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.


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

New FAQs Address PPP Loan Forgiveness Issues
The SBA, in consultation with Treasury, released guidance answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program loans, reports the Journal of Accountancy. The FAQs, published in a new 10-page document, are divided into four sections addressing different aspects of the process and calculations PPP borrowers should use to determine how much of their loan is forgivable.
Click here for the full article.

New AICPA Tool Automates PPP Loan Forgiveness Process
A new, free tool developed by the AICPA and fintech lender Biz2Credit is designed to help borrowers and their CPA advisers complete the forgiveness application for Paycheck Protection Program (PPP) loans, reports the Journal of Accountancy. You can find the tool by visiting PPPForgivenessTool.com.
Click here for more information.


The AICPA’s revised PPP Loan Forgiveness calculator is now available.
Click here to access the calculator tool from the AICPA's website.

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 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 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.

 

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.

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.

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.

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.

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.

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.

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:

How CPAs can protect their relevance post-COVID-19 
COVID-19 unleashed massive upheaval in the lives of CPAs and in their profession. Tax deadlines were extended or altered, the government approved historic stimulus programs, accounting was deemed an essential business and we learned the term “social distancing.” Businesses of all types were turning to their CPAs in search of advice and, in some cases, strategic insight for how to sustain, survive and thrive again.  But what about all that’s left to do? Now is a great time to step back and, as lifelong learners, figure out what was learned from all of this and how it can help move CPAs forward, says AccountingWEB.
Click here to read the full article.

Red Flags for Firms to Avoid after COVID-19
Many small- and mid-sized CPA firms have the potential to fail post-COVID-19 if they don’t address the issues that will inevitably pop up after the pandemic subsides. Accounting Today examines 10 common red flags to avoid.
Click here to read the full article.

These Business Owners Got a PPP loan. It May Not Be Enough.
Funding issued through the SBA has been a financial lifeline for millions of small businesses during a recession that hit faster than any other in American history. The Paycheck Protection Program, created by the CARES Act, a $2.2 trillion relief measure enacted in March, offered low-interest loans of up to $10 million to small businesses. Entrepreneurs who use the funding a certain way, like allocating the bulk toward employee wages, don’t have to repay the loan — a huge draw for businesses forced to shut due to government fiat and through no fault of their own. But now that business owners have used up their PPP funding, they’re facing uncomfortable questions amid the possibility of further shutdowns, reports CNBC.
Click here to read the full article.

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.


Other Learning Opportunities

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

Resources