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IRS Moves To Virtual Settlement Meetings

by admin | May 6, 2020 | Tax

The IRS has announced that its Settlement Days program is going virtual in response to the COVID-19 crisis. Settlement Days bring together IRS attorneys, low-income taxpayers, who are not represented and the low income tax clinic attorneys who coach them to see if...

IRS Rains On The Paycheck Protection Parade

by admin | Apr 30, 2020 | Tax

Originally published on Forbes.com. One of the key parts of the CARES Act was the Paycheck Protection Program. It proved so popular that additional funds were appropriated for it. The essence of PPP is that a business borrows from the SBA based on 2.5 months of last...

Who Gets The Million Plus Stimulus Checks?

by admin | Apr 28, 2020 | Tax

Originally published on Forbes.com. According to a report in the Washington Post earlier this month, the bulk of the second largest tax cut in the CARES Act ($170 billion) stood to be shared among about 43,000 returns. The Joint Committee on Taxation has backpedaled a...

Banks Keeping Paycheck Protection Fees Meant For Others

by admin | Apr 27, 2020 | Tax

The Paycheck Protection Program was designed to not cost the borrowers anything if they used the money correctly. So banks were given a fee as high as 5% paid by SBA, which is more than normal, possibly because they were expected to share some of it. Borrowers Need...

Deep Pockets Need To Return Paycheck Protection Money

by admin | Apr 23, 2020 | Tax

Originally published on Forbes.com. The wording in the CARES legislation about the certification required for a Paycheck Protection loan was so vague- uncertainty of current economic conditions makes necessary the loan request – that it was very hard to see how...

Paycheck Protection Program Gets Big Boost

by admin | Apr 22, 2020 | Tax

Originally published on Forbes.com. The immensely popular Paycheck Protection Program quickly ran out of money. There are myriad questions and concerns about the program, but the bill that just passed the Senate which Politico has made available here pretty much just...