TXCPA Committee Issues Letter for Broader COVID-19 Tax Relief
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TXCPA Urges Congress to Consider Additional Legislative Tax Provisions

Yesterday, the Texas Society of CPAs urged leadership of the U.S. Senate Finance and House Ways & Means committees to consider additional legislative provisions minimizing or deferring both individual and business taxpayers’ liabilities during this difficult time. Our recommendations include temporarily increasing the capital loss limitation and the percentage depletion allowance and providing a refundable tax credit for maintaining payroll through year-end. The letter also requests that IRC Section 501(c)(6) associations be included in the next phase of the Paycheck Protection Program and expanded application of economic stimulus payments to certain college students and dependent adults.

https://www.tscpa.org/docs/default-source/comment-letters/federal-tax-policy/2020/tax-changes-necessary-due-to-the-coronavirus-txcpa-letter.pdf?sfvrsn=bcebdfb1_6

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