26, 2020) were recently added.
SBA issues guidance on How to Calculate Maximum Loan Amounts by Business Type (April 24, 2020)
Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rules. The U.S. government will not challenge lender PPP actions that conform to this guidance and to the PPP Interim Final Rules and any subsequent rulemaking in effect at the time.
AICPA Shares More PPP Resources
Originally aired on April 23, 2020, the AICPA Town Hall on the PPP and the CARES Act Webcast is the second session in a series of weekly communications from AICPA leaders designed to assist CPAs during this challenging time. This recording covers the latest guidance on the PPP and the CARES Act, covered by Mark Koziel, EVP Firm Services, and Erik Asgeirsson, CEO of CPA.com, and others.
The AICPA has developed additional recommendations for CPAs as they navigate the PPP to assist clients. The recommendations focus on the firm-lender relationship in the PPP application process.
This Journal of Accountancy article also addresses the CPA firm-lender issues related to PPP.
In addition, on April 22, the AICPA’s Center for Plain English Accounting (CPEA)issued a special report on issues related to CPA involvement in small business loans under the PPP. The CPEA is a great resource for firms – it’s the AICPA’s national A&A resource center. This special report covers independence, conflicts of interest, and contingent fee issues. It includes practice notes and CPEA observations, which should be useful to practitioners as they work through numerous questions and practice issues.
LWC COVID-19 Benefit Payments
The Louisiana Workforce Commission is aware of the system-issues weekly recertifications have caused due to the number of individuals trying to access the online portal at the same time. As a result, as of Sunday, April 26, the LWC will allow individuals to file their weekly certifications based on the last digit of their social security number. A breakdown and retroactive benefit information are included in this news release.
LDR RIB 19-021
Reminder: Individual Income Tax Refunds Related to the Federal Combat-Injured Veterans Tax Fairness Act of 2016 Prescriptive Period Expires Soon
Extension to Claim Refund – The prescriptive period expires two years from the date of the taxpayer’s receipt of the U.S. Department of Defense notice issued pursuant to the Combat-Injured Veterans Tax Fairness Act of 2016. The U.S. Department of Defense notice is deemed to be received on the last day of the month which is printed on the notice.
If a taxpayer did not receive a U.S. Department of Defense notice but did receive a federal refund pursuant to the Combat-Injured Veterans Tax Fairness Act of 2016, the taxpayer has until July 31, 2020, to request an individual income tax refund from the Louisiana Department of Revenue.
IRS IR-2020-81 VA, SSI recipients with eligible children need to act by May 5 to quickly add money to their automatic Economic Impact Payment
The Internal Revenue Service issued a special alert for Supplemental Security Income and Department of Veterans Affairs beneficiaries to act by May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.
IRS IR-2020-82 IRS Enhances "Get My Payment" Online Application to Help Taxpayers
The Internal Revenue Service announced April 26, 2020, significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments.
Remind employees, clients, and friends to go directly and solely to IRS.gov for official information and access to tools.
Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.