Coronavirus Resource Page

//Coronavirus Resource Page

Virtual Office Guidelines:

  • Closure of all Kernutt Stokes physical office locations
  • Installation of secure “drop-box” in Eugene, Corvallis, and Bend
  • A four day quarantine of any physical documents received (via drop-box or mail)
  • Suspension of all face-to face client meetings
  • Suspension of physical document delivery to clients
  • Electronic delivery of tax returns, financial statements, and other reports
  • Electronic client signatures on client tax returns (whenever possible)
  • Electronic delivery of Kernutt Stokes invoices for our individual tax clients. If you would like electronic invoices for your business, please let your client advisor know whom we should send them to.


Electronic Communications Options

To help prevent potential virus spread, we continue to recommend sharing information using electronic options whenever possible. We are using telephone and video conferencing for virtual meetings and have suspended all face-to-face client meetings. We encourage you to send documents to us electronically through our secure file sharing platform, Sharefile, available on our website. Additionally, we urge you to take advantage of the option to receive electronic delivery and electronically sign your tax returns this year. As an added benefit, if you e-file your federal tax return, you often can begin tracking your refund as soon as 24 hours after the IRS accepts it.
On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes. The memorandum, which was released by the President on August 8th, called for a deferral of the employee share of social
On August 4th, the U.S. Small Business Administration (SBA) released additional guidance regarding forgiveness of Paycheck Protection Program (PPP) loans. In consultation with the U.S. Department of the Treasury, the SBA added 23 new questions to their PPP FAQ page. The SBA sorts the new loan forgiveness FAQs into the
On June 22, the Small Business Administration (SBA) and the Department of the Treasury released the latest Interim Final Rule (IFR) regarding the Paycheck Protection Program (PPP). The IFR primarily focuses on loan forgiveness and modifications required as a result of the Paycheck Protection Flexibility Act (the Flexibility Act) which
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a brief overview of the key
On May 23 the Small Business Administration in coordination with the Department of Treasury released their Interim Final Rules (IFRs) on PPP Loan Forgiveness. The IFRs codify rules previously suggested with the Loan Forgiveness Application and Instructions (the Application). Moreover, the IFRs add clarity and provide additional examples for the
On May 15, the SBA and Department of Treasury released the much anticipated PPP loan forgiveness application and related instructions (the Application). The Application provides significant clarity and borrower flexibility but continues to leave some questions unanswered. Clarification of the “Incurred and Paid” Language The statutory language of the CARES
On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of the requirements when submitting a
On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the
For those of you fortunate enough to get a PPP loan, you must now turn your attention to maximizing your loan forgiveness. The key to maximizing loan forgiveness is having a good understanding of how loan forgiveness is calculated, how it is maximized, and avoiding unfavorable reductions. In this article
No one has escaped the disruptive nature of COVID-19.  Employees are experiencing lost wages, businesses are experiencing lost revenue, even retirees are experiencing losses to the retirement accounts they’ve worked so hard to build up over their careers.  What will distinguish us is how we respond to the disruption.  As