Paycheck Protection Program Gets Big Boost
There is still no clarification on whether you will be able to deduct payments that are made with loan proceeds that are forgiven. We still don’t know what happens if you have not spent all the money by June 30. And maybe it would be good if there was more of an idea about how uncertain we need to be in order to qualify. For example, should a company with a large stash of cash be allowed in before they spend their rainy day fund?
Florida Firm Passes On Paycheck Protection Program
In advance, I figured that the wealthy who had CPA’s, tax advisors, banking relationships, and are organized would be first in and would obtain a good chunk of the money intended for those who really needed it. Anticipating that is why I decided not to take the money even though I had all of the paperwork ready to send.
My business is a small business largely dependent on contingent fee real estate commissions. Those will dry up and I could have used the money. I just figured there were folks who would need it more than me. Personal responsibility as a citizen is still important at the micro-level. Bad micro-decisions lead to macro problems.
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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.