NCCPAP Supports the Small Business Expense Protection Act of 2020 (S.3612)

By NCCPAP Staff posted 14 days ago

  
May 14, 2020—

Dear Senators Grassley and Wyden:

The National Conference of CPA Practitioners (NCCPAP) wishes to express its appreciation for the efforts of you and your colleagues in the United States Senate to help small businesses across the country during the current COVID-19 pandemic.

At this time, we want to give our support to S.3612, the “Small Business Expense Protection Act of 2020.” It is clear to us that when the CARES Act (H.R.748) was passed, the intent was to provide assistance to small businesses and their owners once they were able to restart their operations. On April 30, the IRS issued Notice 2020-32 stating that businesses participating in the Paycheck Protection Program (PPP) would not be allowed to deduct expenses that their PPP funds were used for, even though they met the criteria for forgiveness. This, in our opinion, contradicts the intent of the previously passed legislation, which was written to assist small businesses, not hinder them.

It is our hope that this legislation will become law, and that once the economy is allowed to restart, small business owners will get the full benefit of the CARES Act, as it was intended.

We would welcome the opportunity to discuss this and any related issues further. Please do not hesitate to contact either myself or my colleagues.

Very truly yours,


Neil. H. Fishman, CPA, CFE, FCPA, CAMS
President, NCCPAP

Stephen F. Mankowski, CPA, CGMA
Co-chair, Tax Policy Committee, NCCPAP

Sanford E. Zinman, CPA
Co-chair, Tax Policy Committee, NCCPAP

###

The National Conference of CPA Practitioners (NCCPAP) is a professional organization comprised of Certified Public Accountants practicing in the United States. In addition to serving as a forum for education, networking, and community impact, NCCPAP also advocates for its clients. NCCPAP influences tax administration and tax policy by regularly meeting with Internal Revenue Service representatives, state taxing authorities, and elected officials. NCCPAP members represent over one million businesses and individual clients. The organization is headquartered in Woodbury, NY. For more information visit, www.NCCPAP.org.


Agency Contact Administration Contact
Francine Carb Pat Sornberger
fcarb@markitects.com psornberger@nccpap.org
610-687-2200 516-333-8282


#News
#COVID-19Topic
0 comments
11 views

Permalink