Major Tax Software Vendor Crashes On Important Due Date
There are three things that are bad about being a day late. The first is that it upsets the clients regardless of any practical impact.
The second is that the penalty for being late with a flow-thorough return is pretty nasty. $205 per month (or part of month) per shareholder or partner. In my career, I have worked on returns with as many as 400 partners. Eighty grand for a day late. That is nasty.
And then there is the matter of elections. No not that election. I know we are having the most divisive presidential election since 1876, if not 1860, God forbid. The elections I am referring to go in with tax returns.
There are a host of possible elections. For example Code Section 248 allows for the expensing of $5,000 of organization costs. That election, like many, includes the requirement:
The Skinny On The Failed Senate Skinny Bill
The Continuing Paycheck Protection Program Act starts on Page 73. The curious incident there is that there is no mention of the IRS position that made the income exclusion of PPP pointless. That is probably the biggest concern of accountants, besides getting stiffed by the banks, which also goes unmentioned.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.