Updated March 1, 2022
Governors Newsom, Brown and Inslee Announce Updated Health Guidance (Feb 28)
Free COVID-19 Educational Materials for Businesses (DOH) (Feb 28) - Washington State Department of Health is offering free business materials to promote COVID-19 safety at businesses. To order, register on DOH online portal.
State & Local
- Governor Inslee issued a "Stay at Home, Stay Healthy" order for Washington on March 23 at 5:30 pm. Financial services are categorized as "essential". Learn more about the Governor's announcement and the list of "essential services."
City of Seattle
City of Bellevue
City of Tacoma
- The Board of Accountancy will hold its next regular Board meeting Friday, January 29th, 2021 beginning at 9:00 a.m. virtually through Microsoft Teams.
- The Washington State Board of Accountancy office will be closed on the following days: July 20, August 24, September 28, October 12, November 2, 2020.
Office of the Washington State Auditor
Federal
- How to claim the employee retention credit for the first half of 2021 (Journal of Accountancy) (April 5)
- IRS extends additional tax deadlines for individuals to May 17 (IRS) (March 29) - View the letter here.
- Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline (IRS) (March 17)
- IRS issues employee retention credit guidance (Journal of Accountancy) (March 2)
- Some individual taxpayers get relief from underpayment penalty (Journal of Accountancy) (Jan 19)
- New PPP guidance issued by SBA, Treasury (Journal of Accountancy) (Jan 7)
- IRS releases guidance on deductibility of eligible Paycheck Protection Program Expenses (IRS) (Jan 6)
- IRS releases final guidance on Paycheck Protection Program (IRS) (Nov 17)
- IRS releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments (IRS)
- IRS issues guidance on COVID-19 testing ( Journal of Accountancy)
- IRS to mail special letter to estimated 9 million non-filers (IRS)
- IRS temporarily stops mailing notices to taxpayers with balances due (IRS)
- IRS posts information about check processing backlog and incorrect notices (Journal of Accountancy)
- IRS offers guidance on recapturing excess employment tax credits amid coronavirus (Accounting Today)
- IRS not extending July 15 filing deadline (IR-2020-134)
- IRS permits remote signatures for plan loan consents (Journal of Accountancy)
- "Treasury will let employers claim retention tax credit and provide insurance to furloughed workers" and reverse current guidance (Accounting Today)
- Notice 2020-32 contains guidance that taxpayers receiving a loan through the Paycheck Protection Program cannot deduct expenses that are normally deductible if those expenses have been reimbursed by a PPP loan that is forgiven. (Journal of Accountancy)
- IRS has temporarily stopped collection activities for taxpayers on installment agreements between April 1 and July 15, 2020. (Accounting Today)
- IRS and Department of Treasury released Revenue Procedure 2020-20, Revenue Procedure 2020-27, and a FAQ page for those affected by travel. (Accounting Today)
- IRS posts FAQs on paid sick and family leave in the Families First Coronavirus Response Act (Journal of Accountancy)
- The IRS issued Notice 2020-23 granting filing relief to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, including individuals, trusts, estates, corporations, and other noncorporate tax filers, and that period will be disregarded by the IRS in calculating any interest, penalty, or addition to tax for failure to file the forms specified in the notice (Journal of Accountancy).
- Get the latest news and updates from the IRS newsroom and Coronavirus Tax Relief resource center.
- The IRS released a DRAFT form and DRAFT instructions for IRS Form 7200 for employers to use to request advanced payroll tax credits for providing employees with expanded family and medical leave or emergency paid sick leave.
- Notice 2020-20 postpones the date for filing gift tax and generation-skipping transfer tax returns, and payments until July 15, 2020 (Accounting Today)
- The IRS has suspended a number of services including its Practitioner Priority Service hotline, e-Services Help Desk, e-Services Filing Information Returns Electronically (FIRE), and the Affordable Care Act Information Return (AIR) help desks and hotlines until further notice. (Journal of Accountancy)
- IRS lightens taxpayers' compliance and enforcement burden to help with COVID-19 (Accounting Today)
- The IRS has posted FAQs in regards to the tax payment and filing relief announced last week: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers
- Internal Revenue Service has provided the formal guidance on the April 15 filing extension. See the update here.
- Treasury Secretary Steve Mnuchin announced on Twitter that the filing deadline for all taxpayers will be extended to July 15. ("US tax filing deadline moved to July 15, Mnuchin says" CNN | Trump moves tax day to July 15 because of coronavirus).
- "Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline." (U.S. Department of the Treasury).
- The IRS has suspended all non-essential employee travel for 30 days.
- Coronavirus Tax Relief IRS web page
Congress
- Members of Congress request estimated tax deadline postponement (Journal of Accountancy) (April 1)
- The Senate extends pandemic aid for small businesses for two months. (New York Times) (March 25)
- Congress Strikes Long-Sought Stimulus Deal to Provide $900 Billion in Aid (NY Times) (Dec 21)
- Senate Republicans introduce the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act (Tax Foundation)
- "Congress passes bill to help nonprofits with cash flow amid coronavirus" (Accounting Today) The Protecting Nonprofits from Catastrophic Cash Flow Strain Act will clarify guidance issued by the Labor Department as part of the CARES Act.
- Senate extends PPP application for additional five weeks to August 8 (Journal of Accountancy)
- "US House Democrats Unveil $1.5 trillion infrastructure plan" (Reuters)
- Trump signs bill changing PPP Program into law (Market Watch) || View and download a summary of the PPP Flexibility Act (AICPA)
- "The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans." (Accounting Today)
- "McConnell seeks fast track to ease PPP rules for small businesses" (Accounting Today)
- House passes bill that would relax PPP forgiveness requirements (Journal of Accountancy)
- A bipartisan group in the Senate introduced The Small Business Expense Protection Act that would nullify recent Treasury guidance and allow recipients to deduct PPP related expenses (The Hill, Accounting Today).
- House Democrats introduced the "Health and Economic Recovery Omnibus Emergency Solutions" Act (HEROES) that provides $3 trillion relief for state and local governments, hazard pay for frontline health workers, and more (The Hill).
- A Senate proposal has been introduced to overrule IRS Notice 2020-32 that expenses funded by PPP loans are not deductible (Journal of Accountancy).
- Representatives Kilmer and Herrera Beutler have introduced the Paycheck Protection Program Extension Act. The proposal expands the current program to ensure small businesses continue to receive funding for employee retention and basic operating costs.
- Congress passed the Paycheck Protection Program and Healthcare Enhancement Act on April 24 and includes $320 billion in additional funds for small business loans, $50 billion for the Economic Injury Disaster Loan Program (EIDL), $10 billion for Emergency EIDL grants, and $85 billion for hospitals and COVID-19 testing.
- House approves additional funding for Paycheck Protection Program (Journal of Accountancy)
- Senate approves $370 billion package to help small business funding and hospitals (Journal of Accountancy)
- House Sends $2T COVID-19 Relief Bill To Trump (Law 360)
- "CARES Act tax provisions aim to stabilize pandemic-ravaged economy" (Journal of Accountancy)
- "White House, Senate reach deal on $2 trillion stimulus package" (The Hill)
- Congress passed an $8 billion emergency aid package to provide resources for federal agencies responding to COVID-19.
- The House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act on March 14. The package provides funding for Coronavirus testing, sick leave for employees, paid emergency leave, and additional support for children and seniors. Employers will receive tax credits to help offset costs. The Senate is expected to take action sometime this week. Additional information can be found in this article by the National Law Review.
Small Business Administration | Paycheck Protection Program
NEW SBA Launches $100M Community Navigator Pilot Program (SBA) (May 25)
SBA stops accepting new PPP applications from most lenders as general funds run out (Journal of Accountancy) (May 5)
SBA defers EIDL payments until 2022 (Journal of Accountancy) (March 12)
PPP borrowers can use gross income, SBA rules (Journal of Accountancy) (March 3)
Procedural Notice - Paycheck Protection Program Excess Loan Amount Errors (SBA) (Jan 15)
- Procedural Notice - PPP Borrower Resubmissions of Loan Forgiveness Applications Using Form 3508S, Lender Notice Responsibilities to PPP Borrowers, and Offset of Remittances to Lender for Lender Debts (SBA) (Jan 15)
- How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide - By Business Type (SBA) (Jan 17)
- Guidance issued for PPP first-draw loan increases, reapplications (Journal of Accountancy) (Jan 14)
- SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19 (Department of Treasury) (Jan 13); PPP application dates announced (Journal of Accountancy)
- PPP application forms released (Journal of Accountancy) (Jan 11)
- Form 2483 – Paycheck Protection Program Borrower Application Form (SBA)
- Form 2483-SD – PPP Second Draw Borrower Application Form (SBA)
- New PPP guidance issued by SBA, Treasury (Journal of Accountancy) (Jan 7)
- SBA's Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic (SBA).
- SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program.
- PPP Forgiveness Interim Final Rule Released by the Small Business Administration (Ed Zollars, Kaplan Financial Education).
- The SBA released PPP loan forgiveness application instructions in accordance with the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Journal of Accountancy).
- The safe harbor period for returning PPP funds has been extended to May 18 (see FAQ #47)
- New SBA guidance allows lenders to increase existing PPP loans to partnerships and seasonal employers (Journal of Accountancy).
- The SBA has issued new FAQs addressing "good faith certification" requirements for businesses.
- SBA extends safe-harbor period for returning Paycheck Protection Program (PPP) funds by one week to May 14 (Journal of Accountancy)
- The SBA reopened its Economic Injury Disaster Loan (EIDL) portal for agricultural businesses (Journal of Accountancy)
- PPP FAQs addressing laid-off employees (40-42) who refuse to be rehired (Journal of Accountancy).
- How to Calculate Maximum Loan Amounts by Business Type
- PPP Loans FAQs (as of April 26)
- PPP Interim Final Rule - Promissory Notes, Authorizations, Affiliation, and Eligibility
- Joint Statement by SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin on the Resumption of the Paycheck Protection Program
- Small Business Loans Under the Payroll Protection Program: Issues Related to CPA Involvement (The AICPA Center for Plain English Accounting)
- Updated FAQs by SBA as of April 14.
- Additional guidance issued by SBA addressing how self-employed and partner income should be included in the loan application, loan amounts and loan forgiveness calculations for individuals with self-employment income (with and without employees). Additionally, the guidance clarifies that the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).
- The AICPA has published recommendations for lender documents that cover four documentation areas for employer applicants including: federal payroll tax reports, compensation; group health care benefits and retirement plan benefits, as well as directions for Average Monthly Payroll cost calculations
- The SBA has released FAQs for the Paycheck Protection Program
- Small businesses can apply for the Paycheck Protection Program today. The U.S. Treasury has issued interim guidance.
- Access PPP resources to help assist clients with applications and engagement letter templates and sample response letters.
Other
Additional Resources
WSCPA Coronavirus Resources:
AICPA Coronavirus Resource Center
CORONAVIRUS (COVID-19) IN THE WORKPLACE: Legal and Regulatory Considerations
US Small Business Administration
National Governors Association