HSC CORONAVIRUS 
C OMMUNICATION  

Edition #19
May 1, 2020
HSC COVID-19 Fast Response Team
We are here to help!

In these uncertain times with multimedia channels reporting conflicting and sometimes incorrect information, our firm is working to add clarity to this situation by providing new and verified information as it becomes available to us. We have also set up a Coronavirus Resource Center on our website for ongoing information. 

In addition, we have created the HSC COVID-19 Fast Response Team to serve our clients in addressing the difficult decisions they are being faced with on a daily basis. This dedicated multi-disciplinary team consists of our tax, payroll, HR, capital markets and accounting professionals. 

If you have questions or would like to speak with this team please contact your HSC team member or Kyle Wininger, CPA, CICA, CVA, CFE at kwininger@hsccpa.com
"Nontaxable" PPP Loan Forgiveness Will Essentially Be Taxable

The Internal Revenue Service has clarified in an IRS notice today, that no deductions will be allowed for those expenses resulting in loan forgiveness granted through the Paycheck Protection Program.  While we are disappointed in this outcome, it did not come as a surprise (as predicted in our 4/17/2020 PPP Forgiveness Webinar). In most cases this should not change a business's decision on whether to accept the PPP funds or not.  For details, please see the full IRS notice.

Please contact Scott Touro, MBA at stouro@hsccpa.com  for more information.
Keeping Other Members of Your Team Informed

If you would like other members of your team to begin receiving this communication, please forward to each individual and they can subscribe here or email Leslie Wight at lwight@hsccpa.com and she will add them to the communications.



Disclaimer: The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not, intended to provide legal, tax or accounting advice.  
 
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