Starting the List, do your own Research

[qbteachmt]

Let’s sort out the various actions; please note this is not the place to cover Details over qualifications or any other aspect of enactment and don’t overlook that each provision has different Effective or Qualification dates. It is Not Comprehensive; I provided a few links for your own research. Do your own research, FREQUENTLY.

It’s just to cut through the noise of Name = function.

A recent news link:

https://www.npr.org/2020/03/26/[social security number removed] /whats-inside-the-senate-s-2-trillio...

Economic Impact Payments = Stimulus checks to/for individual citizens or cash payments as direct deposit or to be settled on your 2020 tax return.

Extra unemployment = UI is a Fed system managed at the State level. Adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. Extends an addition 12 weeks of coverage. The boosted payment will last for four months.

A new, temporary Pandemic Unemployment Assistance program through the end of this year: The proposal covers people not previously qualified because they were not covered under an unemployment Insurance arrangement, such as sole proprietors, gig workers, freelancers..

Employee Retention Credit = A $10,000 wage-based employer consideration that has an Immediate Credit provision: “Employers can be immediately reimbursed for the credit by reducing their required deposits of payroll taxes that have been withheld from employees' wages by the amount of the credit.” And/or you will use Form 7200 to get Advance payment (the shortfall).

Families First Coronavirus Response Act (the "FFCRA") is for Employers:

https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-...

Has Emergency Sick Pay Leave Act (EPSLA) provision

and

Emergency Family and Medical Leave Expansion Act = Expanded FMLA

Both include the employer providing continuing payment to employees and a Refundable tax credit for employers. There is a Child Care Leave Credit component, too.

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-p...

People First Initiative:

https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adj...

Covers a bunch of ways IRS is backing off their aggressive tactics, scheduling, deadlines, etc:

Coronavirus Aid, Relief, and Economic Security (CARES) Act:

https://www.sbc.senate.gov/public/_cache/files/2/9/29fc1ae7-879a-4de0-97d5-ab0a0cb558c8/1BC9E5AB7496...

Includes the Paycheck Protection Program (PPP) LOANS: “The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven”

Includes the US Small Business Administration’s Small Business Debt Relief Program: “This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. SBA will cover all loan payments on SBA loans, including principal, interest, and fees, for six months.

Small Business Debt Relief Program Q&A:

QUESTION: How does debt relief under this program work with a PPP loan? Answer: Borrowers may separately apply for and take out a PPP loan, but debt relief under this program will not apply to a PPP loan.

Includes Economic Injury Disaster LOANS (EIDL) and Emergency Economic Injury GRANTS: Another $10,000 amount for businesses. “To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments."

Hope that helps.

[qbteachmt]

A comparison resource:

https://www.investopedia.com/your-guide-to-the-paycheck-protection-program-ppp-and-how-to-apply-4802...

"PPP vs. EIDL

The Paycheck Protection Program is one of two programs designed to help small businesses during the coronavirus crisis. The other is the Economic Injury Disaster Loan (EIDL) program. While both programs help struggling businesses get back on their feet financially, they have slightly different goals which are suggested by the names of the two programs.

The Paycheck Protection Program business loans account is a new stimulus package designed to help companies retain workers by covering eight weeks of payroll plus some other costs of remaining in business. This loan is 100% forgivable if you follow forgiveness guidelines.

The Economic Injury Disaster Loan program is an established program that helps small businesses overcome the loss of revenue during a declared disaster such as a hurricane, major fire, or, in this case, the COVID-19 pandemic. This loan includes a $10,000 advance (if you apply) that is automatically forgiven.1

You Can Get Both

Many small business owners do not know they can apply for both an EIDL loan and a PPP loan for the same COVID-19 disaster. There are rules, including the key requirement that you can't use money from both loans for the same thing. For example, if you use the proceeds from a PPP loan for payroll, you can't use an EIDL loan for payroll also."

[qbteachmt]

PPP fact sheet:

https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

[qbteachmt]

More links regarding Payroll considerations:

https://www.irs.gov/newsroom/deferral-of-employment-tax-deposits-and-payments-through-december-31-20...

https://www.irs.gov/pub/irs-drop/n-20-22.pdf

https://www.irs.gov/coronavirus/employee-retention-credit

https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act

[qbteachmt]

Form 941 1st Quarter Revised:

https://www.irs.gov/pub/irs-pdf/f941.pdf

https://www.irs.gov/pub/irs-pdf/i941.pdf

[Tennisguy]

Filed 941 (Updated) and 7200 . On April 6th. Of course no credit has shown up yet in Business Account. Any idea of how long before they process this and issue the credit due? They claim immediate relief , sure lol. Anyone actually received this credit or know anyone who has ?  Thanks 

[abctax55]

The credit was not to be on the 941 for Quarter # 1.... so what exactly did you file?

The F 7200 is to claim the *excess*, based on Q 2 amounts.

[Tennisguy]

The credit was for Q2. You still have to file Q1 in which i did (941) . The 7200 was for employee retention and paid medical leave in Q2. My question was have you heard of anyone receiving the credit(s) from the IRS with this new program regarding faxing in the 7200? So far i have not heard of them processing and issuing the credit have you?

[qbteachmt]

On April 6 for Q1? Make sure to read everything in this topic:

https://www.irs.gov/instructions/i7200

There are three things covered there:

Wages paid after March 12; Leave/sick pay from April 1; and whether you held back the qualifying amount for the credit (not for the Deferral reason), and if that was enough or you are entitled to more (more = form 7200).

If you have made Q2 payroll payments, you can keep these withheld funds against the qualifying credit. If there are not enough withholding funds to meet your likely credit, you would file the Form 7200.

"As described earlier under Background, instead of filing Form 7200, you should first reduce your employment tax deposits to account for the credits. You can request the amount of the credit that exceeds your reduced deposits by filing Form 7200 or waiting to get a refund when you claim the credits on your employment tax return."

"When May You File?

The employer tax credits for qualified sick leave wages and qualified family leave wages apply to those wages paid for the period from April 1, 2020, to December 31, 2020.

The employer tax credit for qualified wages for retention of employees during suspension of operations due to a government order or due to a significant decline in gross receipts applies to those wages paid after March 12, 2020, and before January 1, 2021. The credit due to a significant decline in gross receipts is available for the period beginning with any quarter in which your gross receipts are less than 50% of what they were in the same calendar quarter in 2019 and ending with the quarter that follows the first quarter beginning after the quarter in which your gross receipts were greater than 80% of what they were in the same calendar quarter in 2019.

You can file the form for an advance payment of the credits anticipated for a quarter at any time before the end of the month following the quarter in which you paid the qualified wages. If necessary, you can file Form 7200 several times during each quarter. Don’t file Form 7200 after you file Form 941 for the fourth quarter of 2020, or file Form 943, 944, or CT-1 for 2020. Don’t file the form to request an advance payment for any anticipated credit for which you already reduced your deposits."

[Tennisguy]

Ok Thank you. Really doesn't do any good to file Q2 or 7200 and ask for the credit if they are not going to issue the credit so far they are not even looking at Business only the personal refunds . Using "Staff" shortages" as an excuse. This should have been set up in the Automated system but in order to do that they have to update their software to accommodate the 7200. My Guess is only Companies lager than 500 Employees are getting the break it's how is always works. Hope i am wrong as small business is getting killed right now 

[qbteachmt]

@Tennisguy 

I really don't see how anyone can respond to the various complaints and conspiracy theories in your reply. This place here is not the place to post any of that diatribe.

It is a bit early to file Q2 any payroll reason.

Yes, everyone has staffing limitations right now. Do NOT debate this with me; we are presume Recovered. It was not fun.

You don't need the credit unless the withholding wasn't high enough to meet your credit, and since payroll in Q2 has hardly happened, you don't know yet the amount(s) you are allowed. This seems premature on April 21.

There is no Automating something that has to be qualified for.

And they are not even looking at personal returns right now, for the most part. The IRS is a bit swamped, thanks to Congressional changes.

Take a breath and give things some time. Do NOT complain to your peers. Thanks.

[qbteachmt]

Here is a link to a topic that has the distribution schedule cycle for stimulus payments, so now we can stop being asked, "When will I get my payment?"

https://www.fool.com/investing/2020/04/21/heres-precisely-when-youll-get-your-stimulus-check.aspx

[Tennisguy]

Not complaining just giving my peers the facts based on acurate information since my brother works for the IRS. So far all you have done is post links that i have read from the IRS website. FYI the IRS also has all paper returns ( Business and personal) in a 18 wheeler storage container. They won't get to them until the end of the year. The IRS specifically The Treasury Department should have geared up for this remotely back in February. I run a 81 Employee construction firm for the past 30 years so i have seen many financial meltdowns but never seen one that will ultimately prove unnecessary. If you have any inside information about what is really going on with the IRS other than links than please share ..I do appreciate your help. Thanks

[qbteachmt]

"So far all you have done is post links that i have read from the IRS website."

Then you didn't need to post here. This is meant as a Redirect topic.

Because the title of this topic explains it is meant to be a List, and others should contribute to the list with any different, better and/or newer links as they come across them.

The general public keeps showing up here in this community, Lost on the Internet, and keeps asking here about stimulus, or business loans, or payroll provisions. These are things that can be found on the web, but they are not doing their own research first.

And no one here has inside information; it's a peer user community for the professional tax preparers that are using Lacerte and Pro Series. Intuit created this subforum for the timeliness of covid issues.

Unless you are professional tax preparer using the Lacerte or ProSeries/ProSeries Online products to prepare your clients' tax returns, it seems you wandered into the wrong place on the internet. It's for a peer group Community that is preparing  clients' taxes, and for discussing managing your own accounting and tax practice, and for discussing the software and how to use it for the tax regulations and updates. 

When a username indicates New Member, it is apparent that a lot of non-professional non-tax-preparers are coming here, asking for "insider" information. If anyone here had that info, then they would be providing it to their paying clients, because that is what this Community is: professional tax preparers working on behalf of their clients, suffering through all the new regulations and retroactive changes to the US tax laws as Congress changes everything.

But the Intuit and Search Engine optimization results keep bringing people to this forum, which isn't really meant as a Public Answer space. Even the professional  tax preparers need to stay current by watching the news releases, watching the IRS and DOL and other websites, and reading it for themselves.

[Tennisguy]

Ok take a deep Breath. I get what you are saying about the forum but please as a"Tax Proffesional" if people are wondering on here with tax related questions and you help them vs. Being a snop then perhaps you might pick up a few new clients? Try and look at it that way. We are all suffering through this and when people need help or guidance help them even if it irratates you about them being on a forum they stumbled upon. You have knowledge and keep up to date on all tax situations that is your job. Yes people are lazy trust me i deal with that every day. But people are also scared and need help financially Shutting down there way of living is going to cost us severely for years to come . I hope this Governer of Georgia by opening up everything on Friday shows that we can do this so everyone can get their lives back including the tax proffesional 🙂

[Tennisguy]

Typo on last message:  Snob. Not snop. My bad Have a good day stay positive

[qbteachmt]

"Have a good day stay positive"

We're waiting on the serological testing; we are presumed positive, according to the medical professionals via telemedicine.

You can Edit your text to fix your typo. Sorry you felt it necessary to stoop as low as name calling. You are Lost on the Internet and there is no other way to explain it to you.

[Tennisguy]

You must be young otherwise you would respect thy elders. This is what scares me about your generation. Have a nice day . 

[abctax55]

@Tennisguy 

You need to stop with the trolling.  You've been reported.  

[qbteachmt]

To avoid asking a question here when the answer was provided by the Feds over a week ago, you should sign up to get the"e-newsletters" to your email inbox. For example, google this:

Government e-newsletter signup

Such as:

https://public.govdelivery.com/accounts/USIRS/subscriber/new?preferences=true

For a bunch of portals. You are likely going to want IRS, Payroll, SBA, DOL. Here is a list from that link I provided: You get to checkmark what you want to get for notices.

Subscription Topics

All pages in: News Releases, Tax Law Updates, & General Tax Information

 IRS Tax Tips

             IRS Newswire

             Guidewire

             Noticias del IRS en español

             Alerts from Office of Professional Responsibility (OPR)

             Tax Statistics

   All pages in: Tax Professionals, IRS Partners & Software Developers

             e-News for Tax Professionals

             IRS Outreach Connection

             IVES Program e-News and Updates

               All pages in: Quick Alerts

             Quick Alerts

             Quick Alerts - General Notifications

             Quick Alerts - IRS e-file Service Center Messages

             Quick Alerts - Technical

             Quick Alerts - Affordable Care Act Information Return (AIR)

     All pages in: Payroll Professionals

             e-News for Payroll Professionals

     All pages in: e-News Businesses

             Country-by-Country Reporting News & Information

             e-News for Small Business

             e-File News for Large Businesses

             Qualified Intermediaries

             FATCA News & Information

             Central Withholding Agreement News & Information

             e-News for Withholding Agents

     All pages in: Employee Plans

             Employee Plans

     All pages in: Tax Exempt & Government Entities

             Indian Tribal Governments News

             Tax Exempt Bond Community Update

             Exempt Organization Update

             Federal State & Local Governments (FSLG)

   All pages in: Social Media

   All pages in: YouTube

             IRS Videos

             IRS Videos in American Sign Language (ASL)

             IRS Video Multilingual

             Taxpayer Advocate Service

   All pages in: Twitter

             IRS News

             Tax Professionals

             IRS en Espanol

             IRS Recruitment

             Taxpayer Advocate

[p4Business]

Let's sort out this mess:  First of all, wrt filing your 941 for Q1 - if you took advantage of the Wage Retention Credit and therefore DEFERRED Employer Taxes, ie the $ that would have been due to be deposited in late March,  both ER and EE FICA and fed'l witholdings, due for Wages Paid AFTER March 13th, your 941 WILL have a balance due.  THAT  is what the original poster was concerned about.  The 941 has NOT been revised, ie to let you indicate that you did not deposit because of the WRC.  Based on the IRS notices, the assumption is that on a soon to be revised 941 for Q2 there will be space to include the wages paid in late March and the already deferred taxes, along with the same items for Q2, and if there is still an excess, you can get the balance refunded (that is why WRC  is called a refundable credit).  The same will hold true for FFCRA sick leave wages, etc.  The reference to including 50% of the wages on Q2 941 is misleading, I believe all wages should be reported on Q1 as usual.  This is SEPARATE from the IRS allowing all employers to defer paying half their FICA deposits until December 2020 and the other half December 2021.  There has been no guidance on how to report deferring those payments, or how to reconcile these deferrals with everything else, not to mention the fact that if you get a PPP loan, you are not entitled to some of these deferrals.  The assumption is that we all file reports without deposits and then assume we will not get a bill with interest or penalties for overdue payments.

[qbteachmt]

@p4Business 

The Topic for all of that 941 info is at this other link:

https://proconnect.intuit.com/community/coronavirus/discussion/re-form-941/01/79307#M254

This topic is for documenting links that are for releases and research so that people can get the direct info from the notification source.

[qbteachmt · Accepted solution]

"THAT is what the original poster was concerned about."

Nope. I have no questions about any of the issues, because I am getting e-newsletter updates from all of the agencies. That's why I recommended it. Do Your Own Research and watch the news releases.