Lee B

The changes in tax law both federal and state is what generates work for us. Without the changes there would a lot fewer practitioners .

I have a client who is a coffee roaster who also sells espresso equipment. Occasionally, they will receive good sized deposits a month or two in advance of delivering the espresso equipment to their customer, which I record as a liability.

I believe that if it generates a Net Operating Loss, then the NOL would carryforward.

The president signed the extension bill into law this morning.

More changes are on the way. A bipartisan bill in the Senate Banking Committee would allow PPP Loan recipients of loans in the amount of $150,000 or less, to receive forgiveness with the filing of a one page attestation which would not require any complicated calculations. The PPP webinar I took yesterday covered both forgiveness applications. While the EZ application is less complicated, just determining whether you qualify to use the EZ application is definitely not easy unless you are a small business with a few employees with no changes.

Today, the House also passed the Extension Bill by unanimous consent. It now heads to the White House for the president's signature.

Actually, I was wondering whether Instacart provided any supporting reports in addition to the 1099?

This reminds me that about 15 years ago some prospective clients, husband and wife , who worked full time as independent commission agents for a merchant card services firm approached me to prepare their tax return. They had purchased a custom made Class A RV Marathon Coach at a cost of about $ 1 Million. They wanted my assurances that they could deduct the depreciation on the RV since "they used the RV as their mobile office." When I explained to them why they couldn't do that, they left my office in a huff and went"accountant shopping".

The scenario as posted sounds very questionable

Late today, the Senate voted unanimously to extend the PPP Loan Program from June 30th until August 8th, since $130 Billion is still unspent. The House has yet to vote.

Just curious, was this a S.P., setting up a second business ?

Thanks, I had already read this article. I was hoping that someone had prepared a return(s) .

Talked to new client on the phone who did Instacart shopping/delivery last year. My preliminary research online suggests that the only annual information Instacart provides is Form 1099? Any addditional information that you can provide would be appreciated Thanks in advance,

I have taken 2 online webinars already and I am taking another webinar on Tuesday, because they keep changing the forms, rules and guidance. I have also seen lengthy step by step articles about completing the forgiveness process. Unfortunately, there are still a number of unanswered questions.

Copied from IRS eNews: "Processing of paper employment tax returns, Forms 941, 943, 944, 945, and Form 8655, Reporting Agent Authorizations has resumed. The Ogden and Kansas City campuses have recently re-opened (but not yet at full staffing levels), and they are working on the backlog and processing new submissions" They will be receiving 2nd Quarter forms before they finish processing the 1st quarter.

Bonuses are allowed and included both for calculating the the PPP Loan Amount and PPP Loan Forgiveness, as long as their annualized compensation doesn't exceed $100 K. It sounds like you are concerned that the inclusion of their 2019 bonus generates a loan amount which will exceed the amount that can be forgiven. If that's the case, then they can either return the excess or convert to a loan.

Yes that is fine, there are no related party or attribution rules which apply to PPP Loan Forgiveness.

Multiple news sources are reporting that yesterday in an interview, the Treasury Secretary said, he may consider moving the April 15th Filing/Payment Date from July 15th to September 15th? It sounds like he is floating a trial balloon to see what kind of response he gets. If they are going to make another change like this, they also need to move back the 3rd and 4th quarter estimated payment due dates, otherwise the combined payments that Schedule C Filers will have due on September 15th will be extremely difficult to handle.

I have decided to go with Firefox with my next computer later this year.

Supposedly, there are still truckloads of mail just sitting there. If it was my client, I would strongly lean toward waiting.

Very interesting, I wonder if there are any court cases ?

In Oregon while CPAs and Attorneys are exempted, EAs are subject to to the State Board of Tax Examiners testing, rules and regulations. This has been an ongoing legal battle between the NAEA and OAEA with the Board of Tax Examiners for decades now. While we have occasional cases of preparer fraud in the Portland Metro area, it's pretty rare in the rest of the state.

In the PPP Loan Application, the calculation of the PPP Loan Request is reduced by any EIDL advance so in your example the $44,000 should have been the loan amount, net of the EIDL advance.

I have noticed recently that HRB has been advertising their consulting services for PPP Loan Forgiveness. Now that's a scary idea.

I have a client with a SBA 504 loan who received a letter from their servicing agent informing them that as part of the CARES ACT, their SBA Loan principal, interest and servicing fees would be paid for them for the months of April thru September. Based on my research, the CARES ACT designated $ 17 Billion to be used to pay 6 months of loan payments for 3 different SBA small business programs and etc. It appears that the CARES ACT also directed that these payments were not to be considered taxable income. However, I assume that under current law (just like PPP Loans which have been forgiven) my client will not be able to deduct the interest and servicing fees for these 6 months.