Most Recent Posts
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.
Paycheck Protection Program Looks Like A Very Sweet Deal For Employers
The legislation is written in such a way that it is clear that they want to shovel out the money quickly. Still. SBA has to come up with what the rules are and let the banks know. Then the banks have to implement procedures. As far as you are concerned what matters is what the bank you go to thinks. Of course, if you think they are being too difficult you can always go to another bank.
Should You Stop Giving Money To Your College?
The aggregate was $26,004,412,953 in contributions and grants and $13,253,252,465 in revenue less expenses. So in a very simple analysis about half of the contributions drop to the bottom line. The result is remarkably similar for the three categories 51.27% for the Ivies, 51.16% for the sisters and 48.08% for the selected Jesuit colleges.
Tax Blogger Helps Get Judge To Change Decision
A key reason that causes researchers to miss such important details is that we tend to latch onto the first items we find that give us an answer we like.