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:

MOCPA also has a variety of coronavirus-related learning opportunities, many of which are complimentary for MOCPA members, that you can access by clicking here.

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:

Paycheck Protection Program

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 Applauds Additional Clarity in Treasury FAQs on Paycheck Protection Program
Key changes are in line with AICPA recommendations and advocacy points, reports the Journal of Accountancy.
Click here to read the full article.

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.

Applications for Small Business Paycheck Protection Program (PPP) Open April 3
Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the federal Paycheck Protection Program beginning Friday, April 3, reports the Journal of Accountancy. The application can be found here the Treasury site, along with details for borrowers and lenders. Treasury urged those in need of funding to apply quickly, noting that the program has a cap and demand is likely to be high.
Click here to read the full article.
Click here for the PPP Borrower Application Form.

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 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

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.

AICPA Sends Treasury Secretary Mnuchin Letter Calling for Broad Filing Season Relief
AICPA President and CEO, Barry Melancon, CPA, delivered a letter to Treasury Secretary Steven Mnuchin expressing concern that, while the Department of the Treasury delayed the April 15th filing deadline, they have failed to grant extensions for all filing and payment deadlines.
Click here to read the full press release from the AICPA.

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.

AICPA Thanks Senator Thune and Other Congressional Members for Successful Push on April 15 Tax Filing Extension
Click here to read the full alert.

Finding (and Being) Calm Amid the Chaos
COVID-19 is bringing much change and uncertainty to the world and it’s important to find calm amid the chaos. No one can control market volatility, with fear being a major influencer on the fluctuations, though investment principles have not changed. In this episode of the AICPA's PFP Podcast, Susan Tillery, CPA/PFS, chair of the PFP Executive Committee, and Dave Stolz, CPA/PFS, chair of the PFS Credential Committee, share how they are putting their clients first – and in doing that, reinforcing the value of the CPA financial planner. 
Click here to listen to the podcast.

Peer Review and the CPA Exam

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.

Prometric Closes Test Centers in the U.S. for a Period of 30 days
Effective March 17,Prometric will close testing centers in the U.S. for a period of 30 days. It anticipates re-opening test centers on April 16, but the specific date will depend on circumstances that are changing daily. No action is required on the part of the candidate.
Click here for more information…

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.

Governor Parson Requests Federal Major Disaster Declaration for Missouri in Response to COVID-19
Governor Parson has requested that President Trump approve a major disaster declaration for the entire state of Missouri to provide federal assistance for state and local COVID-19 pandemic preparedness and emergency response efforts. In the request filed this week, Governor Parson said the pandemic is of such severity and magnitude that an effective response is beyond the state and local governments.
Click here to read the full statement.


Articles:

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...

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....

Legislative Leaders Issue Statement on Coronavirus
Missouri’s first confirmed cases of coronavirus have led legislative leaders from both parties, in both chambers, to consider steps to minimize exposure to the virus among Capitol lawmakers, staff, and visitors, reports the Daily Journal.
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...

Are You Communicating Right With Staff and Clients at This Time?
Now more than ever, all firms need to have a disaster communication team and plan. When done correctly, the organization not only takes care of its staff and clients, but notes AccountingWEB, protects its future.
Click here to read the full article.

Complimentary Learning Opportunities:

Special MOCPA COVID-19 Virtual Roundtable Series
During this time of unparalleled turmoil, MOCPA will be holding a series of one-hour virtual roundtables to help connect member communities and navigate emerging trends, challenges, and opportunities as our society continues to adjust. Each roundtable is moderated; and carries a short topic agenda to keep discussion focused. Make sure to come prepared both to share and listen.

Business & Industry Virtual Roundtable
Date Wednesday, April 8
Time: 9 – 10 a.m.
Click here to register.

Date: Thursday, April 9
Time: 2 – 3 p.m.
Click here to register.

Date: Friday, April 10
Time: 9 – 10 a.m.
Click here to register.

Public Practice Virtual Roundtable
Date: Wednesday, April 8
Time: 2 – 3 p.m.
Click here to register.

Date: Thursday, April 9
Time: 9 – 10 a.m.
Click here to register.

Date: Friday, April 10
Time: 2 – 3 p.m.
Click here to register.


Other Learning Opportunities

Surgent's The CARES Act and its Impact on Individuals and Businesses
In an attempt to offset the disastrous impact of the coronavirus on the American economy, Congress enacted the CARES Act, which includes substantial tax changes that impact both individuals and businesses. In this program, our panel of experts goes through key provisions of this new legislation, helping you understand what you need to know NOW to help your clients immediately. This course offers 3 CPE hours and has a cost of $149 for MOCPA members.

Date: April 6
Time: 1 – 4 p.m.
Click here to register.

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

Resources