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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.
Paycheck Protection Program – Think Fast. Make Mistakes
I don’t think this concern should slow you down in applying, but it needs to be resolved before the eight-week clock starts. If you ask me why it is that way I will give you an answer after you explain to me how it was on Gilligan’s Island that they had so many clothes, given that it was only a three-hour cruise.
Tax Court Blesses 35% Valuation Discount On Investment Family Limited Partnership
Pierson M. Grieve former CEO of Ecolab, Inc heard from the Tax Court earlier this month and the news was good. Judge Kerrigan pretty well knocked out a deficiency notice for a 2013 gift tax and penalty of over $5,000,000. It is a family limited partnership valuation decision – somewhat more fun than watching paint dry.
Paycheck Protection Loans Coming Soon
SBA Administrator Jovita Carranza has announced that the program is on a very fast track.
“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. “
A Tax Season Like None Other
If things went well, April 15 was anticlimactic. The last of the returns and extensions were out in the morning and we would sit around playing cards ready to respond to emergencies. Around five or so we would go out drinking. Caffeine, nicotine, and alcohol – the three food groups of a typical eighties tax season.
Paycheck Protection Program – Maybe Next Week
It reminds me of a joke about umpires talking about what constitutes a ball or a strike. The final grizzled old umpire says “Somes I calls ball. Somes I calls strikes. They ain’t nuthin till I calls em.”
Effectively your umpire is going to be the bank using the rule book that the SBA has not yet written.
Paycheck Protection Program – Devilish Details – Some Uncertainty
The Paycheck Protection Program is an extension of the Small Business Administration 7(a) program. SBA needs to make up the exact rules and then the rules have to be implemented by the 1,800 banks that are part of the program. For you to participate you need to contact a bank.
IRS Easing Up On Collection Activity During Crisis
The IRS will not be turning over accounts to private collection from April 1 to July 15. That is actually not good news. The private collectors can’t take the nasty actions that IRS is holding back on. If you are taking the passive-aggressive approach having your account with the private collectors is good news, if you don’t mind hanging up the phone every once in a while.
Reilly’s Fifteenth Law Of Tax Planning – If somebody calls you up to talk about your unpaid federal taxes, just hang up.