COVID – 19 Relief Status Update 04.06.20
‘Phase 4’ stimulus wish lists floated
https://newsletters.usdbriefs.com/2020/Tax/TNV/200403_2.html?elqTrackId=6e9dc0831e234fbb852445add1ad3b21&elq=f288114b18834cf9b76e2880f0d7df36&elqaid=69563&elqat=1&elqCampaignId=13246
Two-year suspension of SALT deduction cap clears House
https://newsletters.usdbriefs.com/2019/Tax/TNV/191220_1.html
Governor Newsom Signs Executive Order Providing Relief to California Small Businesses https://www.gov.ca.gov/2020/03/30/governor-newsom-signs-executive-order-providing-relief-to-california-small-businesses/
“Mark Koziel, CPA, CGMA, the AICPA’s executive vice president of firm services, added, “Based upon statements from members of Congress, it appears that the intent of the PPP was to base the salary calculation on gross wages with no adjustment for federal taxes. This ensures that payroll tax expenses are not passed on to the small businesses in need. In a program of this magnitude, it’s expected that guidance will evolve and terms will be clarified.”
https://www.aicpa.org/content/aicpa/press/pressreleases/2020/aicpa-coalition-recommends-ppp-applicants-use-gross-payroll-approach-in-calculations.html?j=269729&sfmc_sub=124900764&l=2078_HTML&u=8847730&mid=7306387&jb=612&utm_medium=email&SubscriberID=124900764&utm_source=NewsUp_A20Mar225&Site=aicpa&LinkID=8847730&utm_campaign=Newsupdate&cid=email:NewsUp_A20Mar225:Newsupdate:o+discuss+the+appropriate+method+for+calculating+Average+Monthly+Salary:aicpa&SendID=269729&utm_content=Special
Dave Ramsey, well-known author and radio financial advisor https://www.daveramsey.com/ (whom I am not endorsing, but I like his “no debt” approach) had a very strong message to listeners:
Paraphrasing: “Don’t take these loans. Don’t believe the government. They will change the rules later.” That seems harsh, but I wanted to pass that thought along.
April 5, 2020: Excellent Forbes article about the confusion in computing the amount of PPP loans:
https://www.forbes.com/sites/anthonynitti/2020/04/05/paycheck-protection-program-loans-three-things-the-sba-and-banks-need-to-agree-on-now/
Will the Wealthy Benefit From Trump’s New Tax Plan?
By Alan Olsen Trump will have a cooperative GOP house and senate and it is likely that overall tax rates for the wealthy will be heading lower starting in 2017. Therefore, now is the time to begin your tax planning. That means it’s time to put the campaign and the election behind us and start…
Why Are Taxpayers Leaving Behind Billions of Dollars at Tax Time?
Why Are Taxpayers Leaving Behind Billions of Dollars at Tax Time? The 2018 tax season is officially over. Most Americans are happy to have their tax returns in the rearview mirror. After all, nobody really enjoys doing taxes. Why is that? For the most part, it’s because doing taxes is such a complicated, frustrating experience…
What to Expect When Trading Collectibles in Foreign Auctions
What to Expect When Trading Collectibles in Foreign Auctions For many people with an abundance of money, collecting goods like fine art is a popular pastime. However, no matter what kind of goods you collect or trade you will always have to be aware of the tax side of your hobby. Many people buy, sell…
Discover the Top Islands to Visit This Year
Discover the Top Islands to Visit This Year It’s summer and that means vacation time. If you’re looking for a great place to get away this season and an island trip sounds desirable then check out these top island getaways for 2017, according to Travel +Leisure. But be sure to bring your bathing suit and…