COVID-19 Updates and Resources for KSCPA Members
KSCPA Updates
Online Peer Group (KSCPA Members Only): Chat online and address pressing questions with each other on this hot topic. Sign in to Exchange, then click Join Community: PPP and COVID Relief Issues.
The Kansas Society of CPAs cosigned a letter urging Congressional leadership to take immediate action to include PPP loan expense deductibility in legislation that passes this year. (December 3, 2020)
KSCPA MAKES RECOMMENDATIONS FOR THE NEW PHASE OF COVID-19 RELIEF LEGISLATION (JULY 22, 2020)
RETURN TO THE OFFICE TOOLKIT FOR KANSAS BUSINESS LEADERS (JULY 10, 2020)
SBA UPDATES FIRST PPP INTERIM FINAL RULE FOLLOWING PPP FLEXIBILITY ACT a KSCPA Ignite Blog (June 17, 2020)
EMERGING ISSUES RELATED TO COVID-19 a KSCPA Legislative Update (4/2/2020)
NEW RULES FOR FMLA AND SICK LEAVE a KSCPA Virtual Expert Forum Q&A (3/30/2020)
SUMMARY OF CARES ACT PROVISIONS a KSCPA Ignite Blog (4/1/2020)
CAUTION – HELPING CLIENTS WITH SBA LOAN APPLICATIONS a KSCPA Exchange Post (3/24/2020)
Remote Work Success Factors:
For information regarding upcoming CPE and virtual learning, visit https://www.kscpa.org/learning
Kansas Updates
At the request of KSCPA, KDOR has released Frequently Asked Questions to guide businesses on payroll withholding for remote workers across state lines during the pandemic. KDOR has revised form K-4C for proper allocation of the time spent performing services in a particular location for Kansas withholding purposes. Also, the Kansas Department of Revenue will waive any applicable penalties for employers and employees associated with the under-withholding and underpayment of individual estimated tax for all employees required to work remotely due to the pandemic.
Notice 21-01 Changes to Filing and Payment Dues Dates for Individual Income Tax, Fiduciary Income Tax and Homestead or Property Tax Relief Refund Claims (KDOR)
Notice 20-02 Waiver of Penalty and Interest for Estimated Tax Payments for Individual and Corporate Income Taxes and Privilege Tax (KDOR)
Notice 20-01 Changes to Filing and Payment Due Dates for Homestead or Property Tax Relief Refund Claims and Individual, Fiduciary and Corporate Income Tax, and Privilege Tax (KDOR)
For the latest information on Coronavirus (COVID-19), go to https://govstatus.egov.com/coronavirus
National/Federal Updates
COVID Relief Package Passes House & Senate - This Journal of Accountancy article does a nice job of breaking down the key provisions (December 22, 2020)
For the latest information from the IRS to help taxpayers, businesses and others affected by the coronavirus go to https://www.irs.gov/coronavirus.
STATE BY STATE TAX FILING RELIEF GUIDANCE (Source: AICPA)
Paycheck Protection Program (PPP) Resources (1/8/2021)
- *Updated Form 2483 - Paycheck Protection Program Borrower Application Form (1/8/2021)
- *New Form 2483-SD - PPP Second Draw Borrower Application Form (1/8/2021)
- IRS Revenue Ruling 2021-2 Addressing PPP Deductibility (Source: IRS 1/6/2021)
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Source: US Treasury and SBA 1/6/2021)
- Interim Final Rule on Second Draw Loans (Source: US Treasury and SBA 1/6/2021)
- Frequently Asked Questions: Paycheck Protection Program Loans (Source: US Treasury 12/9/2020)
- PPP Loan Forgiveness Services Matrix (Source: AICPA)
- PPP Loan Forgiveness Calculator (Source: AICPA 8/20/2020)
- PPP Loan Forgiveness Automation Tool (Source: AICPA; CPA.com; bix2credit)
- Additional resources such as a weekly town hall series and more loan forgiveness resources. SBA Paycheck Protection Program (PPP) resources for CPAs (Source: AICPA 8/21/2020)
- Stay updated by visiting the SBA website - https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
- CARES Act Stimulus Calculator (Source: AICPA)
- Letter Templates - Consolidated Approprations Act of 2021
CAMICO, KSCPA's exclusively endorsed provider of professional liability and employment practices liability insurance, has developed the following risk management tools to help firms be prepared to provide information and services to their clients specific to the COVID-19 Relief Bill while proactively minimizing potential exposures:
Engagement Letter Template: Assistance with New Round of PPP Funding under the Consolidated Appropriations Act of 2021
Business Client Communication Letter: Includes key highlights of the PPP-related provisions under the Consolidated Appropriations Act of 2021 - Engagement Letter Templates - PPP Loan Forgiveness Assistance
CAMICO, KSCPA’s exclusively endorsed provider of professional liability and employment practices liability insurance, encourages firms who are assisting clients with PPP loan forgiveness to have an engagement letter in place that outlines the scope and limitations of the services being provided, as well as the client’s responsibilities under the terms of the engagement. CAMICO has developed the following two engagement letter templates for this purpose:
Consulting Services: Assistance with PPP Loan Forgiveness
Agreed-Upon Procedures: PPP Loan Forgiveness Calculations
