5 must-have tax tools before July 15

GettyImages-1189336762Have you seen the memes or cartoons on social media that joke about how days and months are non-distinct during quarantine? While sheltering in place, we’ve had a vague notion of time. But for a few months now, we’ve had a new date on our radars: July 15th.

As the new tax deadline approaches, here are questions, ideas and resources for your toolbelt:

  1. Have you heard from all your individual clients?

Maybe you checked in with them earlier in the year, but still haven’t received any information in order to file their extension at July 15. It could be time for a helpful extension reminder letter to give them a nudge.  

  1. Do you find yourself going cross-eyed keeping all the COVID-19 business relief options straight?

There’s a lot to unpack here. The AICPA Tax Section has a handy chart with a bird’s eye view of various relief measures passed of late. Take a look at this comparison chart to make sure you know all the up-to-date information to share with your clients.

  1. Speaking of business relief options, are you up to speed on all things PPP?

The PPP FAQs are updated as new guidance is released and will help you navigate through the forgiveness nuances with your clients.

  1. Does the July 15 deadline have you scratching your head about what this means for the statute of limitations for the IRS to assess taxes?

What about filing an amended return as opposed to a superseded return? Get insights to these conundrums in this article on COVID-19 tax relief quirks.

  1. Technology is likely not just a buzz word for you, but are you fully using it to add value to your practice?

Access the Tax Technology Resource Center to learn more about how to work smarter and reduce risks in your practice. You’ll find the AICPA Privacy Management Framework, IRS online tools and a Gramm-Leach-Bliley Act information security plan template to cover all your bases.

If you want to take a deeper dive into more complex tax matters, take a look at the AICPA Tax Section’s resource library. You’ll find a wealth of tools to help you get to July 15th and beyond with flying colors.

Soon after busy season comes to a close, I hope you’ll consider attending ENGAGE 2020 (July 20-24), an online learning event with sessions on various topics including the nuances of the CARES Act, a tax season debrief featuring lessons learned in a COVID world, advice for planning for the 99% – what to tell clients, and surviving in a post-COVID19 era of artificial intelligence.  

April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants