Coronavirus (COVID-19)

Resources & Updates for Pennsylvania CPAs

Loans Forgiven under the PPP Now Exempt from State Income Tax


Peter Calcara, PICPA's vice president of government relations, discusses Act 1 of 2021, a PICPA-supported measure that allows loans forgiven under the federal PPP to be exempt from state income tax (PA PIT).

Gov. Tom Wolf's Plans for Pennsylvania COVID-19 Recovery

IRS

Pa. Department of Revenue

Pa. Department of Labor & Industry 

Pa. Department of Community and Economic Development

  • PICPA Scores Three-in-One Legislative Victory
    • PICPA-supported Act 10 of 2021, which was signed into law on April 22, 2021, made three important improvements: changes the corporate tax due date to the 15th day of the month following the federal tax due date; addresses the inconsistency with this year’s local tax filing due date; makes a permanent change so that the local tax due date moves automatically when federal and state-level tax entities move their due dates.

Philadelphia

Other States and AICPA Tax Resources

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  • The Right Valuation Approaches During Times of Uncertainty

    The uncertain economic environment during the COVID-19 pandemic has called into question many of the inputs historically used by business valuation practitioners. The pandemic has enhanced the focus on risks associated with cash flow realization, factors affecting cost of capital (discount rate), and growth. The legwork for identifying the “known or knowable” as of the valuation date has increased as more sources of information, aggregate views, and sensitivity analysis may be required to arrive at an unbiased conclusion.
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PICPA Member Benefit: Wolters Kluwer TaxAware Center

• Federal and state tax filing and tax payment relief chart

• CARES Act tax briefing

• 2020 tax legislation: law, explanation, and analysis

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Wednesday Wisdom Series

This nine-week series, hosted by PICPA sponsor Sage, focuses on sharing opportunities for learning and discovery that can help your business face today’s environment and prepare for future growth. 

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Become a PICPA Member

Now is the best time to join 20,000 Pennsylvania accounting professionals. Join now and access all the member benefits through April 2022!

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