COVID-19 Resources

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MOCPA is taking the coronavirus very seriously; and we continue to monitor the impact this pandemic is having on members, your organizations, and the profession. Please visit this page frequently for the latest news, updates, and resources we've compiled to support you and your business during this difficult time. Topics covered below include:

Please stay safe and healthy, and know that MOCPA will be here to assist in the coming days and weeks ahead.


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News and Resources:

MOCPA's COVID-19 Video Learning Resources

Returning to Work Considerations: Safety, Risk, Policies
Before your company begins to transition staff back into the workplace, make sure you have reviewed all necessary guidelines and have proper policies in place. This session was led by MOCPA's attorney Barbara Dunn and Douglas Oldham.
Click here to watch the full episode.

Economic Update Series
As the status of the economy weighs heavily on most everyone's minds, MOCPA is hosting a complimentary online Economic Update Series, featuring Chris Kuehl, Ph.D., author of the daily "Business Intelligence Brief" and president of Armada Corporate Intelligence. He will provide a big picture understanding of the current environment and identify important elements to watch for that might impact your business or clients in the short- and near-term

Part One Topic: United States at the Epicenter
Click here to watch the full episode.

Part Two Topic: Turning the Corner?
Click here to watch the full episode.

Part Three Topic: Recovery in Sight or Settling in for a Siege
Click here to watch the full episode.

Part Four Topic: COVID on the Downside?
Click here to watch the full episode.

Part Five Topic: Is There a Rebound or Not? Where Are We Now?
Click here to watch the full episode.

Paycheck Protection Program

SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020.
Click here for more information.

President Trump Signs New Law Relaxing PPP Rules: What You Need To Know
In a display of bipartisanship, on June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act in an attempt to address many concerns expressed by the small business community around the Paycheck Protection Program (PPP) aimed at providing COVID-19 relief, details Forbes.
Click here to read the full article.

Congress Approves Sweeping Changes to PPP
The U.S. Senate approved sweeping changes to the Small Business Administration's Paycheck Protection Program Wednesday evening, making the program's lending terms more favorable to restaurants, retailers and other businesses, reports the St. Louis Business Journal. The bipartisan bill, titled the Paycheck Protection Program Flexibility Act of 2020, was passed May 28 by the House of Representatives.
Click here to read the full article.

The AICPA’s revised PPP Loan Forgiveness calculator is now available.
Click here to access the calculator tool, reflecting guidance through May 22, 2020.

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application 
The Small Business Administration (SBA), in consultation with the Department of the Treasury, has released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
Click here for more information.

AICPA Offers Loan Forgiveness Calculator for Paycheck Protection Program 
The American Institute of CPAs has created a loan forgiveness calculator for the Paycheck Protection Program, the main small business relief vehicle under the CARES Act, and recently shared it with the Treasury Department and Small Business Administration. Questions surrounding loan forgiveness have been a major stumbling block to successful PPP implementation, and the AICPA calculator is designed to resolve many of these issues.
Click here to read the full press release.

AICPA's Town Hall Update: PPP and the CARES Act
This event occurred May 7, 2020.
Click here to watch the full town hall.


Check Out the AICPA’s PPP Loan Forgiveness Services Matrix
This tool to helps members navigate through various engagements or other services around documenting expenses related to PPP forgiveness. 
Click here to view the matrix.


AICPA Challenging Nondeductibility of PPP-Related Expenses
IRS Notice 2020-32, issued last week, explains that a taxpayer that receives a loan through the PPP can’t deduct expenses that are normally deductible, if those expenses were reimbursed by a PPP loan that was subsequently forgiven. However, the AICPA’s position is that the intent of the CARES Act was to continue to allow businesses to deduct normal business expenses, notes the Journal of Accountancy, adding that the AICPA believes strongly that the IRS’s interpretation denying deductions of expenses forgiven under the PPP program is contrary to Congress’s intent.
Click here to read the full article.
Click here to read Notice 2020-32.


AICPA Shares Additional Recommendations for CPAs Regarding PPP Application Process
The AICPA, after discussions with the AICPA-led Coalition and key banking leaders
and stakeholders, is working to drive a common understanding and approach around the firm lender
relationship related to the implementation of the Paycheck Protection Program.
Click here to read the full recommendations document.


The AICPA’s Center for Plain English Accounting Releases Special Report on Issues related to CPA Involvement in Small Business Loans Under the PPP
The AICPA’s Center for Plain English Accounting Special Report covers independence, conflicts of interest and contingent fee issues.   
Click here to read the full report.

SBA Publishes New PPP Guidance for the Self-Employed and General Partners
The U.S. Small Business Administration issued a new interim final rule that supplements the guidance for the Paycheck Protection Program included in the first interim final rule for the PPP issued on April 2, reports the Journal of Accountancy.
Click here to read the full article.

The SBA Has Issued Additional Guidance for the Paycheck Protection Program
The new guidance specifically addresses the often-asked question of how self-employed and partner income should be included in the loan application.
Click here to read the full update.

AICPA Update: Impact of Accepting PPP Agent Fees on Independence
The Professional Ethics Executive Committee has determined that “…members may advise and assist their attest clients in understanding the information required to be submitted and in the determination of amounts to be included on the application, provided the member does not prepare or sign the application form itself or perform other management responsibilities on behalf of the applicant.”
Click here to read the full update.

AICPA's Update on CPAs Acting as an Agent and Getting Paid for SBA PPP Loan Services
We know there is frustration around providing services to your small business clients as they apply for Paycheck Protection Program (PPP) loans being issued through the Small Business Administration. Many firms want to be recognized as an agent for the client and be compensated for their services under the agent fee section of the PPP guidance, but are concerned they will not receive payment from lenders. AICPA guidance released last week supports firms that provide advice, guidance and support outside of loan preparation assistance, as defined under the program.
Click here to read the whole update.

Paycheck Protection Program Loans FAQs
The Small Business Administration (SBA), in consultation with the Department of the Treasury,
intends to provide timely additional guidance to address borrower and lender questions
concerning the implementation of the Paycheck Protection Program (PPP), via this list of frequently asked questions.
Click here to see the document.

AICPA Recommendations: PPP Application Documents for Lenders
The American Institute of CPAs, the AICPA-led Coalition, and other key stakeholders - collectively
representing 44K CPA firms, 2.5M small businesses and 30M employees - have come together to
drive a common understanding and approach around the implementation of the U.S. Treasury and
Small Business Administration Paycheck Protection Program.
Click here to read the document.

AICPA Coalition Recommends PPP Applicants Use Gross Payroll Approach in Calculations
For the calculation of the Average Monthly Payroll cost under the Paycheck Protection Program (PPP), the Gross Payroll approach should be used for the application, according to the recommendation from the AICPA-led small business funding coalition. This recommendation was developed in conjunction with the National Payroll Reporting Consortium, notes the AICPA. It comes after the additional guidelines Treasury and the Small Business Administration issued last week.
Click here to read the full alert.

SBA Paycheck Protection Program Resources for CPAs from the AICPA
The Coronavirus is having an unprecedented effect on the economy. Main Street’s small businesses are struggling to stay afloat as they’re forced to close to protect the health and safety of employees and customers. Through recently enacted federal legislation, there are opportunities for help through U.S. Small Business Administration loans. One of the most impactful is the Paycheck Protection Program, designed to provide access to cash so that businesses can keep paying their employees and other expenses such as health insurance premiums, rent or mortgage payments and utilities. This important financial relief will help small businesses return to being fully operational quicker once conditions improve.
Click here for more information.

Ethical Implications to Consider for COVID-19 PPP Loan Applications
The AICPA shares important ethical implications to consider in connection with COVID-19 PPP loan applications.
Click here to see the full bulletin...

MOCPA Communications

Letter to Member 05.15.20: Additional Resources as We Look Ahead
As the state of the economy continues to weigh heavily on everyone’s minds, MOCPA has scheduled another complimentary webinar with Chris Kuehl next Friday, May 22, at 10 a.m. 
Click here to read the full letter.

Letter to Members 05.08.20:  A "New Normal?"
As many businesses around the state start to reopen, there is still a lot of uncertainty on
related risk and what will constitute a “new normal.”
Click here to read the full letter.

Letter to Members 05.01.20: An Address from MOCPA President and CEO Jim O'Hallaron
MOCPA has been your trusted resource throughout the COVID-19 pandemic. Jim O'Hallaron, MOCPA President and CEO, shares a video update on your MOCPA community.
Click here to read the full letter.

Letter to Members 04.24.20: MOCPA is Proud to Be Part of Your Community
The amount of member engagement, collaboration and support we’ve seen over the past month continues to be inspiring. MOCPA is happy to be a part of your village.
Click here to read the full letter.

Letter to Members 04.17.20: Economic Update and Virtual Roundtables
Though the experts predict the virus may be nearing its peak, we know we still have a long
way to go in terms of healing. All we can do is keep pushing through and continue to lean
on each other for support and guidance.
Click here to read the full letter.

Letter to Members 04.10.20: MOCPA Is Your Trusted Resource
To help you cull the endless amount of information circulating and to give you a place to seek business and leadership advice, MOCPA continues to add virtual roundtables and build on our online resource center and learning opportunities.
Click here to read the full letter.

Letter to Members 04.03.20: Legislative Environment in Missouri

MOCPA President and CEO Jim O'Hallaron shares a message with members; Government Relations Consultant Chuck Pierce examines what's going on legislatively in Missouri.
Click here to read the full letter...

Letter to Members 03.27.20: MOCPA Helps Members Stay Connected
As you continue to adjust to a new reality at home and work, we want to reassure you that your CPA peers and MOCPA community remain a strong, reliable resource for you.
Click here to read the full letter...

Letter to Members 03.19.20: MOCPA Is Here for You
MOCPA staff is operating at full capacity, though working remotely.
Click here to read the full letter...

Tax Deadlines

IRS Confirms It Has No Plans To Extend The Filing Deadline Past July 15
The Department of the Treasury and the Internal Revenue Service have announced that the 2019 tax filing deadline remains July 15, 2020. Individual taxpayers who cannot meet the July 15 due date can request an automatic extension of time to file. Keep in mind that the extension is a six-month extension from the original filing date of April 15, meaning that an extension will extend the time to file to October 15, 2020. It is not an extension from the extended due date, reminds Forbes.
Click here to read the full article.

Department of Revenue Extends Deadline to File Missouri Partnership Returns
The Missouri Department of Revenue has announced that it is extending the deadline to file returns for Missouri partnership income (Form MO-1065) from April 15, 2020, to July 15, 2020. This announcement mirrors federal guidance issued April 13 by the Internal Revenue Service.
Click here to read the full update.

Missouri Department of Revenue Extends Deadline to Make June Estimated Tax Payment
The Missouri Department of Revenue announced today that it is extending the June 15, 2020, estimated tax payment deadline to July 15, 2020. This announcement mirrors federal guidance issued last week by the IRS.
Click here to read the full alert.

AICPA Tax Filing FAQs
Taxpayers and CPAs across the country are faced with unprecedented challenges this filing
season in light of the COVID-19 pandemic and related closures and shelter-in-place orders.
Based on member feedback, the AICPA has identified seven key areas in need of immediate relief
and provided the latest developments to the 20 most frequently asked questions on tax
filing and payment relief. 
Click here to read the document.

Missouri State Tax Filing Deadline Extended
Mirroring the federal guidance issued by the IRS, the Missouri Department of Revenue has extended the deadline to file income tax returns from April 15, 2020, to July 15, 2020.
Click here to read the full update.

U.S. Tax Filing Deadline Moved to July 15, Mnuchin Says
Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the U.S. treasury secretary said on Friday (March 20). He said he was acting at President Donald Trump's direction, reports CNN.
Click here to read the full article

City of St. Louis Earnings Tax Filing Deadline Extended
City of St. Louis Collector of Revenue Gregory F.X. Daly has extended the earnings tax filing deadline from April 15, 2020 to July 15, 2020, to mirror the federal and state deadlines.
Click here to read the full update.

Kansas Dept. of Revenue Extends Tax Deadlines
Prompted by events surrounding the coronavirus, the Kansas Department of Revenue is providing the following guidance regarding changes to filing due dates. The Director of Taxation has extended the deadline for filing the 2019 tax returns for Individual Income Tax, Fiduciary Income Tax, Corporate Income Tax and Privilege Tax to conform to the extended due date of July 15, 2020.
Click here to read the full update.

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
Following President Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service have 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.
Click here for more information.
Click here to view the full notice.

Filing and Payment Deadlines Questions and Answers
The Treasury Department and the IRS have announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease pandemic.  Now, the IRS has compiled a list of answers to frequently asked questions related to the relief provided in Notice 2020-18.
Click here to see the full FAQ list.

Families First Act

Department of Labor Updates FAQs related to the Families First Coronavirus Response Act
The Department of Labor has updated its FAQs related to the Families First Coronavirus Response Act.  This expanded list answers some of the open questions and provides more details on some previously answered questions.  
Click here to be taken to the FAQs.

The U.S. Department of Labor Releases Its First Round of Guidance on the Families First Act 
The U.S. Department of Labor’s Wage and Hour Division announced its first round of published guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act when it takes effect on April 1, 2020. The guidance includes a fact sheet for employees, a fact sheet for employers and a questions and answers document. 
Click here for more information.

AICPA Resources

AICPA Coronavirus (COVID-19) Resource Center
The AICPA is taking the Coronavirus (COVID-19) very seriously. We are continually monitoring the virus’ impact on our members, staff, exam candidates, students and the profession.
Click here to visit the AICPA's Resource Center.

Learn More About the AICPA Benevolent Fund

If you are a member of the AICPA and find that you are financially impacted by COVID-19, please contact the AICPA Benevolent Fund at AICPA.org/benevolentfund or contact them by email: benevolent_fund@aicpa.org.

AICPA Federal and State Tax Filing Guidance for Coronavirus Pandemic
This document is updated regularly.
Click here to see the full update.

Peer Review and the CPA Exam

Six-Month Delay Granted for Peer Reviews
CPA firms will be granted six-month extensions for peer reviews, corrective actions, and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year, according to the Journal of Accountancy.
Click here to read the full article.

Uniform CPA Examination Testing FAQs
Stay current on all of the Coronavirus-related changes relating to the CPA Exam.
Click here to visit NASBA's FAQs page.

Prometric Site Openings
As restrictions are lifted, Prometric is scheduling opening dates for testing centers.
Click here to see the dates Missouri testing centers will be opening.

Coronavirus Impact on Peer Review 
The AICPA peer review team wanted to reach out to the reviewer community to let you know that their first priority during this time is your health, safety and well-being. As such, they are operating with an abundance of caution.
Click here to read the full alert...

NASBA, AICPA and Prometric Invoke Emergency Testing Period
In anticipation of the reopening of Prometric test centers and in response to the COVID-19 situation, NASBA, AICPA and Prometric have made the decision to invoke an emergency testing period.
Click here to read the update.

Continuous Testing for U.S. CPA Exam candidates to begin July 1
The Continuous Testing model will replace the existing Testing Window model for the CPA Exam, which permits candidates to only test during a designated time frame.
Click here to read the full article.

Other Resources

Governor Parson Signs Executive Order 20-08 Regarding Notary Public in Response to COVID-19
Governor Mike Parson has announced he has signed Executive Order 20-08 suspending a statutory requirement that a notary public must conduct the notarization of official documents while the signer appears personally in front of him or her. 
Click here to read the full alert.

Missouri Department of Health & Senior Services
Missouri DHSS has updated their list of resources for businesses and for workers impacted by layoffs.
Click here to visit their resources page.

Coronavirus at Work: Frequently Asked Questions from Paychex
Paychex has drafter a list of frequently asked questions with responses that should provide you with some initial information and resources to help you in responding to the outbreak of COVID-19, the flu virus, and other health crises.
Click here for more information...

SBA Disaster Assistance in Response to the Coronavirus
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Click here for more information…
Click here for COVID-19 Small Business Guidance & Loan Resources...

DRAFT Form and DRAFT Instructions for IRS Form 7200 Now Available
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.  
Click here to access the form.
Click here to access the instructions.

Economic Impact Payments: What You Need to Know
The Treasury Department and the IRS have announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. 
Click here to read the update.


Articles:

Protect Your Organization from COVID-19 Cyberthreats
The spread of COVID-19 has pushed many organizations to adopt remote work policies. This influx in remote work has created a gap in cybersecurity standards and it’s becoming a growing concern. Cybercriminals are exploiting COVID-19 to target organizations and individuals, reports BDO Digital.
Click here to read the full article.

FASB Proposes to Delay Accounting Standards in Response to Coronavirus
The Financial Accounting Standards Board plans to propose that private companies and not-for-profit organizations get an extra year to implement the lease accounting standard while they deal with the coronavirus crisis, while also giving private franchisor companies an extra year to get ready for the revenue recognition standard, reports Accounting Today.
Click here to read the full article.

CARES Act Tax Provisions Aim to Stabilize Pandemic-Ravaged Economy
The Coronavirus Aid, Relief, and Economic Security Act, which passed the Senate by a 96-0 vote this week, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic. While the focus of the legislation is not tax, note the Journal of Accountancy, a large number of tax provisions are included in the over-600-page bill.
Click here to read the full article...

Seven Steps for Nonprofits to Manage a Crisis
Unsurprisingly, COVID-19 has called nonprofits to the front lines. But with growing demand and limited resources, these organizations are being pulled in a number of directions all at once. It’s imperative that they’re prepared for mission continuity, engagement and outreach, and employee welfare in light of COVID-19.
Click here to read the full article.

How the Coronavirus May Affect Financial Reporting and Auditing
The coronavirus pandemic has the potential to create significant changes for CPAs who prepare company financial statements — and for auditors as well. The Journal of Accountancy suggests practitioners and finance professionals take in response to the current pandemic. 
Click here for full article…

COVID-19 Scams
With a global crisis comes a number of bad actors trying to take advantage, and the pandemic over the Covid-19 coronavirus is no different. Forbes shares a list of possible coronavirus scams of which you should be aware.
Click here for full article....

What Should Clients Do About Medical Deductions for COVID-19 Expenses?
What if your clients have medical or related expenses due to the corona virus? AccountingWEB shares both practical and personal advice from a tax expert.
Click here for full article...

Coronavirus: Prepare Your Clients and Protect Your Practice
The coronavirus outbreak is causing noteworthy disturbances to many companies’ operations. Public accounting practices are no different. Fortunately, there are steps that you, as a practitioner, can take to best position your clients and practice to handle the challenges associated with the coronavirus or any unforeseen extraordinary event.
Click here to read the full article...


Other Learning Opportunities

Click here to see the complete list of learning opportunities for MOCPA members.

Resources