Most Recent Posts
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.
Conservation Easement Reform – 250% Is Too Much
This has been a big month in the struggle against abusive syndicated conservation easements. There were three Tax Court decisions disallowing over $30 Million in deductions. And now we have the IRS updated report that comes largely from the filings required by its Notice 2017-10.
If Spouse Is Behind Bars Think Before Filing Jointly
I have been noting these cases for a long time, and Joe takes the cake for the most egregious example of somebody who should not have filed jointly.
Response To Deconstruction Deduction Post
Appraisers are now collaborating with the IRS, appraisal associations, and reuse organizations to solidify best practices within our specialty.