COVID-19 Information and Resources
These are uncertain times. Our lives have been disrupted and adapting to change daily is our new “normal.” One thing you can be certain of is that Price Kong is here for you. We are staying on top of new laws, incentives, regulations and other changes, not only from a tax and accounting perspective, but in all areas that impact both individuals and businesses.
Here, you will find information and resources to help you get through this difficult time. We are here to help you survive today, so you can thrive in the future.
The CARES Act Provider Relief Fund (PRF), managed by the U.S. Department of Health and Human...
Yesterday afternoon, Arizona Governor Ducey signed SB1297, extending the deadline to file Arizona...
The Employee Retention Credit, a payroll tax credit intended to incentivize the retention of...
On March 11, 2021 President Biden signed into law the $1.9 trillion American Rescue Plan Act of...
Earlier this month, the Internal Revenue Service (IRS) announced a one-month extension for...
Earlier today, the Internal Revenue Service (IRS) announced that the 2020 federal tax filing...
By Spencer Bunn, CPA, Price Kong & Co., CPAs, P.A.On March 11, 2021, President Joe Biden...
What You Need to Know
Throughout the COVID-19 pandemic, Price Kong has remained open for business and been diligent in providing excellent service to our clients. Arizona’s stay-at-home order expired on Friday, May 15, 2020. As with many other businesses, Price Kong will continue to follow the guidelines issued by the federal, state, and local governments to ensure the continued safety of our clients and personnel. We will proceed with caution as we transition back to staffing and opening up the office to visitors. The following practices will continue through the end of May:
- Safety. This continues to be our priority. Price Kong personnel has been advised to continue working from home when possible through the end of May. Reducing the number of people in our office to a skeleton crew will enable us to maintain social distancing. We are also continuing to limit in-office client meetings and firm gatherings for the remainder of this month. As an added safety measure, we will be conduction temperature checks on personnel and visitors entering our office. Personnel that exhibit signs of illness are required to stay home.
- Client Service. We are here to help you through this difficult time. Communication is key, so please contact us if you have concerns. Whether in the office or working remotely, all personnel is available by phone and email.
- Documents. If you need to send us documents, please do so by uploading electronically via our CLIENT PORTAL. If your account is not already set-up, or you need assistance logging in, contact us at [email protected]. We also have a secure drop box located in the breezeway that leads to our building’s entry.
- Resources. We understand that you have many questions, particularly regarding the federal assistance programs available through the CARES Act. We have closely followed updates and clarification, pushing this information out as we receive it. In addition. On this page you will have access to information on new regulations, tax incentives, and other as-they-happen updates for taxpayers and businesses.
- The Future. We recognize many businesses and individuals are now facing the long road to recovery. We are hopeful that the worst of the health concerns relating to the pandemic is behind us, but cognizant that things can change at any time. We will continue to closely monitor and comply with all federal, state, and local recommendations and regulations, and to send out regular updates and announcements on tax and business changes that may impact our clients.
Your safety and that of our personnel remains a priority. We appreciate your confidence and trust in knowing we have your best interests in mind, and that we will continue to meet your needs. Please take time to care for yourself and those around you. We will get through this crisis together. Price Kong personnel are available to assist in any way possible.
Please contact us if you have questions or concerns at 602.776.6300.
|2019 Federal Tax Return Filing:||July 15, 2020||Applies to all individuals, trusts, estates, corporations and other non-corporate tax filers|
|2019 Federal Tax Return Payment:||July 15, 2020||Applies to all individuals, trusts, estates, corporations and other non-corporate tax filers|
|2020 Q1 Estimated Federal Tax Payment:||July 15, 2020|
|2020 Q2 Estimated Federal Tax Payment||July 15, 2020|
|2019 Arizona State Tax Return Filing:||July 15, 2020|
|2019 Arizona State Tax Payment||July 15, 2020|
The following information highlights key areas of the Coronavirus Aid, Relief, and Economic Security (CARES) Act
CARES Act Overview
Small Business Owners Guide to the CARES ACT – U.S. Senate Committee on Small Business & Entrepreneurship
Summary of Key Tax-Related Provisions – National Law Review
IRS: Three new credits are available to many businesses hit by COVID-19 – Internal Revenue Service
Employee Retention Tax Credit
Guide to the Employee Retention Tax Credit – U.S. Chamber of Commerce
Treasury Encourages Businesses Impacted by COVID-19 to Use Employee Retention Credit – U.S. Department of the Treasury
Employee Retention Credit under the CARES Act FAQs – Internal Revenue Service
Provider Relief Funds (Medicare Fee-for-Service [FFS] Payment)
Medicaid, Medicaid Managed Care, CHIP, and Dentist Provider Relief Fund Payment Terms and Conditions – Department of Health and Human Services
Provider Relief Fund – Department of Health and Human Services
Provider Relief Fund Payment Attestation Portal – Department of Health and Human Services
CARES Provider Relief Fund Payment Portal – Department of Health and Human Services
General Distribution Fund FAQs – Department of Health and Human Services
COVID-19 Uninsured Program Portal – Department of Health and Human Services
Taxpayers with Net Operating Losses
IRS provides guidance under the CARES Act to taxpayers with net operating losses – Internal Revenue Service
Individual Recovery Rebate
Economic Impact Payments: What You Need to Know – Internal Revenue Service
Social Security Recipients Will Automatically Receive Economic Impact Payments – Internal Revenue Service
What is the recovery rebate?
The rebate, structured as a tax credit, is designed to help low and middle-income individuals and families manage expenses and hardships during the COVID-19 pandemic. The amount taxpayers will receive is based on reported income from 2019 tax returns, or 2018 if a 2019 return has not been filed.
- Individuals filing as single: Those with an adjusted gross income up to $75,000 annually are eligible for the $1,200 rebate as long as they are not claimed as a dependent by another taxpayer. Individuals with adjusted gross incomes up to $99,000 will see checks reduced by five cents for every dollar in income above $75,000. Checks phase out for individuals with adjusted gross incomes in excess of $99,000.
- Married couples filing jointly: Those with an adjusted gross income under $150,000 annually are eligible for a $2,400 rebate. Married couples who earn up to $198,000 will received reduced rebates of five cents for every dollar above $150,000, with a complete phase out for those with adjusted gross income in excess of $198,000. Married couples also receive an additional $500 per dependent child under the age of 17, with no limit on the number of children.
- Taxpayers filing “head of household”: Those with an adjusted gross income up to $112,500 annually are eligible for the $1,200 rebate. Heads of household who earn up to $136,500 will receive reduced rebates of five cents for every dollar above $112,500, with complete phase out for those with adjusted gross income in excess of $136,500. Heads of household will also receive an additional $500 per dependent child under the age of 17.
Economic Injury Disaster Loans (EIDL)
SBA Now Accepting New Applications for Economic Injury Disaster Loans and Advance (06/15/20) – U. S. Small Business Administration
COVID-19 Economic Injury Disaster Loan Application – U. S. Small Business Administration
Paycheck Protection Program (PPP)
Business Loan Program Temporary Changes; Paycheck Protection Program – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs (updated 08/11/20) – U. S. Small Business Administration
FAQs for Lenders and Borrowers (updated 08/11/20) – U. S. Small Business Administration
Frequently Asked Questions on PPP Loan Forgiveness (08/11/20) – U. S. Small Business Administration
Interim Final Rule – Appeals of SBA Loan Review Decisions Under the PPP (08/11/20) – U. S. Small Business Administration
Procedures for Lender Submission of Paycheck Protection Program Loan Forgiveness Decisions to SBA and SBA Forgiveness Loan Reviews (07/23/20) – U. S. Small Business Administration
PPP Lender Agreement (07/20/20) – U. S. Small Business Administration
PPP Lender Agreement (Non-Bank) (07/20/20) – U. S. Small Business Administration
Extension of Authority to Guarantee Paycheck Protection Program Loans (07/06/20) – U. S. Small Business Administration
How to Calculate PPP Loan Amounts (06/26/20) – U. S. Small Business Administration
Refinance of EIDL Loans with PPP Loan Proceeds and Lender Remittance of EIDL Refinance Proceeds to SBA (06/19/20) – U. S. Small Business Administration
Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules (06/19/20) – Federal Register
Additional Revisions to First PPP Interim Final Rule (06/18/20) – Federal Register
PPP Borrower Application Form (updated 06/15/20) – U.S. Small Business Administration
PPP Loan Forgiveness Application (revised 6/16/20) – U.S. Small Business Administration
PPP Loan Forgiveness Application Instructions for Borrowers (6/16/20) – U.S. Small Business Administration
PPP EZ Loan Forgiveness Application (6/16/20) – U.S. Small Business Administration
PPP EZ Loan Forgiveness Application Instructions for Borrowers (6/16/20) – U.S. Small Business Administration
Interim Final Rule on Revisions to the First PPP Interim Final Rule (06/16/20) – Federal Register
SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program (06/16/20) – U.S. Small Business Administration
Paycheck Protection Program Flexibility Act (06/05/20) – Library of Congress
Second Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan and Lender Reporting (05/26/20) – Federal Register
Requirements – Loan Forgiveness (05/28/20) – Federal Register
SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (05/28/20) – Federal Register
Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request (05/19/20) – Federal Register
Interim Final Rule on Disbursements (05/04/20) – Federal Register
PPP Information Sheet for Lenders – U.S. Department of the Treasury
PPP Information Sheet for Borrowers – U.S. Department of the Treasury
Active SBA Lenders Located in Arizona – U.S. Small Business Administration
Interim Final Rule on Affiliations (04/15/20) – Federal Register
SBA Paycheck Protection Program Interim Final Rule (04/15/20) – Federal Register
Joint Statement by SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin on the Resumption of the Paycheck Protection Program – U.S. Small Business Administration
Small Business Guide and Checklist – U.S. Chamber of Commerce
Small Business Guidance and Loan Resources – U.S. Small Business Administration
Summary of cumulative Paycheck Protection Program data as of 5:00 p.m. EDT, June 18, 2020.
Average Loan Size
# of Participating Lenders
Paid Leave under the Families First Coronavirus Response Act (FFCRA) – Federal Register (will be updated on April 6th when final copy is published.)
U.S. Department of Labor Announces New Paid Sick Leave and Expanded Family and Medical Leave Implementation – U.S. Department of Labor
Families First Coronavirus Response Act: Employee Paid Leave Rights – U.S. Department of Labor
Families First Coronavirus Response Act: Employer Paid Leave Requirements – U.S. Department of Labor
Employer Tax Credits – Paid Sick and Family Leave
Treasury and IRS Release FAQs to Help Small and Midsize Businesses Navigate Paid Sick and Family Leave Tax Credits – U.S. Department of the Treasury
Families First Coronavirus Response Act FAQs – Internal Revenue Service (IRS)
COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs – Internal Revenue Service
What’s in the News
Arizona Partnering with Trump Administration to Extend Unemployment Benefits (August 14, 2020) – Office of Governor Dough Ducey
EXECUTIVE ORDER: 2020-49 – Continued Postponement of Eviction Enforcement Actions (July 16, 2020) – Office of Governor Dough Ducey
EXECUTIVE ORDER: 2020-43 – Pausing Of Arizona’s Reopening — Slowing The Spread Of COVID-19 (June 29, 2020) – Office of Governor Doug Ducey
EXECUTIVE ORDER: 2020-10 – Governor Ducey Issues New Guidance on Elective Surgeries (March 19, 2020) – Office of the Governor Doug Ducey
IRS Extends More Tax Deadlines to Cover Individuals, Trusts, Estates Corporations and Others (April 9, 2020) – Internal Revenue Service (IRS)
Tax Day Now July 15: Treasury, IRS Extend Filing Deadline and Federal Tax Payments Regardless of Amount Owed (March 21, 2020) – Internal Revenue Service (IRS)