ARA Signed a Letter to Congress on Bad Debt Relief for Businesses Impacted by COVID-19
May 05 2020
On May 5, ARA signed on to a coalition letter to leaders in Congress requesting temporary legislative modification to account for this unforeseen pandemic by loosening the facts-and-circumstances test on bad debt business deductions and accelerating these deductions into the present taxable year.
Customers in industries including ag retail buy inventory or input materials on short-term credit terms, and current law does not contemplate the abrupt and unexpected halt in a high volume of payments for these credit sales all at once.
Read the coalition letter to learn what ARA and the undersigned organizations believe will provide relief to businesses hit the hardest by the COVID-19 pandemic.