Suggestions
Bo Brackendorff
Tax Director
Bo Brackendorff is a Tax Director at EEPB, PC, a CPA firm based in Houston.34 He is also a founder of the company.1 Brackendorff specializes in tax services and is involved in research and development tax credit consulting as a Director of eepb InnovaTax, LLC.4 He graduated from The University of Texas.4
Bo Brackendorff is active on LinkedIn, where he shares insights on leadership and executive team management.25 In February 2020, he posted about hiring CFOs, suggesting experience in financial leadership and recruitment.5 His LinkedIn activity indicates involvement in professional development and industry discussions related to accounting, tax, and business management.
Highlights
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: 1) the payment of the expense results in forgiveness of a loan made under the PPP, and 2) the income associated with the forgiveness is excluded from gross income under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. IRS Notice 2020-32 states that “this treatment prevents a double tax benefit.” However, two members of Congress say they’re opposed to the IRS stand on this issue. They say they’ll seek legislation to make certain expenses deductible. Stay tuned.
Important Announcement from EEPB:
As the impact of the coronavirus (COVID-19) continues to develop across the US and the rest of the world, we want to assure you EEPB is closely monitoring the global and local spread of COVID-19.
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus.
This page will be updated as new information is available.
http://bit.ly/390RV5u - or- www.irs.gov/coronavirus
Finally, this is an unprecedented situation that has the potential to interrupt your business operations. We want to personally assure you EEPB stands ready to offer guidance on any issues that might impact your business. Our subject matter experts are only a phone call or video chat away. We are committed to providing you with the high-quality service to which you are accustomed.
If you have additional questions or concerns please do not hesitate to call.
2950 N Loop West, Suite 1200, Houston, TX 77092 | (713) 622-0016
