This month’s update includes information about the Paycheck Protection Program, executive orders impacting payroll taxes and recognition for the Arizona State Board of Accountancy’s volunteers.
Paycheck Protection Program Business Expense Deductibility
Members of Arizona’s Congressional Delegation sent a letter to House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy requesting language in the next COVID-19 legislation to allow business expenses paid for by the PPP to be tax-deductible. The ASCPA thanks Congressional Representatives Gallego, Kirkpatrick, O’Halleran and Schweikert for their continued support.
Executive Orders on COVID-19 Relief
On August 8, President Trump issued four executive orders aimed at economic relief in light of the ongoing COVID-19 pandemic, including deferral of payroll tax obligations. The order is set to take effect September 1 and directs the Secretary of the Treasury to defer the withholding, deposit and payment of the tax through December 31, 2020. Section 4 of the order also directs the Secretary to explore avenues to eliminate the obligation to pay the deferred taxes. The AICPA has requested clarifications in this letter.
Board of Accountancy
The Accountancy Board held its annual retreat virtually this year on August 20, 2020. We will share information from that event in next month’s update. Since a recognition and awards ceremony cannot take place in person this year, the Board and the Society would like to thank all the volunteers, Board members and staff for their service, time and effort. View those being recognized here.