Most Recent Posts
Paycheck Protection Loan Forgiveness Just Got Easier
#TaxTwitter where tax professionals of various sorts kind of swap professional recipes and engage in remote group therapy practically turned into all Paycheck Protection all the time as CPAs and others who often are a business’s most trusted advisers threw themselves into helping their clients.
For Some Churches, SBA’s Paycheck Protection Program Is Better Than Bingo
If churches want to be treated like the other 501(c)(3) when it comes to receiving government bailouts, they should probably be treated the same when it comes to disclosure and file 990s. And if ministers want their paychecks protected like everybody else’s, maybe they should not be able to exclude cash housing allowances. Just saying.
11th Circuit Blesses Conservation Merit Of Golf Course
The Eleventh Circuit has given one of President Trump’s favorite tax deductions a boost with its decision in Champion Retreat Golf Founders LLC. When a list of Trump Charitable contributions was released, “Various Conservation Easements” topped the list at $63,825,000 and according to this story in the Wall Street Journal, golf courses number among his many easements.
Why Do We Need Public Companies To Hand Out Free Money?
Now if you are somebody who just got an EIP card you might wonder why you have to pay more for the second card replacement than a Direct Express cardholder. I can’t figure it out, but the DE cardholder is likely a veteran or a senior citizen (or maybe both), so you should not feel bad about it. Thank them for their service or congratulate them for having lived so long and carry on.
Debit Card Impact Payments Are Real
My source called the number as directed. She had to enter the card number and six of digits from her social security number. Then she was told the balance. There is a website you are directed to (eipcard.com) where the Money Network tells you how to use your card.
HEROES And CARES – A Tale Of Two Tax Provisions
The Joint Committee ultimately scored that at $135 billion. The thing is hardly anybody understood Code Section 461(l) and the bill was voted on before it was scored, so that was something of a stealth move.
Tax Attorneys Fight Covid-19 Stay-Home Order In Idaho
Mac styled himself the “Courtroom Commando”. I generally disapprove of tax professionals using military metaphors but Mac is West Point Class of 1967 and a Vietnam combat veteran, so he is entitled. When I interviewed him about being sanctioned for raising an argument deemed frivolous by the Tax Court, he remarked that sometimes when you walk point, you get shot in the knee.
Accountants Scrap With Banks For Billions In Paycheck Protection Fees
I understand how accountants are. For the most part they are incredibly loyal to their clients often to a ridiculous extent. There are people who make a living explaining to accountants how to make more money. One of the really good tips is to stop working for people who don’t pay you. If somebody has not paid you in a couple of years, they are not actually a client.
So the banks could be confident that people would have the help they needed to get the applications done whether they could afford it or not. And that seems to be how it went.
Syndicated Conservation Easements- An Industry Based On Nonsense
Conservation-easement cases might have been more reasonably resolved case-by-case in contests of valuation. The syndicated conservation-easement deals with wildly inflated deductions on land bought at much lower prices would seem perfectly fine fodder for feeding into a valuation grinder. Valuation law is reasonably well known, and valuation cases are exceptionally capable of settlement.
Paycheck Protection Certification – No Harm No Foul
Basically nobody who had an actual business and did not blatantly lie on the application will have cause to regret having chased PPP money. Given the speed which the program was thrown together and the vagueness of the certification, this is clearly the right answer.
If there was an attempt to penalize companies because they were being piggy in applying, litigation would have dragged on for years. I might have found it entertaining, but no good would have come of it.