Leaderboard

Remember that these are just FAQs and not law. I've been suggesting to people to just wait a bit (don't cash or don't spend) for potential clarification. BofA called my biggest biz client early on to urge him to apply for a PPP loan. This client's biz is NOT touched by COVID-19 at all. He got the money. Forgiveness will be an issue (he'll fuss at me) because it looks like employee-shareholders do NOT get the healthcare and retirement matches added, only for non-shareholder employees. I'm hoping for clarification. And, hoping I do NOT have to be the messenger. One of my clients keeps writing me that she heard/the IRS says that she should get a stimulus check because she's on SS; when will her check come? She's on SS but also gets a NYC teacher's pension and a CT teacher's pension and still taught the first half of 2019, so she made way too much in 2019 (and even more in 2018) to get an EIP. I keep telling her. I copied her on some info from IRS.com, and it was ambiguous about SS recipients getting an EIP direct deposited. (I added a phrase before emailing her the copied text !!) I spend half of each day, sometimes more, communicating to clients, answering questions, and taking webinars. I enjoy the learning but want to prepare tax returns. But, all my clients are long-time clients and families/friends of clients, and I always take care of them to the best of my ability and knowledge. This year is stretching my knowledge far from just tax. And, the questions about unemployment !! I don't even know how to navigate the CT system for a SE or a partner, let alone NY and PA and.... I have no idea when their benefits will start or how much they'll get or whether the $600 will show up at the same time. I really want to return to answering TAX questions and preparing tax returns, but I foresee a bunch of Forgiveness Applications in my future plus more questions I can't answer. Let's start a pool re how many FAQs there will be re the Forgiveness Application. I guess 44.

The FAQs say return $1,200. The CARES Act says keep it. I'm telling clients to wait for potential clarification; hold it; don't spend it. Read the recently updated (6 May) FAQ 10 and 54 (11 May) and make up your own mind. We're all just guessing at this point. https://www.irs.gov/coronavirus/economic-impact-payment-information-center

I was going to have my very, very part-time employee help me box up old files when she was due to come just before everything shut down. I'd bought a bunch of bankers boxes. But, even though this was before the stay-at-home suggestions and even though I have a home office so knew how it would be cleaned, before and after, I was uncomfortable having anyone come into my home. And, she was relieved when I postponed her work. (I paid her.) So, I'd been piling current files on top of my file cabinets as I used/referred to the files, because the cabinets were too stuffed and I expected to box up the no longer needed files way back in March. I'm continuing to pile files for current clients on top, in alphabetical order, but tall piles that I'm afraid will slide to the floor and spill their contents! When I get through 2019 returns, I'll box up the old folders to empty out my file cabinets and refile my current clients. Current files are mostly thin folders; although, many long-term clients still have paper I've not scanned. I have two small, matching wooden cabinets (sturdy and attractive, but bought at a good price on Craig's list) and refuse to add more paper than they can hold. I'm looking forward to that shredding truck!

Or provide the appropriate phone number for their congress person. Ot they can call the office of the President since his name is on every check, or the letter that follows up direct deposits and checks.

Please consider donating to support this site like I did again today. I looked back and found that we have almost 20 full pages of new topics in General Chat and another 5 in the new Covid-19 section since the beginning of 2020. That's a lot of discussion and help that members have shared that wouldn't be possible without our ongoing financial support to Eric for hosting and maintaining this site. @Eric, this wouldn't be possible without you. Thank you for another great year here!

I purge my old paper files every year, but I never felt comfortable "sending them off to the shredder." I always have them come to the office and shred on site in the truck with the TV while I watch them transfer into confetti. Found a good one who charges $10 per (10-ream-size) box of papers. And its a lot in one box. No minimum.

me bad Thanks Gail

On the problem with incorrect EIP payments and PPP disbursements, I don’t know that we can say IRS and SBA and lenders don’t share some blame. Probably enough to go around. And my payroll client whose business has been booming this whole time was encouraged by his tax pro buddy to apply for PPP funds. Yep, I’d say it’s not all Congress this go round.

Since you and I cannot really do that and keep clients, you might try running an article or two for your client. I've found one that seems clear for this purpose: https://www.thepennyhoarder.com/taxes/child-coronavirus-stimulus/ Also, the number given in the letter IRS sent out, Notice 1444: 1-800-919-9835 I just got off the phone with a caller, who's not even a client, and I gave her that number. She was so appreciative and said, "Now I know why my brother brags on you all the time." So, her brother is a client. Yeah, I know, but I was glad I tried to help her.

Mine is done automatically each year as a direct debit. I'm happy to donate.

Done and set up for annual so I don't forget.

I wholeheartedly agree. I make a donation every year and the benefits that I receive being a member of this community far exceeds the dollars that I donate!

This is the final paragraph of a very long article on PPP loan forgiveness. Pretty much sums it up. Tom Modesto, CA