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IRS Releases Tax Filing Extension FAQ, and more

by MICPA | Mar 25, 2020   ()

IRS Releases Tax Filing Extension FAQ
Last week saw no small amount of confusion among tax professionals when the U.S. Treasury Department delayed deadlines for tax payments but not for filing. The AICPA expressed immediate concern over the decision, however the IRS made an official announcement of its plans to apply the extension to the filing deadline as well. July 15 is now the tax filing and payment deadline for all taxpayers. This afternoon, the IRS posted FAQs in regards to the tax payment and filing relief announced last week.
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Governor Issues Executive Order
As we reported yesterday, Executive Order No. 2020-21, referred to as the “Stay Home, Stay Safe Order,” was issued by Governor Whitmer, and temporarily requires the suspension of all activities that are not necessary to sustain or protect life. 

Section 8 of the Executive Order defines critical infrastructure workers as those described by the U.S. Cybersecurity and Infrastructure Security Agency's March 19, 2020 guidance on the COVID-19 response. Section 8 (l) lists financial services as a sector in which some workers could be considered essential to the extent such employees meet the outlined criteria

Like many other industries and trade associations, MICPA continues to seek further guidance and clarification from the State of Michigan with regard to whether the Executive Order applies to MICPA’s members. We will continue to update members as we receive more information.

Michigan Nonprofit Association Responds to Stay-at-Home Order
Following Governor Gretchen Whitmer's "Stay Home, Stay Safe" Executive Order, the Michigan Nonprofit Association (MNA) responded by breaking down the parts of the order which apply to nonprofits. The MNA also provided information on unemployment benefits, where to find meals for children, human and legal resources, advice for working from home and other tips.
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COVID-19: 90-Day Tax Postponement Options
With the recent COVID-19 emergency, the U.S. federal government has postponed the April 15, 2020 tax filing deadline to July 15, 2020. Tax expert, Steve Dilley, takes a look at next steps and three possible responses including payment options for yourself or your clients in his short, 16-minute 90-Day Tax Postponement Presentation. 2-hour webinar addressing this topic coming soon.
Access is FREE for MICPA members

SBA Resources for Small Businesses Amid Coronavirus
Small businesses struggling in the wake of the coronavirus pandemic may be eligible for assistance from the U.S. Small Business Administration (SBA). As a result of the Disaster Declaration, the SBA is offering those states and territories with the designation an opportunity to apply for low-interest federal disaster loans.
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AICPA Proposes Payroll Fund for Small Businesses
Partnering with Paychex and Intuit, the AICPA issued a letter to key members of the U.S. Government regarding financial support for small businesses struggling to make payroll amid closures and loss of business directly resulting from COVID-19. The coalition proposes a central payroll funding account that will facilitate quicker relief to small businesses to maintain their workforce, greatly reducing layoffs.
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Roadblocks Removed From Loan Modifications
The Journal of Accountancy reports several federal and state banking regulators reached an agreement to lessen restrictions for borrowers seeking loan modifications due to the impact of COVID-19. The Financial Accounting Standards Board was consulted on the guidance and issued their own statement, sharing their support of the agencies’ approach.
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PCAOB Granting Inspection Relief
The Journal of Accountancy reports registered audit firms requesting relief from PCAOB inspection will be granted a 45-day reprieve, with some exceptions. This announcement, as with so many others, comes amid a bevy of extensions and delays across the financial industry aimed at helping companies cope with the vast decrease in economic activity resulting from COVID-19. Audit firms that wish to take advantage of this delay are advised to reach out to their PCAOB inspections point of contact.
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Peaking Panic Draws Policy Bazookas
Despite extreme volatility and velocity, markets have basically priced a garden-variety recession. Policymakers are taking actions to mitigate the economic downturn. We have reasons to be hopeful that maximum disruption is constrained to the second quarter and that a V-shaped recovery in the second half and into 2021 is possible. Consider recognizing that bear markets have tended to trough over weeks and months, and that in the process, patient, value-oriented investors can square up positions to strategic asset allocations with potential long-term positive results.
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NEW! Weekly Financial Markets Update
Graystone Consulting’s Global Investment Committee Weekly Digest is an insider’s guide, offering detailed analysis into market fluctuations from the previous week and a forecast outlining suggested client guidance. The MICPA has partnered with Mark J. Rogers of Graystone Consulting to provide this valuable tool to help you and your clients in navigating this turbulent time in our financial history. Access this new resource weekly via a dedicated section of MICPA news.

Nine Ways to Preserve Positivity in Times of Crisis
Glass half empty or half full, the on-going economic and public health turmoil wrought by the novel coronavirus presents new challenges for even the bubbliest optimists. According to Forbes, focusing on the calamities is easy, but there are nine effective ways to stay positive, reserving your energy and resolve in times of hardship.
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Opportunistic Scammers Rally to Exploit Coronavirus
Good-intentioned Americans are rallying to support one another and their communities amid the COVID-19 outbreak while scammers view this pandemic as a ripe opportunity. So many new scams have surfaced amid the coronavirus pandemic that Forbes has published a list to track them as they emerge. Meanwhile, the Michigan Attorney General issued its own warning to consumers regarding coronavirus scams and U.S. Attorney Scott Brady says he and his law enforcement colleagues expect Hurricane Katrina levels of cyber fraud to emerge around COVID-19.
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The Small Business Approach to Managing Remotely
Not all forms of small business can be managed remotely and even those that can are faced with new organizational challenges and little frame of reference. Luckily, remote work has become more prevalent with the invention of facilitating technologies and small practitioners don’t have to reinvent the wheel to get the ball rolling from home. This report from USA Today covers the best practices for setting up shop from home and managing your business remotely.
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Conference Call Gaffs to Avoid
Telecommuting for the first time can be rough. As many Americans across the nation find themselves setting up impromptu offices this month, now might be a good time to practice your conference call etiquette. Financial Management offers some advice on how to work through those unavoidable conference call gaffs everyone makes at least once.
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Podcast: Tech Tips for the Social Distance Platform
Les Nettleton, director of information technology at Bourgeois Bennet in New Orleans shares his perspective with the Journal of Accountancy on effective crisis planning. Having learned his own crisis planning lesson in the aftermath of Hurricane Katrina, Nettleton talks flexibility, tech questions, communication and remote office considerations for firms responding to the coronavirus.
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Source: MICPA
Source: MICPA

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