COVID-19 Resource Center for CPAs

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Governor Little Actions
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Recent Resources
ISCPA Members Complimentary CPE
Business Planning

Business Planning
Coronavirus Business Planning - Based on FEMA Guidance and Best Practices
Business Recovery

Additional Resources

National Resources
Idaho Resources
Additional Resources

Latest Resources:

Treasury, IRS issue guidance on reporting qualified sick and family leave wages paid - 7.8.20
Trump signs 5-week PPP extension - 7.6.20
Tax Strategies for Child Care Changes During the Coronavirus Pandemic - 7.6.20
New COVID-19 Resources for Nonprofits, Churches & Higher Ed - CapinCrouse - 7.2.20
Questions and Answers About the Economic Injury Disaster Loan (EIDL) Program - CapinCrouse - 7.2.20
FIPSE Provides Additional Funding Option for Higher Education - CapinCrouse - 7.2.20
IRS provides tax relief for the low-income housing credit and bonds for qualified residential rental projects - 7.1.20
PPP: Client forgiveness services Q&As for CPAs - 6.30.20

How “Stressed” Is Your Institution? - CapinCrouse - 6.30.20
National Taxpayer Advocate Erin Collins delivers her first report to Congress; identifies COVID-19 challenges, CARES Act, and Taxpayer First Act implementation as priority issues for taxpayers - 6.29.20
CAMICO PPP loan forgiveness engagement letter templates - 6.23.20
IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act - 6.23.20
Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans - 6.19.20
IRS outlines changes to health care spending available under CARES Act - 6.17.20
SBA releases new Form 3508EZ (PPP Loan Forgiveness Application Form) - 6.17.20
SBA releases newly revised Form 3508 - 6.17.20
SBA-2020-0035 - implements their June 8 statement, thus making it official that the 60% rule still allows for some forgiveness even if the payroll percentage does not reach 60% of the PPP loan amount. - 6.16.20
IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities - 6.16.20
IRS provide tax relief to CDEs & QALICBs - Notice 2020-49 (PDF) - 6.12.20
IRS provides guidance on employer leave-based donation programs that aid victims of the COVID-19 pandemic - 6.11.20
GASB proposes accounting guidance for CARES Act aid - 6.11.20
AICPA issues guidance on accounting for forgivable PPP loans - 6.10.20
Qualified opportunity zone rules are relaxed - 6.5.20
IRS provides answers about Coronavirus related tax relief for Qualified Opportunity Funds and investors - 6.4.20
IRS permits remote signatures for plan loan consents - 6.3.20
AICPA FAQs on how to adjust business valuations based on the CARES Act - 6.2.20
Treasury, IRS issue final regulations providing relief for certain tax-exempt organizations 5-26-20
SBA Loan Review Procedures and Related Borrower and Lender Responsibilities Interim Final Rule - 5.23.20
Loan Forgiveness Interim Final Rule - 5.22.20
Podcast - How to deepen client relationships during the pandemic - 5.22.20
New COVID-19 Resources for Nonprofits, Churches & Higher Ed - CapinCrouse - 5.21.20
IRS Pub - Time for performing certain acts postponed by reason of service in a combat zone or a federally-declared disaster - 5.19.20
Camico: PPP Update and Returning to the Office - The New Normal - 5.18.20
SBA Loan Forgiveness Application - 5.18.20
Tony Nitti Forbes Article SBA Releases Paycheck Protection Program Loan Forgiveness Application: A Deep Dive - 5.16.20
New credits fund employers for Coronavirus-related paid leave - 5.15.20
IRS updated FAQs #64 and #65 regarding the COVID-19 Employee Retention Credit for how eligible employers treat health care expenses. - 5.8.20
IRS new FAQ #79 regarding businesses that repay their Paycheck Protection Program loan by May 14, 2020. - 5.8.20
New timeline for small businesses to apply for Idaho Rebound Cash Grants - 5.8.20
COVID-19 paid leave tax credits for small and midsize businesses - 5.7.20
PPP Loan Good Faith Certification: Now What? - 5.3.20
Updated SBA Resources & PPP FAQs - 5.3.20

Recent Resources

Idaho Rebound Cash Grants for Small Businesses - 4.30.20
Updated FAQs: Employee Retention Credit under the CARES Act - 4.30.20
Treasury Dept. Says PPP Loans Over $2 Million Will Be Audited - 4.29.20
Camico: Potential Legal & Regulatory Risks Regarding Eligibility for PPP Loans - 4.28.20
PPP Application Process Firm – Lender Relationship - 4.27.20
Accounting for PPP Program Proceeds - 4.27.20
Updated PPP FAQs - 4.26.20
How to Calculate PPP Loan Amounts - 4.24.20
Updated EIDL (39,000/$7.9 billion approved) and EIDL Advance (1.2 million/$4.8 billion) data - 4.24.20
PPP & Seasonal Employees - 4.24.20
Treasury’s Website - 4.24.20
Idaho Rebounds - stages of Idaho's reopening - 4.24.20
SBA's Resources for Small Businesses: Four Things You Can Do Now - 4.23.20
The AICPA Center for Plain English Accounting (CPEA) published a document designed to help CPAs navigate PPP - 4.22.20
Guide to COVID-19 and HSAs - 4.22.20
SBA - shows current EIDL and EIDL Advance numbers, listed by state - 4.21.20
Revenue Procedure 2020-28 provides two tax return filing procedures for certain individuals who are eligible for the economic impact payment - 4.20.20
Ten Things We Need To Know About Paycheck Protection Program Loan Forgiveness - 4.17.20
IRS posts New FAQs on Sick Leave - 4.17.20
Pandemic alters lease accounting landscape - 4.16.20
Camico: Coronavirus Risk Management Guidance - 4.16.20
SBA publishes new PPP guidance for the self-employed and general partners - 4.14.20
Weekly Federal Tax Podcasts - great resource for ISCPA members
New Guidance from SBA - implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act - 4.14.20
Professional Ethics Executive Committee (PEEC) update: Impact of accepting PPP agent fees on independence – 4.14.20

PEEC 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.”

AICPA recommendations for PPP lender documents - 4.10.20

This two-page document covers four (4) documentation areas for employer applicants (Federal payroll tax reports; compensation; group health care benefits and retirement plan benefits) as well as directions for Average Monthly Payroll cost calculations.

1-page reference guide to all of the business credits, delays and deductions from the CARES Act and the Family Fairness Act. - 4.14.20 (TaxSpeakers)
CDC Guidance for Businesses & Employers - 4.10.20
EEOC FAQs - 4.9.20
Idaho DOL FAQs - 4.9.20
Special IRS coronavirus page
Idaho Coronavirus Info Twitter Feed
IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others - 4.9.20
Partnerships Covered by BBA CPAR Audit Regime Temporarily Allowed to File Amended Returns and K-1s - 4.8.20
AICPA posts 20 FAQ on tax filing relief - 4.8.20
Comparison Chart: Economic Injury Disaster Loan Versus Paycheck Protection Program - 4.7.20
SBA FAQs - PPP Loans - Updated - 4.7.20
Additional Clarity in Treasury FAQs on Paycheck Protection Program - 4.6.20
CAMICO - CPAs as Agents for Small Business Administration Paycheck Protection Program (“PPP”) Loans - 4.3.20
AICPA Coalition Recommends PPP Applicants Use Gross Payroll Approach in Calculations - 4.4.20

Video from AICPA - Update on PPP - 4.4.20
Video: AICPA Update on Paycheck Protection Program: Time for action and collaboration - 4.3.20

Payroll Protection Program Loans:

High Level Overview of Program
PPP Borrower Information Fact Sheet
PPP Loan Application - applications accepted starting 4.3.20
PPP Lenders Guide - good information for CPAs to review
PPP payroll calculators for loan application - from AICPA

The PPP provides three scenarios for calculating maximum loan amounts depending on how long the business has been in operation and whether it’s seasonal. You can add all three to your COVID-19 resource library. They’re designed so that your client can complete them following the steps outlined in the calculator
Clicking on a calculator below will save a spreadsheet to your computer for your use:
PPP Loan Calculator – Non-seasonal & In business 2/15/19 – 6/30/19
This calculator will apply for most businesses that operated in 2019.
PPP Loan Calculator – Nonseasonal & NOT in business 2/15/19 – 6/30/19
This calculator will apply for new businesses.
PPP Loan Calculator – Seasonal business
This calculator will apply for clients that don’t operate year-round.

AICPA Statement on CPAs as Agents for PPP applications
AICPA provides insight on the limitation on fees for agents filing loans under the PPP as it applies to CPAs.
ISTC Twitter Feed
Governor Little Twitter Feed
ISTC extends due date of any income tax estimated payments that are normally due April 15 to June 15, including fiscal year filers
Idaho Department of Labor FAQs
IRS Employee Retention Credit: Tax credits of up to $10,000 for employers who can show a significant decline in gross receipts due to COVID-19.
Department of Labor - Updated FAQs related to the Families First Coronavirus Response Act (FFCRA)
Paycheck Protection Loan Program
PCAOB provides firms opportunity for inspection relief
How auditors can test inventory without a site visit
Tax Day now July 15: Treasury, IRS extend filing deadline
Income Tax Deadline Moved from April 15 to July 15
Coronavirus relief bill contains tax credits for employers
State of ID wants to hear from small businesses impacted by coronavirus
The Families First Coronavirus Response Act
Coronavirus Rumor Control
IRS announces more operational changes related to coronavirus
Download the United States Department of Labor poster regarding the Families First Coronavirus Response Act.
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
IR-2020-57 - Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses
IR-2020-54 - IRS: High-deductible health plans can cover coronavirus costs
Families First Coronavirus Response Act: Employee Expanded Family and Medical Leave Rights
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
IRS FAQs - Filing & Payment Deadlines

The concern around the coronavirus – also known as COVID-19 – is growing. CPAs must think about how they will respond to concerns from employees, clients and customers. ISCPA is monitoring developments and has launched this webpage, which provides coronavirus information and resource links, to help keep our members and their firms, companies and clients, safe. Please check back often as we will be updating this page when new information is available.

Business Planning
Coronavirus Business Planning - Based on FEMA Guidance and Best Practices
Business Recovery
National Resources
Idaho Resources
Additional Resources

Business Planning

Sample Client Letter
What should you tell your clients about upcoming meetings? Use this sample letter to send to clients so they know what to expect and how to prepare for your next meeting.

PCPS Tool - Essential Habits for Working Remotely
In light of the current COVID-19 situation, many employers are recommending or mandating employees who are able to work remotely. Here is a PCPS resource outlining a few tips to help you and your staff stay engaged and intentional while utilizing flexible work environments.

Coronavirus Business Planning - Based on FEMA Guidance and Best Practices

If you have not instituted a business continuity plan, it is important that businesses get a plan in place immediately. Below are some business continuity tips that we are providing to assist you in supplementing or updating your plan. Having a business continuity plan in place will ensure your company continues to function at a high level even in the worst scenario.

Note: Thank you to the CEO of the Rhode Island Society of CPAs, who has experience working with FEMA and shared this information with us. We’ve adapted portions of this content to be as relevant as possible for Idaho businesses.

Continuity Planning

Identify staff members who can accurately assess how your company functions, both internally and externally—and employees, materials, procedures and equipment are essential to keep the business operating—identify operations critical to survival and recovery. Include emergency payroll, expedited financial decision making and accounting systems to track and document costs in the event of an unexpected business incident and assign each task to a manager who will be responsible for that function for the duration of the event.
Establish procedures for succession of management including at least one person who is not at the company headquarters, if possible. Practice worst case scenario planning—it is very possible someone from your leadership team will be unavailable; plan for contingency if that person serves a critical role.
Decide which employees will be involved in pulling together your emergency plan. Include co-workers from all levels in your organization and use them as active members of the emergency management team; don’t overlook interns and new employees-they may recognize a vital function that could be overlooked. Consider a broad cross-section of employees but focus on employees with expertise vital to daily business functions.

Dealing with Clients and Service

Compile a list of your key customers and establish a plan to serve them for the duration. Since it is impossible at this time to know long that will be, plan for at least four to six months and identify priorities for each.

Suppliers, Vendors, Contractors

Identify key suppliers, vendors, contractors, banks and any other businesses you must interact with on a daily basis. If there are any that serve a critical role, consider developing a professional relationship with more than one company in case they are compromised and cannot service your needs. A disaster that shuts down a key supplier or vendor can be devastating to your business.

Quarantine and Premises

If any of your employees are identified as having even casual contact with anyone known to have Coronavirus, your facility may be involuntarily shut down. Plan what you will do if your building, plant or office is not accessible. Define crisis management procedures and individual responsibilities in advance. Talk with your staff or co-workers and frequently review and practice what you intend to do during and after an emergency.

Communications and Emergency Planning for Employees

Your employees are your most valuable asset. Open lines of communication are essential before, during, and after any incident. Share emergency preparedness information and virus updates with employees in newsletters, on company intranet, periodic employee emails and other internal communications tools. Consider setting up a password-protected page on the company website, an email or text message alert or a call-in voice recording to communicate with employees in an emergency. Designate an “800” number or conference line that can be used to communicate in the event of a quarantine with designated call times.

Crisis Communication Plan

Detail how your organization plans to communicate with employees, local authorities (identify point of contact for emergency services and first responders), customers and others for the duration of the event.Give employees information on how you will communicate when and how to report to work following an emergency. Make sure senior management has all relevant information and who will communicate updates to the public. Inform clients/customers if you anticipate delays in service (and communicate clearly how and when products will be received or services rendered). If you are able to provide assistance to the community, communicate with officials what your company is prepared to do to help in the recovery effort. Also communicate with local, state and federal authorities what emergency assistance is needed for you to continue essential business activity.

Meetings and Conferences

If there is an outbreak in your city or county, follow your local government’s guidelines regarding meetings. If there is not an outbreak in your city or county, follow federal restrictions regarding meetings and travel within the United States.

If you are hosting in-person meetings and conferences, establish criteria and timeframes for making decisions about whether to continue to hold these events. Consider web conferencing tools to hold online meetings. Some conferences may offer a webcast viewing option as an alternative to in-person meetings.
Determine whether staff will attend meetings and conferences. Consult the latest travel guidance (see section below) as they prepare for upcoming conferences, conventions, trade shows and exhibitions.

Travel – National and International

Travel within the US: Management should use common sense for employees planning any travel and verify meetings/conferences or events have not been canceled prior to leaving. This is a good resource for updates: https://wwwnc.cdc.gov/travel.
International travel: To determine how to handle international travel consult the Department of State Travel Advisory Levels chart and color-coded map and check with your airline.
Travel Insurance: If you or your employees must travel, investigate travel insurance. Keep in mind that not all travel insurance covers pandemics. Policies that do cover pandemics may not be available after a known breakout.

Facilities, Buildings, Property and Insurance

Review your business insurance coverage and understand your deductibles, if applicable. Consider how you will pay creditors and employees. If you are the business owner or principal, you should also plan how you will provide for your own income. Finally, find out what records your insurance provider will want to see after an incident and store them in a safe place.
Determine who will be in charge of the premises in the event you need to close suddenly. Consider the ways in which people, products, supplies and other things get into and leave your building or facility; make sure all entrances and exits are secure. Identify what machinery, computers, custom parts or other essential equipment is needed to keep the business up and running – and what (if anything) needs to be moved in the event the building will be closed.

Business Recovery

The Trump Administration is reviewing actions to aid businesses in recovery to mitigate the impact and financial losses. The U.S. Small Business Administration is a great resource for businesses seeking assistance after an incident.

Note – Cyber criminals usually kick into high gear during a crisis, emergency or other event. Remind employees to stay vigilant and delete any unsolicited “COVID-19” updates they receive – and never open any attachments.

National Resources:

CDC Coronavirus Disease 2019 web site – Includes information about the disease, situation updates, and information for specific audiences such as travelers, communities, schools, and businesses and others.
EEOC - Coronavirus 2019
U.S. Department of Labor Wage and Hour guidance on issues around COVID-19
Centers for Disease Control and Prevention (CDC)
FEMA -Every Business Should Have A Plan
Department of Homeland Security Business Continuity Plan
Pandemic Procedures Template
Families First Coronavirus Response Act: Employee Paid Leave Rights
Families First Coronavirus Response Act: Employer Paid Leave Requirements
COVID-19 and the Fair Labor Standards Act: Questions and Answers
COVID-19 and the Family and Medical Leave Act: Questions and Answers
SBA Disaster Assistance in Response to the Coronavirus
Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus
US Senators Introduce Bill to Extend the Tax Filing Deadline, Provide Additional Relief to Middle-Income Americans
Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

Idaho Resources

Idaho's Reopening Plan
State of Idaho COVID-19 Official Page

Idaho Department of Labor FAQs
Idaho Department of Commerce
How to communicate to your kids about COVID-19
My kids school is closed, so now what?
How to de-stress during COVID-19
Idaho Department of Health and Welfare
Central District Health - Central District Health Information

Call Center 208-321-2222 Weekdays, 8:30 a.m. to 4:30 p.m.

Self-Rescue Manual - the Self-Rescue Manual contains local resources, counseling supports and much more.
M indfulness for Teens - Mindfulness is a simple tool your student can use to practice everyday stress relief
Headspace - Free app that will help your student practice mindful breathing, work on sleep hygiene among many other options. Check it out!
Stress Relief skill-building and ideas for self-care - some more ideas for talking to your teen about stress and managing our mental health through self-care
Resources and Activities for students to do at home during school closure

Additional Resources

EEOC - Families First Coronavirus Response Act: Questions and Answers
Coronavirus - Mitigating Risk for Your Business (DGC)
36 Disaster Response Questions to Prepare for (and Survive) the Coronavirus (Jennifer Elder)
What Companies are Disclosing about Coronavirus Risks (Journal of Accountancy)
Coronavirus Risks: The Importance of Preparation (FM)
Coronavirus: Is Your Firm Prepared for a Pandemic? (CPA Practice Advisor)
SEC and PCAOB Offer Potential Relief for Audit Firms in China Amid Coronavirus (Accounting Today)
How Coronavirus Could Disrupt the Auditing of Companies (Wall Street Journal)
Economic Impact of Coronavirus (Association of Chartered Certified Accountants)
Coronavirus: 7 Critical Decisions to be Prepared (Baton | Global)
8 Questions Employers Should Ask About Coronavirus (Harvard Business Review)
Coronavirus Crisis Response (McKinsey & Company)
3 Way to Keep Your Workplace Clean During Coronavirus Scare (SHRM)
Coronavirus Impacts Business Travel (SHRM)
CNN - Live Updates
What to do if staff can’t make it to the office
If the coronavirus outbreak disrupts your budget

4.30.20 - Governor Little:

Gov. Little plans to distribute $300 million in cash grants to small businesses

4.23.20 - Governor Little:

View entire plan as pdf

Economic Rebound Advisory Committee

4.15.20 - Governor Little extends stay-home order through April 30

Governor Little will answer questions about COVID-19 in Idaho LIVE on Idaho Public Television April 16 @ 8:00 pm - 9:00 pm MDT
Coronavirus Financial Advisory Committee April 17 @ 2:00 pm - 3:00 pm MDT

3.27.20 - Governor Little signs new executive orders, proclamation to further position Idaho to overcome coronavirus challenge

3.25.20 - Governor Little issues state-wide Stay-At-Home Order - ISCPA Essential Services Member Message

State of Idaho Official Order to Self-Isolate
Stay-Home Order Guidance on Essential Services

3.21.20 - US Treasury ordered the IRS to extend filing and payment deadlines by 90 days to July 15 for federal returns.

3.23.20 - Governor Little delayed income tax filing and payment deadlines in Idaho by 60 days, until June 15, 2020.

Governor Little’s extension proclamation applies to all taxpayers – including individuals, businesses, and entities – regardless of the amount owed. Penalty and interest won’t apply if taxpayers file their return and pay the income tax they owe by June 15.

Governor Little also has extended the deadline to apply for property tax relief programs from April 15 to June 15. The programs include: Property Tax Reduction (circuit breaker); Property Tax Deferral; 100% Service-Connected Disabled Veterans Benefit

The administration chose June 15 (instead of July 15) because of Idaho's constitutional provision requiring a balanced budget and the June 30 fiscal year-end date. This makes it very difficult, if not impossible, to extend the Idaho deadline to July 15 to coordinate with the new federal deadline and still assure sufficient tax revenue to comply with the Idaho constitution at the end of the fiscal year on June 30.

ISCPA Members Complimentary CPE - those ISCPA members in good standing (those who have paid their 2020 membership dues) may take advantage of the following: (if a date in the future is no longer hyperlinked, it means that event is full):

ISCPA's Important Cash Flow Techniques & CARES Act Update for Real Estate Clients

on-demand (recorded 4.13.20 - will not be updated)

ISCPA's Covid-10 - What Businesses Need to Know from an HR standpoint (recorded 4.10.20 - information now outedated)
ISCPA's CARES Act - The Aftermath (recorded 4.17.20 - information now outdated)
ISCPA's CARES Act - COVID-19 Tax Provisions (recorded 4.2.20 - information now outdated)
ISCPA's Paycheck Protection Program Loans & Other CARES Act Provisions (recorded 4.2.20 - information now outdated)
ISCPA's SBA Loans - A Banker’s Perspective (recorded 4.7.20 - information now outdated)

In partnership with the AICPA

AICPA Town Hall Update: CARES Act and Paycheck Protection Program - new each wk - 5.7.20 & 5.14.20 & 5.21.20, 5.28.20
COVID-19: Scenario planning and strategic modeling - 4.9.20 OR 4.14.20 OR 4.15.20 OR 4.16.20
COVID-19: Workforce Optimization for Business Continuity - 5.13.20 OR 5.18.20 OR 5.22.20
Crisis Management – Using Technology to Securely Work from Home - 4.22.20 or 5.1.20
Cybersecurity: Managing Cyber Risk in a Remote Work Environment - 4.17.20 or 5.4.20
Navigating change: Tax implications of the Families First Coronavirus Response Act - 4.7.20 OR 4.14.20
Pandemic Risk Mitigation and Practical Considerations for CPA Firms - 3.31.20
Risky Business – Conducting Remote Audits in Uncertain Times - 4.1.20 OR 4.10.20
Tax Implications of The Coronavirus Aid Relief and Economic Security (CARES) Act - 4.3.20 OR 4.9.20
The CARES Act and the Paycheck Protection Program - 4.10.20 OR 4.14.20 OR 4.17.20
Understanding Market Implications and Bringing Calm Amid Chaos - 4.1.20 OR 4.6.20 OR 4.13.20

In partnership with the CPA Crossing

Work From Home With Teams and Office 365 - 4.13.20 OR 4.15.20

COVID-19 Business Planning

COVID-19 Resource Center for CPAs

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