COVID-19 Resources for CPAs, Enrolled Agents, and Tax Professionals

The Information You Need to Help Your Clients Now

As the world continues to respond to the devastating and wide-ranging impacts of the COVID-19 pandemic, governments have scrambled to enact legislation and authorize numerous other changes to help businesses and individuals get through the crisis. This has resulted in an overwhelming amount of new information for CPAs, EAs, and other financial and tax advisers to sort through and understand.

Rest assured that Surgent stands ready to help you navigate these complex, challenging, and quickly changing times. Since the crisis began to emerge, our experts have been analyzing and distilling all of the legislation, executive orders, and other rules to bring you the information you and your clients need as quickly as possible.

The following CPE courses provide the most comprehensive and up-to-date information available about the tax, legal, and other financial impacts of COVID-19. Additional free resources and FAQs are also listed below the courses on this page. Please check back frequently, as we will continue to develop new courses and other content to help you and your clients as the situation continues to evolve.

Course Overview Summaries

A Complete Guide to Claiming the Employee Retention Credit (TPER)
The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000. Many clients that are unable to obtain a Paycheck Protection Program loan will consider accessing Employee Retention Credits. This program is a detailed analysis of the Employee Retention Credit that will provide CPAs and other financial professionals with a comprehensive understanding of this credit so that they will able to intelligently advise their clients.

Loan Forgiveness for Paycheck Protection Program Loans (PPP3)
Ever since businesses started receiving Paycheck Protection Program (PPP) loans, tax practitioners have raised challenging questions regarding how, whether, and in what amount such loans can be forgiven. That question has become even more relevant now because the Small Business Administration (SBA) has recently issued the Loan Forgiveness Application and interim final rules, dated May 22, 2020, which make reference to the Loan Forgiveness Application. This program analyzes the PPP Loan Forgiveness Application, the instructions to the Loan Forgiveness Application, and the May 22, 2020 interim final rules in great detail, pointing out at the same time relevant outstanding questions and ambiguities that require further guidance. The presenters are aware that the SBA may issue additional guidance regarding PPP loan forgiveness at any time and will incorporate such additional guidance into the program where possible so as to make sure the programmatic coverage is timely and up to date.

Labor Law and the CARES Act: Navigating Employee/Employer Conflicts in Times of Economic Distress (NECT)
These times of economic distress are challenging for business owners and employees. Tax practitioners are particularly impacted by the damage caused by the coronavirus pandemic, as they can be both employers and employees. They may also share the same challenges as their clients regarding employee discharges, rehires, and taking advantage of federal and state economic and tax incentives. This program focuses primarily on labor law issues as they interact with federal tax incentives such as the Employee Retention Credit, Federal Pandemic Unemployment Compensation, Families First mandatory sick leave, and family leave and the Paycheck Protection Program. If you are concerned about conflicts between employers and employees arising from new COVID‑19–related legislation, and what rights and obligations employees have with respect to returning to work (all issues that could potentially lead to disputes and litigation between employees and employers) this program will take you through what you need to know about these challenging topics.

Bankruptcy Basics: Understanding the Reorganization and Liquidation Process in These Uncertain Economic Times (BNK2)
Consumers and businesses file for bankruptcy to seek protection from creditors and to reorganize or liquidate debts. Bankruptcy filings rise and fall with the economy. Surveys show that loss of income is the leading cause of consumer bankruptcies, followed by medical expenses and foreclosure. Corporate bankruptcies, on the other hand, are often the result of several factors, including excessive debt, decreased demand, increased costs, lawsuits or poor accounting practices. It is no secret bankruptcy filings will see a tremendous uptick in the wake of the Covid-19 pandemic. As an accountant, CFP, attorney or other professional, you need to be able to discuss the process and different available courses of action with your clients. Both landlords and tenants will be influenced tremendously. Individuals will look to your advice for a discharge and new start. Businesses will do the same and will also need to advise loyal employees. Creditors will receive proofs of claim and look to you for your expertise. Take this webinar and make sure you can speak fluently to both creditors and debtors. As trusted advisors, then, professionals should have a basic understanding of the bankruptcy process. This course provides a thorough review of the consumer and corporate bankruptcy practice. Participants in this webinar will gain an understanding of how consumer and corporate bankruptcy proceedings begin and end, as well as learn about key issues that affect debtor and creditor rights during bankruptcy. This webinar provides information from the perspective of both debtor and creditor. Although bankruptcy concerns the debts of the debtor, the Bankruptcy Code provides substantial protections to creditors. Creditor rights, however, vary widely depending on the status afforded the creditor under the Bankruptcy Code. Do yourself, your clients and your profit margin a favor and sign up for this invaluable webinar.

Accounting and Financial Reporting Considerations Related To COVID‑19 (COV2)
The impacts of the COVID-19 pandemic are wide-ranging, with significant effects on accounting and financial reporting for all entities. Complicating the application of the relevant accounting guidance is the inherent uncertainty in which everyone is making decisions, including those with financial reporting responsibilities. This webinar will discuss the various financial accounting, disclosure, and reporting implications, which all preparers of financial statements will be facing over the next few months. Our goal is to give you a thorough list of considerations, with references to the applicable authoritative guidance which will allow entities and their accountants to apply the relevant standards when preparing financial statements in this challenging environment.

COVID-19 IRA and Plan Provision Contributions, Distributions, and Loans (ACV9)
This presentation explains some of the retirement account–related provisions that have been made for individuals adversely affected by COVID-19. This includes the technical, compliance, and operational requirements that apply. The IRS recently issued Notice 2020-18: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic. This Notice provides relief from tax deadlines to affected taxpayers who have been adversely affected by the COVID-19 emergency. The IRS defines affected taxpayers, for the purpose of this relief, as any person with a federal income tax payment or a federal income tax return due April 15, 2020. Under this relief, the due date for filing federal income tax returns and making federal income tax payments, which was previously April 15, 2020, is automatically postponed to July 15, 2020. Affected taxpayers do not have to file Forms 4868 or 7004 (both applications for extensions to file applicable returns), as this is a postponement and not an extension. In addition, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 and includes provisions that are intended to provide relief for the economic downturn caused by the coronavirus disease 2019 (COVID-19).