Lee B

The default is 24 weeks. if you qualify, you can elect the 8 week window.

It's basically a lot of smoke because while the application itself is about 50 % shorter than the 3 page simplified application, the same documentation has to be provided as attachments. I sure officials at the Treasury Department and the SBA are very pleased with themselves.

I believe it's the form expiration date for what is probably a temporary form which will be replaced or updated.

Notice 2020-76 extends the due dates under sections 6055 and 6056 from Jan. 31, 2021, to March 2, 2021, for insurers, self-insuring employers, applicable large employers, and certain other providers of minimum essential coverage to furnish to individuals the 2020 Form 1095-B, Health Coverage, and the 2020 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage. However, the notice does not extend the the due date for these forms to be submitted to the IRS! If you have to have these forms complete and submitted to the IRS no later than Jan 31, 2021, what is the point of extending the due date for issuing these forms to employees? Who makes up this stuff?

Paycheck Protection Program OMB Control No. 3245-0407 PPP Loan Forgiveness Application Form 3508S Expiration date: 10/31/2020 SBA Form 3508S (10/20) A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form. Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address SBA PPP Loan Number: ________________________ Lender PPP Loan Number: __________________________ PPP Loan Amount: _____________________________ PPP Loan Disbursement Date: ________________________ Employees at Time of Loan Application: ___________ Employees at Time of Forgiveness Application: __________ EIDL Advance Amount: ________________________ EIDL Application Number: __________________________ Forgiveness Amount: ___________________________ By Signing Below, You Make the Following Representations and Certifications on Behalf of the Borrower: The Authorized Representative of the Borrower certifies to all of the below by initialing next to each one. _____ The dollar amount for which forgiveness is requested does not exceed the principal amount of the PPP loan and:  was used to pay costs that are eligible for forgiveness (payroll costs to retain employees; business mortgage interest payments; business rent or lease payments; or business utility payments);  includes payroll costs equal to at least 60% of the forgiveness amount;  if a 24-week Covered Period applies, does not exceed 2.5 months’ worth of 2019 compensation for any owner-employee or self-employed individual/general partner, capped at $20,833 per individual; and  if the Borrower has elected an 8-week Covered Period, does not exceed 8 weeks’ worth of 2019 compensation for any owner-employee or self-employed individual/general partner, capped at $15,385 per individual. _____ I understand that if the funds were knowingly used for unauthorized purposes, the federal government may pursue recovery of loan amounts and/or civil or criminal fraud charges. _____ The Borrower has accurately verified the payments for the eligible payroll and nonpayroll costs for which the Borrower is requesting forgiveness, and has accurately calculated the forgiveness amount requested. _____ I have submitted to the Lender the required documentation verifying payroll costs, the existence of obligations and service (as applicable) prior to February 15, 2020, and eligible business mortgage interest payments, business rent or lease payments, and business utility payments. _____ The information provided in this application and the information provided in all supporting documents and forms is true and correct in all material respects. I understand that knowingly making a false statement to obtain forgiveness of an SBA-guaranteed loan is punishable under the law, including 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a Federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000. _____ The tax documents I have submitted to the Lender are consistent with those the Borrower has submitted/will submit to the IRS and/or state tax or workforce agency. I also understand, acknowledge, and agree that the Lender can share the tax information with SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of ensuring compliance with PPP requirements and all SBA reviews. _____ I understand, acknowledge, and agree that SBA may request additional information for the purposes of evaluating the Borrower’s eligibility for the PPP loan and for loan forgiveness, and that the Borrower’s failure to provide information requested by SBA may result in a determination that the Borrower was ineligible for the PPP loan or a denial of the Borrower’s loan forgiveness application. The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. SBA may direct a lender to disapprove the Borrower’s loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. _____________________________________________________ ____________________________ Signature of Authorized Representative of Borrower Date ____________________________________________________ ____________________________ Print Name Title Paycheck Protection Program PPP Loan Forgiveness Application Form 3508S SBA Form 3508S (10/20) Page 2 PPP Borrower Demographic Information Form (Optional) Instructions 1. Purpose. Veteran/gender/race/ethnicity data is collected for program reporting purposes only. 2. Description. This form requests information about each of the Borrower’s Principals. Add additional sheets if necessary. 3. Definition of Principal. The term “Principal” means:  For a self-employed individual, independent contractor, or a sole proprietor, the self-employed individual, independent contractor, or sole proprietor.  For a partnership, all general partners and all limited partners owning 20% or more of the equity of the Borrower, or any partner that is involved in the management of the Borrower’s business.  For a corporation, all owners of 20% or more of the Borrower, and each officer and director.  For a limited liability company, all members owning 20% or more of the Borrower, and each officer and director.  Any individual hired by the Borrower to manage the day-to-day operations of the Borrower (“key employee”).  Any trustor (if the Borrower is owned by a trust).  For a nonprofit organization, the officers and directors of the Borrower. 4. Principal Name. Insert the full name of the Principal. 5. Position. Identify the Principal’s position; for example, self-employed individual; independent contractor; sole proprietor; general partner; owner; officer; director; member; or key employee. Principal Name Position Disclosure is voluntary and will have no bearing on the loan forgiveness decision

PPP-Loan-Forgiveness-Application-Form-3508S.pdf The SBA and the Treasury Department has released a streamlined forgiveness application for PPP loans less than $ 50,000. While it's not the automatic forgiveness, it's at least an improvement.

The CARES Act waived RMD requirements for calendar year 2020. Standard RMD requirements will be back in effect January 1, 2021. You don't say, but given the timing of your question, I assume this was a 2019 distribution ? RMD rules for annuities are different and calculated separately, therefore your client's RMD requirements for the IRAs must be met, without regard to what was distributed from the annuities.

As far as I know, the only way it works is if you have C Corporation with a large NOL, the NOL continues to be useable if the new owner buys the stock from the old owner. Then the C Corporation can buy the assets of the profitable business and use the NOL to offset the profits.

There are doing better on current payments, since I mailed my 3rd quarter estimate on Sept 12th and it was cashed on Sept 23rd.

Interesting, I grew up on a farm about 90 miles SE of MSU and I don't miss the midwest at all. I definitely prefer Oregon.

Copied from IRS eNews: " Update on backlog of unopened checks The IRS is processing a backlog of mail due to COVID-19, and paper checks mailed to the IRS, either with or without a tax return, may still be unopened. Taxpayers in this situation should not cancel their checks and should make sure funds remain available so the IRS can process them to avoid potential penalties and interest. The IRS credits payments using the postmarked date on mail – rather than the date they opened and processed them – so they will not be late if postmarked timely. The IRS will provide relief to taxpayers for bad check penalties for dishonored checks the agency received between March 1 and July 15, 2020, due to delays in IRS mail processing."

Supposedly EIN FINDER will allow you 3 searches for free after you register with them.

Again, please check the earlier discussion threads.

I switched several years ago after 20 years with ATX. As Deb said the conversion program works well. If I remember correctly there were several of the less common carryforwards that didn't convert completely. The reason for the depreciation issues is that Drake depreciation program has more parameters, fields etc so there is no way to convert more than the basic depreciation data, therefore you have to go thru each asset in order to finish the setup. I'll admit that Drake has several annoying idiosyncrasies. Also, even though it's my 3rd year with Drake, it still takes me a bit longer to prepare a return in Drake than it would in ATX. I have no regrets about making the switch. There were a number of threads in 2018 and 2019 that will give you more feedback.

Why wouldn't you charge them again? You are having to totally redo the setup in different software. If you don't charge them again, they won't learn the valuable lesson the making changes costs time and money.

The House, Senate and the Supreme Court have decided not to participate int the Payroll Tax Deferral.

So far, various news sources have yet to report a single national employer who has opted to participate.

You are correct, the TCJA limited like kind exchanges, which is what a trade-in is, to real property only.

Be careful, if the corporation assumes Sole Prop liabilties which are in excess of the FMV of the Sole Prop assets it will trigger taxable gain, which happened to a new restaurant client of mine years ago.

I have no idea about VA, but in Oregon, the largest home school organizations are state sponsored.

You can also do a Coverdell ESA in addition to the QTP.

There is "no one size fits all" answer to your question. What kind of entity? How many assets? What do you normally charge this client?

One of my clients forwarded an email from U S Bank (5th largest bank ), which said that they wouldn't start accepting forgiveness applications until the end of this month or early next month due to all the changes which are still happening.

Copied from the AICPA: "5 reasons borrowers shouldn’t rush their PPP forgiveness applications Posted by AICPA Communications on Jul 14, 2020 This blog post explains why borrowers shouldn’t rush their PPP loan forgiveness applications. Please share with clients who participated in the program. Borrowers who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are asking their CPAs if and how they will qualify for PPP loan forgiveness. There is uncertainty over some of the program details. Organizations — especially small businesses — worry about meeting the maximizing loan forgiveness requirements. While you may be anxious to apply for forgiveness, here are five factors affecting the forgiveness application process. Most lenders are not ready to process forgiveness applications. Many are developing technology tools such as “forgiveness portals” or will leverage other automation options for a more efficient process. Until the U.S. Small Business Administration (SBA) and the U.S. Treasury Department issue final guidance, those technology tools can’t be finalized. The timing on when that guidance will be available is uncertain. Bank of America, as one example, is telling PPP loan holders it expects to begin opening its online loan forgiveness application process in early August and will email instructions to borrowers when it’s ready. Organizations have 24 weeks to use their PPP money, leaving them more time to take steps that will help them qualify for full loan forgiveness. Borrowers who received their loans before June 5, 2020, can choose either eight weeks or 24 weeks for their covered period. That increased flexibility in the time to use PPP funds can be important in maximizing loan forgiveness. "Payroll costs are a significant component of PPP forgiveness. Many payroll providers are developing custom reports specifically to comply with PPP guidance. However, like lenders, they are waiting on final SBA and Treasury guidance so they can prepare the PPP-compliant reports borrowers will need. Borrowers aren’t required to make any loan payments before they apply for forgiveness or until 10 months after their covered loan period ends. Since payments aren’t due yet, there is less urgency to apply for forgiveness. Applying for forgiveness may be easier than clients expect. Borrowers can use a simplified process through SBA Form 3508EZ if they meet at least one of these requirements: They are self-employed individuals, independent contractors or sole proprietors who had no employees when they applied for their PPP loan and who didn’t include any employee salaries in calculating their average payroll amount in their application. They didn’t reduce salaries or hourly wages for certain employees by more than 25% during the loan period and — except for specified exceptions — didn’t reduce the number of employees or the average paid hours for employees between Jan. 1, 2020, and the end of their covered loan period. They didn’t reduce salaries or hourly wages for certain employees by more than 25% during the loan period and were unable to operate at the same business activity level during the loan period because of federal safety requirements or guidance related to the pandemic. CPAs expect SBA guidance to help determine how broadly this safe harbor can be used. Be prepared While waiting for final program guidance, borrowers can take steps to prepare for the forgiveness application process by documenting how the loan proceeds are used. Gather documentation needed to support non-payroll costs for expenses such as mortgage interest, rent or lease payments and utilities, including account statements and other proof of payments. Lenders may not request supporting documentation for all disbursements as part of the forgiveness application; however, increased scrutiny is guaranteed for loans of $2,000,000 or more. Be patient PPP loans have gone to 4.8 million organizations through June 30, 2020. Recent legislation extended the opportunity for organizations to apply for loans until Aug. 8. While questions remain about some forgiveness process details, CPAs are following developments. It can be difficult to be patient when your organization is affected by the ongoing uncertainty COVID-19 created. But that may be the best approach until the SBA and your lender establish a forgiveness application process. Count on your CPA to continue to be your trusted adviser throughout the process. The AICPA has several Paycheck Protection Program resources available to the public during this challenging time. You’ll find an overview of the PPP loan forgiveness process, answers to frequently asked questions and more. Lisa Simpson, CPA, CGMA, Director — Firm Services, Association of International Certified Professional Accountants" Based on what I learned from my 4th online CPE course about this process, I completely agree.

The employee only has a say if the employer chooses to opt in, due to the way the memorandum and the IRS Guidance is worded.