GSCPA COVID-19 Professional Update

The Georgia Society of CPAs (GSCPA) has been monitoring the latest developments concerning the coronavirus (COVID-19) pandemic. News about COVID-19 continues to be constant and overwhelming. GSCPA is actively working with state and federal legislators and agencies to represent the profession’s interests. With the landscape changing rapidly each day, it can be hard to know what’s valid and what isn’t. Please know that GSCPA is here to help you find answers.

This summary will hopefully bring added clarity. You can also stay current by accessing GSPCA’s COVID-19 Resource Center and following GSCPA updates on Facebook, Twitter and LinkedIn.

Georgia

  • On March 16, Governor Brian Kemp declared a Public Health State of Emergency in order to better assist health and emergency management officials across Georgia by deploying all available resources for the mitigation and treatment of COVID-19. Find official declaration here.
  • On March 16, in response to the recent development of COVID-19, the Georgia Department of Labor (GDOL) temporarily suspended in-person requirements for services provided by the agency. Unemployment claims can be filed online (on a computer or smartphone) without reporting to a career center and employers must file partial claims online on behalf of temporarily laid off employees.
  • Governor Brian Kemp has asked the US Small Business Administration (SBA) to consider the state of Georgia a Disaster for purposes of taking advantage of their Economic Injury Disaster Loans of up to $2 million. The SBA announced disaster declaration makes SBA assistance available in the entire state of Georgia.
  • On March 23, Governor Brian Kemp announced that Georgia will conform with federal tax filing extensions. The Internal Revenue Service (IRS) has delayed Tax Day from April 15 to July 15. Find the official guidance from Commissioner David Curry here.
  • GSCPA has asked all Georgia counties and municipalities to consider accounting an essential service as “shelter in place” orders are issued. A precedent has already been set by the City of Atlanta, Clarke County and Cobb County, where “shelter in place” orders have been issued to include accounting services as essential. Find the press release here.
  • In terms of the “shelter in place” order from Cobb County, GSCPA has received clarification that in the development of the declaration of essential services for their “shelter in place” order, Cobb County considers CPA’s an essential business under “item g) Financial Services Sector Essential Critical Infrastructure Workers, including banks and credit unions.” Find the official Cobb County order here.
  • GSCPA continues to push for statewide extensions for business personal property returns within Georgia counties and municipalities. Current guidance from the Georgia
  • Department of Revenue states that counties and municipalities may waive penalties and interest on late filed returns.
  • GSCPA has asked all Governor Kemp to consider accounting an essential service statewide if considers a “shelter in place” order for Georgia. Find the letter here.
  • GSCPA has asked all Georgia counties and municipalities to consider accounting an essential service as “shelter in place” orders are issued. A precedent has already been set by areas such as the City of Atlanta, Clarke County and Cobb County, where “shelter in place” orders have been issued to include accounting services as essential. Find the press release here.

Federal

  • The April 15 federal filing and payment deadlines for tax year 2019 have been delayed to July 15. This extension includes estimated payments due on April 15.
  • GSCPA has been in communication with the Georgia Congressional delegation and has specifically provided member driven input on recommendations for Economic Stimulus Packages being discussed at a Federal level.
  • The U.S. Treasury, the IRS and the U.S. Department of Labor have issued guidance for the implementation of COVID-19 related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing COVID-19 related leave.
  • CPA Exam testing has been suspended, and expiring NTS’s will be extended.
  • The U.S. Department of Education has suspended federal student loan payments and waived interest.

    • For more information visit www.gscpa.org. If you have any questions, contact Don Cook, vice president, legislative affairs at 404-877-2154 (mobile) or dcook@gscpa.org.