The National Conference of CPA Practitioners (NCCPAP) previously sent a letter to Treasury Secretary Yellen, IRS Commissioner Rettig and Treasury Deputy Assistant Secretary Mazur requesting that the April 15 due date be extended to June 15, 2021. At this time, NCCPAP is requesting that they reconsider this recommendation—not just for the personal income tax returns, but for ALL returns and payments that would be due April 15.
NCCPAP congratulates the U.S. Department of the Treasury and the IRS for their decision to extend the April 15 deadline for filing. “The past year has been extremely trying for everyone, especially for those who prepare income tax returns and advise businesses,” says Mark Stewart, CPA, National President of NCCPAP. He continues, “Since the beginning of the COVID crisis, CPAs have been under extreme pressure helping both our small business and individual clients with various government programs, as well as recent tax law changes, and how they can make use of them. Furthermore, the recent effect of the exemption of the first $10,200 of unemployment compensation for lower income taxpayers has been a monumental change—one rarely seen in March, in the middle of tax season—that retroactively changes prior year tax law. Practitioners as well as software providers desperately needed this extra time to adjust for these changes.”
NCCPAP Tax Chair, Steve Mankowski, CPA, recently attended the February 2021 IRS meeting. You can read his recap below, highlighting several COVID-related items: Employee Retention Credits, Recovery Rebate Credits, and PPP Loan Update.
The National Conference of CPA Practitioners (NCCPAP) is requesting that the IRS grant an extension for all tax returns and payments due on April 15, 2021 until June 15, 2021. Read NCCPAP’s full letter to the Department of the Treasury Secretary Yellen, Acting Assistant Secretary Mazur, and IRS Commisioner Rettig below.
In preparation for the upcoming tax season, NCCPAP’s February President’s Message addresses important topics, including many changes to financial statement work. Highlighted items include PPP loans, going concern, revenue recognition, and the new lease standard.
NCCPAP Tax Chair, Steve Mankowski, CPA, recently attended the November 2020 IRS meeting. You can read his recap below, highlighting an e-Signature Update, TFA Report to Congress, Taxpayer Advocate Report to Congress, and Taxpayer Relief Initiatives.
On the eve of the 2020 holiday season, CPA practitioners received both a gift and a lump of coal in their stocking—the Consolidated Appropriations Act, 2021.
The National Conference of CPA Practitioners (NCCPAP) is here to help and offer support to practitioners everywhere. As regulations are issued by the IRS and U.S. Department of the Treasury to bring some clarity to aspects of the Bill, NCCPAP will be at the forefront of education, advocacy, and support. Look for future announcements, webinars, and other guidance from NCCPAP.
With the passage of the “Consolidated Appropriations Act, 2021,” the National Conference of CPA Practitioners (NCCPAP), a national organization of small and mid-sized CPA practices, can claim a major victory for business owners/taxpayers.
Included in this legislation is the provision that all expenses paid for by PPP funds are now fully deductible. We want to thank the members of Congress for taking the concerns of the practitioner community into consideration and including this provision in the legislation.
As many small businesses may be hit with a ‘surprise tax’ related to the PPP loans, Mark A. Stewart, Jr., CPA, asks NCCPAP Members to tell their members of Congress to support small businesses by passing S.3612 and H.R.6821, the Small Business Expense Protection Acts of 2020, or H.R.6754, the Protecting the Paycheck Protection Program Act.