A Tax Season Like None Other
Of the billions of problems that have been created by our current crisis, somewhere near the bottom of the pile is the one that is bothering me right now. My plan for fulfilling my continuing professional (CPE) education requirement has been totally overturned.
Paycheck Protection Program -Ready For Corporations – Questions For Other Entity Types
My friend Jeff Kristoff, Tax Manager of Rosen Associates told me that one of the Rosen partners, Carolyn Carpenter was saying that they have forgotten about partners in a midnight conference call in which the Rosen people were sorting this out for their dentist clients. Carolyn was one of my partners at CCR of blessed memory and a fellow managing director at the not quit Big 4 firm that swallowed us up.
The Act may require a technical correction to address partnerships and limited liability companies that are usually taxed as partnerships or a huge swath of small business will be left out in the cold.
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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.