Deluzio & Company, LLP

On November 9, 2020 the Pennsylvania Department of Revenue issued some temporary guidance related to teleworking resulting from Proclamation of Disaster Emergency declared by Governor Tom Wolf in March of 2020 related to COVID-19. See link below for more info. https://www.deluziocpa.com/pa_telework_during_covid_19.html

IRS Stands Firm - PPP Expenditures Not Deductible In order to prevent double tax benefits, the IRS advises taxpayers cannot deduct expenses that were paid for using Payroll Protection Program (PPP) loan proceeds which were forgiven (Reg. 1.265-1). If a taxpayer has applied for and expects to receive forgiveness of their PPP loan, the IRS recently clarified that taxpayers may not deduct these expenses on their 2020 income tax return. If a taxpayer follows this requirement, and subsequently fails to obtain full forgiveness of their PPP loan, the IRS has provided guidance on how to deduct those expenses not taken on the 2020 tax filing. See Link below for full Details https://www.deluziocpa.com/ppp_expenditures_not_deductible.

We are very happy to announce that Keely Keenan, CPA recently earned the Advanced Health and Welfare Plans Audit Certificate from the American Institute of Certified Public Accountants (AICPA). Employee benefit plan (EBP) auditors who earn this certificate can evaluate and apply audit steps such as client acceptance, engagement planning and analysis, and concluding on a health and welfare plan (HWP) audit engagement. Certificate earners demonstrate an advanced competency l...evel as outlined in the AICPA Competency Framework: EBP Auditing. These candidates perform audit procedures such as evaluating risk assessment and internal controls and testing benefit obligations on HWP audits. Having a deep knowledge helps provide the best possible insight for our clients and uphold our role of protecting the public interest. Congratulations Keely!

We are very pleased to announce that Cody Domasky, CPA, CGFM has been named a 2020 PICPA Young Leader Award recipient. Cody is among an elite group of members who have demonstrated a commitment to the accounting profession through active participation in the PICPA and the community. He was recognized along with other young leaders at the PICPA’s Leadership Conference. He will be featured in the fall 2020 issue of the Pennsylvania CPA Journal and on the PICPA’s website. Cody’s PICPA experiences serve as an inspiration to other young professionals. Please join us in congratulating him on this accomplishment! We are very proud of him! Follow link for more information on the PICPA Young Leader Awards https://www.deluziocpa.com//blog/PICPA_Young_Leader_Winner

Please note that our office will be closed tomorrow Friday August 28th to freshen up the workspace with new flooring! Our regular office hours will resume on Monday August 31st. Thanks!

https://www.deluziocpa.com/ppp_update.html On August 8, 2020, the Paycheck Protection Program (PPP) closed and the Small Business Administration (SBA) stopped accepting applications from participating lenders. The focus has now shifted towards those who received PPP loans to apply for forgiveness. According to the SBA, borrowers are given a covered period of either an 8 or 24 week period to spend funding on payroll and specific non-payroll costs before applying for forgiveness. It should be noted that if you use your funding after 8 weeks, but before 24 weeks, you can apply for forgiveness at that point. Borrowers have up to 10 months after their covered period to apply for forgiveness before making a payment. (follow the link for more information)