Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.
The deregulation of certain licensing requirements has been a concern for the CPA profession. While the main focus of these efforts has not been on licensees such as CPAs, engineers, doctors, and lawyers, there is always a risk of collateral damage with the legislative process.
CPAs have extensive experience helping clients meet their fiscal challenges head-on and directing them toward success. Pennsylvania, too, faces fiscal challenge, and the PICPA's Fiscal Responsibility Task Force has developed a report to assist those in governance find a sound financial footing for the state's financial health.
The strength of PICPA's 20,000 members was on display recently in Harrisburg as the PICPA scored a major legislative victory in ensuring that forgiven Paycheck Protection Program loans would be exempt from state personal income tax.
Legislation on additional pandemic relief, including a new Paycheck Protection Program, is expected to pass the U.S. Congress before the end of 2020. CPAs are strongly encouraged to identify business clients who may qualify for these benefits, and to begin contacting them about the loan application process. This new effort should also address the long-simmering issue of tax deductibility of expenses related to forgiven Paycheck Protection Program loans.
Like all things this year, the 2020 general election season has been chaotic. With the coronavirus pandemic, the long delay in counting millions of mail-in ballots, and the poor showing of pollsters once again, some might think the D in democracy is better suited for dysfunction.