Bipartisan Framework Could Mean Two More Stimulus Checks
Reviewing the bidding of major Covid-19 relief bills, there was the CARES Act passed at the end of March which, inter alia, gave us the Paycheck Protection Program, enhanced unemployment benefits, and stimulus checks.
The Democratic House then passed the HEROES Act in May, which died in the Senate. HEROES included another round of stimulus checks.
The Senate was able to muster a majority for the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act but not the sixty votes required. “Delivering” delivered on Republican priorities like tort reform and aid to private schools, but had nothing on stimulus checks.
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:
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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.