In the past 24 hours, NCACPA has received several new updates.
NCACPA CEO Sharon Bryson had a call with Senator Burr’s office yesterday evening to discuss many lingering issues as a result of partial tax relief granted by Treasury. Overall, the senator is in complete agreement regarding issues we raised and is committed to doing all he can on our behalf. In fact, we were just notified he is co-sponsoring legislation that will be introduced today by Senator Thune (R-SD) and would extend the April 15, 2020 tax filing deadline by ninety (90) days to July 15, 2020 (S.3535, “Tax Filing Relief for America”).
The net operating loss (NOL) issue is also of major concern to Senator Burr’s office. During Sharon’s conversation, his office directly contacted Treasury on the matter. In a separate communication to the Senate Finance Committee, they expressed the need for clarification on the definition of who is “impacted” by COVID-19 and therefore eligible for relief. His office believes this will apply quite broadly, but also understands the public’s need for some sort of definition.
We wanted to take this opportunity to inform our members that your issues were communicated in real time to the Senate as they worked on the third budget package last night, which is expected to come out this week.
If you missed this other important piece of news yesterday, the Small Business Administration has approved the request for North Carolina’s disaster declaration. Eligible applicants may now apply for economic injury disaster loans (EIDLs) as a result of the ongoing effects of COVID-19.