COVID-19 has brought hardships for everyone around the world. None of us are immune to its effects. As we look to one another to ease the burdens brought in by this disease, we take stock of our unique capabilities that can quell anxiety and promote stability. Now more than ever, tax and accounting professionals are in a privileged position to navigate their clients through financial uncertainty. A recent poll conducted by Accounting Today reports that 73% of tax professionals who responded are offering consulting services related to the CARES Act, and mainly the Payroll Protection Program. This opportunity may be crucial to clients who need government stimulus in order to stay in business.
Timely content, deeper relationships
Since the onset of COVID-19, CCH Axcess iQ has offered timely content, tools, and data. You can use thins information to guide your process of providing coronavirus-related advisory services to your clients who need help. Partnering with businesses and families in times like these strengthens the relationship you have with your clients. And it also increases the feeling of community and belonging that so many find lacking in the current turmoil.
CCH Axcess iQ events provide guidance
Recent CCH Axcess iQ Events provide opportunities for client outreach by informing you about specific aspects of the CARES Act. They also provide lists of affected clients and client letters that you can use to begin conversations with those clients. The affected clients list now includes new reporting data to provide added definition to each client impacted. This data may help guide your strategy in identifying which clients may need your advisory services the most.
These events may be of interest:
- Guidance on Loans Received from the Paycheck Protection Program (PPP) – The IRS has provided guidance regarding whether taxpayers receiving loans under the PPP may deduct otherwise deductible expenses. The CARES Act did not address whether generally allowable deductions such as those under IRC Secs. 162 and 163 would still be permitted if the loan was later forgiven.
- Guidance for Making 163(j) Election Under the CARES Act – The CARES Act increased the percentage limits on business interest expense deduction for certain taxpayers. Certain small businesses whose gross receipts are $25 million or less and certain trades or businesses are not subject to the limits under this provision.
This content provides insight into how you can provide your clients with CARES Act consulting and helpful information about applying the rules to their situation. As you consider the tools needed to position your firm as a business partner in providing advisory services, contact your CCH account representative to schedule a demo of CCH Axcess iQ.