Tune in to WAEB 790AM

Tuesday morning May 5th at 9:00am to hear our own Kris DePaolo discuss the Payroll Protection Program (PPP) with host Bobby Gunther Walsh.

Contact your senators and congress members asking them to support legislation to further assist small business.

To our clients and friends:

We remain hopeful that you and everyone close to you are safe and healthy. It’s promising that people in power are discussing ways to safely restart the parts of the economy presently shut down.

Late evening on April 30^th, 2020 the IRS released an advance version of Notice 2020-32, interpreting a section of the Internal Revenue Code (§265) as strictly prohibiting the deduction of expenses reimbursed by forgiven PPP loan proceeds.   We cannot disagree with the notice, as the Code and case law are strong and specific in this area.

We urge you to support the only avenue we see that would afford a business the opportunity to earn an additional cash boost by deducting the expenses without recognizing the PPP forgiveness as income.   Congress enacted §265 and Congress can create an exception that would apply to PPP forgiveness only.

If you believe, as we do, that the intent of Congress in the CARES Act was to allow the deduction of PPP-reimbursed expenses, call, write and email your senators and congress members asking them to support legislation to further assist small business.

This website lists all the members of both the House and the Senate. It’s easy to find the representative from each state by selecting your state from the criteria on the left side of the page.

https://www.congress.gov/members?q=%7B%22congress%22%3A116%7D

These are the US senators from Pennsylvania:

Casey, Robert P., Jr. – (D – PA)
393 Russell Senate Office Building, Washington DC 20510
(202) 224-6324 | www.casey.senate.gov/contact/

Toomey, Patrick J. – (R – PA)
Class III
248 Russell Senate Office Building, Washington DC 20510
(202) 224-4254 | www.toomey.senate.gov/?p=contact

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We suggest wording like below (an example for owners of small businesses).
Additional specific information is also helpful. 

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Dear __________________

I am the/an owner of a small business with X employees and my livelihood as well as theirs is threatened by the shutdowns in my area as well as across the nation. If the Internal Revenue Code, specifically Section 265, were amended to permit the deduction of expenses reimbursed by the Paycheck Protection Program enacted as part of the CARES Act, it would provide very important additional support to me and all my peers in the world of small business. Please note that this additional help would not add any effort or expenditure on the part of the government, as the means of monitoring and enforcing the tax code already exists.

Thank you for your support of us, the job creators, as we work our way through this crisis.

Sincerely,

Your name & business

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Please stay safe & remember, we are here to answer questions and work though the complexities of all these programs with you. Don’t hesitate to call!

Werner & Co. CPAs, PC

Learn how to apply for loan forgiveness as well as the specific record keeping practices that will determine how businesses qualify for forgiveness of their loan. Save your spot. Register now.

Count on Werner & Co. CPAs to keep you up to date through these Zoom meeting presentations.

Register in advance for your choice of webinar presentation by clicking that link. After registering, you will receive a confirmation email with further instructions to join that meeting.

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PPP Loan Forgiveness Best Practices – Slot A
April 23, 2020 Thursday 9:00 AM Eastern Time (US and Canada)
https://zoom.us/meeting/register/tJIvdu-tqzkoH9MoPI0DH-jwZlQQjiEN0qXJ
After registering, you will receive a confirmation email with instructions to join this meeting.

PPP Loan Forgiveness Best Practices – Slot B
April 23, 2020 Thursday 3:30 PM Eastern Time (US and Canada)
https://zoom.us/meeting/register/tJ0pdu-rqjspGdJtkJ2OGPSUujj2B1kM2a_M
After registering, you will receive a confirmation email with instructions to join this meeting.

PPP Loan Forgiveness Best Practices – Slot C
April 24, 2020 Friday 11:00 AM Eastern Time (US and Canada)
https://zoom.us/meeting/register/tJMkdOyorDsuE9KborPP4TyTodeK3M8tyFmT
After registering, you will receive a confirmation email with instructions to join this meeting.

The Paycheck Protection Program Powerpoint file presentation has been updated again.

(An updated version of this Powerpoint file is downloadable at 5-18-20 Downloadable PPP Powerpoint presentation UPDATED.)