The Tax Season That Never Ends
NCCPAP's Neil H. Fishman, CPA, CFE, FCPA, CAMS comments on the state of this filing season with Accounting Today’s Editor-in-Chief, Daniel Hood. “Many in our profession feel that tax season normally runs through October 15th because of all of the extensions, so this year is not different in that respect; however, there are more than enough issues that need clarity and guidance.” A synopsis of the conversation is below:
CARES Act and PPP
Looking forward to the 2020 tax season and anticipating the returns that will be filed in 2021, there are still a number of ambiguous details that need to be ironed out. Furthermore, there were a number of large businesses who were not intended to be the recipients of PPP funding, and who received rather large amounts. And there’s still that question of the deductible of expenses that the PPP funding was used for. Although a Bill to settle this has bipartisan support, it’s still sitting in committee.
There’s a lot more consultation going on right now. Many of us have transitioned to web-based meetings and phone conversations related to tax work and to PPP-related issues and how that flows through to an owner’s personal tax liability.
PPP Forgiveness Up to $150,000
We’ve heard the that Treasury Department rejected this threshold; however, this may end up being lower or slightly lower, but still being forgiven at some level. As of now, no one has filed the forgiveness application yet because they are awaiting the 24-week period to end. We don’t expect this to be resolved until after the national election, if then.
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.
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Francine Carb Pat Sornberger