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/
Taxes Aimed at the Wealthy Could Send Canadian Entrepreneurs Fleeing
Taxes Aimed at the Wealthy Could Send Canadian Entrepreneurs Fleeing By Alan Olsen The idea of taxing the rich is certainly not new, and neither are the negative effects that this philosophy can cause. While the United States is know for it’s broken tax system which attempts to punish the wealthy simply for being wealthy,…
More Companies Offering New Way to Lower Taxes on Pensions
More Companies Offering New Way to Lower Taxes on Pensions By Alan Olsen It used to be that many, if not most, companies offered the benefit of a pension fund to those employees who eventually retired with the company after many years of service. As times have changed, benefit packages have become less attractive or…
Doing Business in China – Common War Stories
Doing Business in China – Common War Stories As time passes, I hear from reliable sources the same type of stories, over and over, about doing business in China. So, I thought I’d pass along some recent reviews: Assume a taxpayer sets up a Wholly-Owned Foreign Enterprise (W.O.F.E.) and manufactures products (directly or via a…
Even the Ultra Wealthy Need Smart Financial Planning
Even the Ultra Wealthy Need Smart Financial Planning By Alan Olsen, CPA, MBA (tax) Managing Partner Greenstein Rogoff Olsen & Co. LLP How many times have you heard about an ultra-wealthy individual who has somehow managed to blow all of his or her fortune and end up with practically nothing? There are countless stories of…