In response to growing concerns regarding COVID-19, and to follow federal guidelines, we have decided to make changes in how we are operating for the next few weeks. We believe this is the best way to protect our clients, staff, and community.
Effective Monday, May 4, 2020, we are asking clients to use the electronic transfer (File Share and CitrixFiles/ShareFile) and the US Postal Service to deliver documents to us. If you must come to the office to deliver documents, we will ONLY be dealing with clients in the reception area and ONLY with one client at the time. Any questions or discussions will be handled by phone with your tax advisor. There will be no meetings held in our office at this time.
When possible, we will be using the mail system or electronic transfer to deliver completed tax returns to you. If you do come to the office to pick up your documents, you will take the package with you. We ask that you return signed E-file forms to us electronically or by mail.
We will be monitoring this situation and will be posting any necessary updates to our policies on our website. We thank you for your understanding and cooperation during these times.
Status of Income Tax Deductions Associated With PPP Loan Proceeds
On April 30th, the Internal Revenue Service issued Notice 2020-32 indicating that expenses funded with forgiven Payroll Protection Program loans will not yield income tax deductions for the payor.
Several members of Congress have indicated that the IRS’s decision is contrary to Congressional intent and that Congress will act to reverse the IRS’s position through additional legislation.
Hopefully, final guidance will be available soon.
Proactive + Responsive + Professional