COVID-19 Topics

“It Was the Best of Times; It Was the Worst of Times.” By Neil H. Fishman, CPA, CFE, FCPA, CAMS, National President, NCCPAP September 3, 2020—As I write this message, Congress is on its annual summer break for the month of August and will not return until September 8. When they return, they will only be in session for about four weeks, and then they will be out campaigning for the upcoming election on November 3. While the results of that election remain to be seen, we are seeing divisions ... Read More

“May you live in interesting times” By Neil H. Fishman, CPA, CFE, FCPA, CAMS, National President, NCCPAP What we have experienced in the first half of this year has never been seen by most people alive today—a combination of the Spanish Influenza Pandemic of 1919 combined with the Stock Market Crash of 1929. The impact to our country from both economic and social perspectives has been devastating to many. Businesses have been forced to close and some may never reopen. Businesses that have ... Read More

July 30, 2020— RE: Regulation of Tax Return Preparers According to the IRS, 62% of individuals who currently have a PTIN are not otherwise credentialed, meaning that there is no oversight, regulatory body or authority where individual taxpayers can file a complaint if desired. The proposed legislation to rectify the regulation of tax return preparer is S.1192/H.R.3330, “The Taxpayer Protection and Preparer Proficiency Act of 2019.” Back in 2010, the Internal Revenue Service announced that it ... Read More

July 28, 2020— RE: CARES Act, PPP Forgiveness and Expense Deductibility As the month of July comes to a close, there are several aspects of the CARES Act, that are scheduled to end, which will impact both businesses and individuals. Currently, Congress is busy working on additional legislation that would assist those businesses and individuals who are still affected by the pandemic. As this legislation is being discussed, there are two issues that we would like to bring to the attention of Congress ... Read More

Topics Include: Economic Impact Payments, Nationwide Tax Forums, Pension Plans & COVID-19, Small Business/Self-Employed Division, and Qualified Business Income Deduction Immediate Past President and current Tax Chair, Stephen Mankowski, CPA, recently attended the monthly IRS Meeting. IRS Update The IRS is continuing to reopen its operations around the country, starting with several states in June and adding more each week; all remaining states plan to reopen by July 13. All offices remain ... Read More