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It's one thing if they put off payments until then. But lets get the tax returns done. I have enough people dragging their feet, and I have vacation scheduled in September......

I'm with you with clients dragging their feet and this headline is only going to make it worse.

Exactly, a Mnuchin quote and a couple of FAQs are not substantial authority and are likely to change, as we've seen all along. As you say, they're making it up as they go along. Wait. Our widow and widower clients need these payments. Don't rush to return them until we know more.

Yes. The ridiculous has become the absurd. The IRS is having to pay bonuses to people just to get them to come in to work. And it's not like they're not going to be paid anyway for sitting at home and doing nothing. At least they're not in the unemployment lines.

WMIUAWGA = We're Making It Up As We Go Along

If it's your own business, you set your own hours, closing date, criteria for accepting clients, etc. Why would it matter to you if a different preparer works until 15 July or 15 October or year-round or only until 15 April or doesn't open up until February each year or takes Fridays off or golfs every morning or anything else? You don't have to do any of those things. Or, you can do bookkeeping or sell insurance or sell securities or paint houses or vacation or babysit the grandkids or read or anything else to earn money &/or enjoy life. Even if you work for someone else, you can negotiate your needs or quit or find a different employer or go out on your own or retire. Keep Calm & Carry On in your own way!

I just want most of them over. I can handle some extensions until October, but my son had to postpone his May wedding and now it's set for September. I will be too busy for people to show up with their stuff in late August. I'm not even sure yet, if some are still coming back to me.

It is tough unless cooked properly, similar to venison, but not as gamey in flavor. Usually heavily seasoned if BBQed (not my favorite). Best way to cook is slow simmered in a chile Colorado or chile Verde. I have only eaten it when prepared by Mexicans. There may be other ways to cook goat in different parts of the country. Tom Modesto, CA

fouled, right?

Situation Normal: All F****d Up (when my kids learned what SNAFU meant, they all most died. It was previously just a weird thing Grampa said.)

We don't have substantial authority yet. Tell your client to hold the payment/not spend it all and wait until you have further guidance for him.

wow - Thank you everyone! It looks like I'm buying another Dell! I really appreciate it.

If one looked at it as not getting the loan amount 100% forgiven, but 8 weeks of allowable expenses forgiven, then one should be VERY happy. Makes sense actually, as the PTB seems to have wanted to get enough out to cover the 8 weeks, with no shortage. The extra amount is trivial in interest cost, and can be paid back once the forgiven amount is known. 1% annual on just over 2 months is all it will cost... We do not know what the forgiveness rules will be. I am hoping for a reasonable combination of incurred and paid, but even a literal "and" is still a great bene. Anyone who expected 100 forgiveness was not hip to the likely rules, or figured they could stuff expenses. It may even be that those who ask for much over 70% of their loan amount to be forgiven will raise red flags. I saw some wonk's calculation stating that flat expenses will result in something like 70 to 75% forgiveness (of the total) to be asked. (Too tired to do the math or look for it again.) --- I have a gut feeling the intent of forgiveness is mainly paid (cash basis), since there is supposed to be enough actual money out to match for forgiveness ask. I think the "incurred" ties more in with the no prepayment shenanigans. It could also be tied to something legitimately prepaid being allowed to 8/52 "in". Examples are some sort of annual bill paid during the 8 weeks might have to be calculated 8/52. Maybe someone pays health care quarterly for example, and the payment was just before loan funded, and 8/52 would be nice to have for this. I am getting asked all sorts of crazy (to me) scenarios, the latest was if I though an unpaid payroll from January could be paid during the 8 weeks and forgiven.

I'd like someone to show me in the law where it says you have to return it. It's simply not there.

Very true cb. My instructor in the H & R Block class I took many moons ago made the following statement. As best I can recall it went like this " Now that you have completed our course any of you who would like to work with us this coming tax season please let us know. I can guarantee that if you do you will find the biggest can of worms you have ever been involved with in your life." No words I have EVER heard rang so true.

I've become very circumspect about giving advice or opinions about PPP loan forgiveness compliance. I even accidentally posted a rumor on another site in the midst of warning about internet advice based on rumors. Anyhow, I'm beginning to think it might be a good idea to come up with a special disclaimer when discussing PPP with clients. I don't want someone's PPP loan forgiveness to fail in part or in total because they acted on something I said (or something they thought I said). There's just too much at stake with this PPP loan forgiveness. Does anyone here share those concerns and do you have any thoughts on what a special disclaimer may look like?

My short answer (or the final words in any longer answer) seem to be, "Ask your banker." I tell people (clients and non) that their banker/lender will interpret the SBA regulations re their specific loan. I remind people we do not expect SBA guidance until the middle of May. And, of how many, many times things have changed so far this year!

I did have one humorous conversation with a friend (not a client). We were discussing an issue of his which is similar to an issue of mine. I finally said something to this effect: "I'm telling you what I'm doing, but I'm not telling you that you should be doing what I'm doing. I may suddenly change what I'm doing if I get different info from the SBA. And I can't promise I'll remember to tell you I changed what I'm doing because I may not even remember this conversation a week or more from now. So take this conversation for what it's worth." He responded "I get it and I appreciate your honesty" (I'm sure in the back of his head he was thinking "I need to keep asking John what he's doing about this.")

"Since the Treasury Department and the Small Business Administration is making this up as they go along, any advice that I give you is subject to change and should not be used to make any decisions." This is tongue in check, unfortunately it's also reflects the situation that we are in.

I saw that notice 2020-23 extended the 990-T, but I must have missed the one that specifically mentioned the 990. And being paranoid, I would file the extension just in case. So thanks for the info Lynn!