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/
Tax Saving Strategies For Business Owners
[vc_row][vc_column][vc_column_text] Tax Saving Strategies For Business Owners 1. Did you know you can use your previously funded IRA to fund the current year’s deductible contributions? Well, you can. If you don’t have enough cash to make a deductible contribution to your IRA by April 15th, here is how you can still take the tax deduction.…
Credit Default Swaps – Impose A Tax On Bogus Insurance
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Income Tax Deferral Strategies for Real Estate Investors
Income Tax Deferral Strategies for Real Estate Investors There are a number of significant income tax benefits that are often overlooked by real estate investors that could allow them to defer or exclude some or all of their income tax liabilities on the sale or disposition of their real estate tax deferral assets. It is…
IRS Clarifies Home Sales Want to Come Clean About Taxes Overseas? The IRS Is Willing to Help
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