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Paycheck Protection Deductions: If No Help From Congress Should You Help Yourself?

by admin | May 11, 2020 | Tax

Originally published on Forbes.com. As the Paycheck Protection Program unfolded, one of the biggest disappointments was IRS giving notice that payments made under the program would not be deductible. A few foresighted souls had seen that coming, but the general view...

Expenses Paid with a Forgiven PPP Loan are Deductible, IRS is Wrong

by admin | May 8, 2020 | Tax

Here is a guest post from John Anthony Castro. I don’t agree with everything in it, but I think there are some well-considered arguments. It also ran on his website. See my post on forbes.com on the same topic.- PJR Introduction The Internal Revenue Service...

A Defense Of The Break Republicans Snuck Into The CARES Act

by admin | May 7, 2020 | Tax

The second-largest tax break in the massive CARES Act – $135 billion – applied to a relatively small number of taxpayers. The Joint Committee on Taxation indicated that over 80% of the benefit went to 43,000 returns with income over a million dollars. Not...

Judge Urges Prison Furlough For Author Of “Biggest Tax Fraud Ever”

by admin | May 6, 2020 | Tax

Originally published on Forbes.com. I thought I could escape COVID-19, which one way or another is all I have written about for the last six weeks, by going back to my routine of reviewing tax decisions that may be of interest. No luck. What stands out are...

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...