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.
Paycheck Protection Program – Deductibility Dilemma
A strong argument that 265 does not apply is that it kind of makes the exclusion in the CARES Act kind of pointless. Hopefully the IRS will rule on this soon. My money is on deductibility. My reading of the politics is that the Republicans prefer that aid to people thrown out of work filter to them through banks and employers rather than just go the them directly. Of course as political analyst, I make a pretty good tax researcher.
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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.