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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.
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.
Is Now The Time For Non-Filers To Come In From The Cold?
One of the earlier responses of the IRS to the COVID-19 crisis was IR-2020-59- IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance programs. Ironically, one practitioner sees the IRS suspension of collection activity as an opportunity for non-filers to get their compliance affairs in order. We should start with some background.
Are Gigsters Frozen Out Of SBA Disaster Relief?
As it happens I have not taken on any employees yet, so I was very disappointed when I heard from a friend who is also in the film business who might have gotten his application in ahead of me. It seems that SBA is doling out the $10,000 at a thousand dollars per employee meaning that he and I will be getting nothing.
Stimulus’ Tax Benefits Heavily Weighted To Ultrawealthy
That $169.9 billion is significantly lower than the $292.4 billion of rebates, but the $292.4 billion is being split up among well over half the population. The $169.9 billion is going to a relatively tiny number of people. $500,000 of AGI means you are in the top 1%, but 469(l) only affects a tiny subgroup within the 1%. A surgeon making $700,000 per year who does not have anything else going on does not have to worry about it.
Wrong Signature Voids Million-Dollar Plus Refund Claim
Court of Claims will not be considering the merits of the argument. Judge Hertling ruled that the Court of Claims lacks jurisdiction because Mr. Dixon did not himself sign the amended returns.
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.
Paycheck Protection Program – Consider Alternatives
It has occurred to me that an alternative or supplement to PPP might be laying some people off and then helping them out with some deductible disaster relief payments. Maybe you just use PPP money for people that can keep doing something during the crisis. Of course that sort of course assumes you have some resources.
On the other hand, that $600 per week supplement to unemployment might be a better deal than you paying them money that you might have to pay back even if you don’t have something extra to throw in.