COVID-19 Implications

COVID-19 Implications > Relief Initiatives

Other Relief Initiatives

Federal Tax Deadlines and Payment
Public Companies
FASB
GASB
States
Questions

Stay up-to-date on announcements that provide tax and regulatory relief.

Federal Tax Deadlines and Payment

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New IRS Guidance Expands Tax Deadlines Deferred to July 15
The IRS expanded earlier tax relief to include most filings and certain time-sensitive actions due between April 1 and July 15, 2020.
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The IRS Defers Tax Filing Deadline to July 15
The 2019 income tax filing deadline will be moved to July 15, 2020, due to the COVID-19 outbreak.
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Guidance Issued for 90-Day Federal Tax Payment Deferral
Due to the COVID-19 pandemic, the US Treasury Department issued guidance extending some payments until July 15, 2020.
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Public Companies

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COVID-19 Relief Law: Tax Extenders and Resolved PPP Expense Deductibility
The COVID-related tax relief law includes Paycheck Protection Program resolutions and tax extensions.
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The Importance of Financial Reporting in Light of COVID-19
The SEC chief accountant issued a statement to emphasize continued importance of high-quality financial during COVID-19.
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SEC Extends Relief for Companies Affected by COVID-19
The SEC is providing companies impacted by coronavirus additional time to meet certain filing and regulatory requirements.
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FASB

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FASB Defers Revenue Recognition and Leases Effective Dates
Certain entities that haven’t applied revenue recognition and leases guidance can delay their implementation by one year.
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FASB Votes to Defer Revenue Recognition and Leases Effective Dates
The board voted to defer Topic 606 and Topic 842 effective dates and expanded the scope of the proposal.
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FASB Issues Q&A Document on Hedge Accounting During the COVID-19 Pandemic
Learn about the disruptive effects of COVID-19 on cash flow hedge accounting.
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FASB Issues Q&A Document on Lease Concessions During the COVID-19 Pandemic
Learn how lessors and lessees impacted by the COVID-19 pandemic can navigate the lease-concessions accounting guidance.
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The FASB Votes to Defer Effective Dates of Major Standards due to COVID-19
The FASB plans to propose amended effective dates for Topic 606 and Topic 842 for certain entities.
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GASB

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GASB Defers Effective Dates of Major Statements due to COVID-19
The GASB amends effective dates for Leases and Fiduciary Activities, among other statements.
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GASB Proposes Deferral in Effective Dates of Major Statements due to COVID-19
The GASB proposes to amend effective dates for Leases and Fiduciary Activities, among others.
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States

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California and Arizona Offer COVID-19 Employee Training Grants
Businesses in California and Arizona could have costs reimbursed for training new employees during the pandemic.
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California Assembly Bill Suspending NOL Deductions Is Signed into Law
Learn details on the state bill, which suspends net operating loss deductions for select tax years.
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California Proposes Limits to Net Operating Loss and Tax Credits
CA Governor Gavin Newsom issued a budget that includes significant changes that could impact taxpayers. Learn more.
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California Extends Sales and Use Tax Return Filings Due to COVID-19
An executive order allows businesses to obtain an extension to provide relief of late filing or payment penalties and interest.
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Washington Department of Revenue Offers Business Relief During COVID-19
Get the latest information from the Washington Department of Revenue regarding its response to the COVID-19 Pandemic.
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State of California Emergency Tax Relief Provisions
Discover how California is offering emergency relief related to certain taxes in response to COVID-19.
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