Lee B

My thoughts are, first who was the executor for the estate, because this looks like a big mess with one legal misfire after another. Your client needs competent legal advice,because whoever the executor was sure didn't have any!

Copied from the SBA Website: Loan Forgiveness Payroll Costs FAQs 1. Question: Are payroll costs that were incurred during the Covered Period2 or the Alternative Payroll Covered Period3 but paid after the Covered Period or the Alternative Payroll Covered Period eligible for Loan Foregiveness? Answer: Yes, if the payroll costs are paid on or before the next regular payroll date after the Covered Period or Alternative Payroll Covered Period. Example: A borrower received its loan before June 5, 2020 and elects to use a 24-week Covered Period. The borrower’s Covered Period runs from Monday, April 20 through Sunday, October 4. The borrower has a biweekly payroll cycle, with a pay period ending on Sunday, October 4. However, the borrower will not make the corresponding payroll payment until the next regular payroll date of Friday, October 9. Under these circumstances, the borrower incurred payroll costs during the Covered Period and may seek loan forgiveness for the payroll costs paid on October 9 because the cost was incurred during the Covered Period and payment was made on the first regular payroll date after the Covered Period. 2. Question: Are payroll costs that were incurred before the Covered Period but paid during the Covered Period eligible for loan forgiveness? Answer: Yes. Example: A borrower received its loan before June 5, 2020 and elects to use a 24-week Covered Period. The borrower’s Covered Period runs from Monday, April 20 through Sunday, October 4. The borrower has a biweekly payroll cycle, with a payroll cycle ending on Saturday, April 18. The borrower will not make the corresponding payroll payment until Friday, April 24. While these payroll costs were not incurred during the Covered Period, they were paid during the Covered Period and are therefore eligible for loan forgiveness.

Actually, it's not either or it's both. However you get to choose how you want to do it.

Yeah, their request indicates a lack of trust and/or their intention to find a different preparer. If you want retain them as a client, them you need to try to find out why they are asking for the information and try to reassure them.

Tom, I must say that I agree with Sara

Based on the online CPE classes that I took, your banks interpretation is correct. My largest client with a semimonthly payroll had a pay date which fell on the first day of their PPP allowable window. I specifically asked 2 different presenters whether these were allowable payroll expenses. Both presenters said the way the rules were written and are being interpreted that my clients paychecks dated the first day of their allowable expense window which was April 16th were definitely allowable payroll expenses along with the related state employment taxes.

We started the refinance process back in early September. I think we finally have all the documentation submitted that the mortgage company wants. Now it's just waiting for them to grind thru everything.

The IRS has been understaffed and underfunded since 2011. This situation is like slow moving avalanche moving downhill. It will not be fixed anytime soon.

There a number BBB reviews to look at.

While I haven't seen any no fee offers, I have seen several very low fee offers i.e. $275 with a higher interest rate, no free lunch. Or it's teaser offer, where things change as you get closer to closing.

If you are referring to an amended Form 1040, I believe you will probably have to wait until 1040 efiling reopens in 7 or 8 weeks.

I have used CCleaner for years, no complaints.

The IRS still has 3 million pieces of unopened mail plus 1 million unprocessed paper filed tax returns.

I really hope this works out for you.

The Senate Finance Cmte is making a bipartisan push to have the both the loan forgiveness and the PPP allowable expenditures be non taxable. They are trying to have this included in the Omnibus Spending Bill which needs to be passed no later than December 11th, in order to avoid another government shutdown. I really hope this happens. It would be a big relief to have this resolved before the end of the year!

Exactly, my client's bank told her, they required notification the next business day in order to reverse the charges.

Most of us are familiar with the rules protecting personal checking and credit card accounts. However, business checking and business credit card accounts have far more lax protections. Although many financial institutions will apply personal account protection rules to their business accounts. Unfortunately for my client their very large bank has been very unhelpful.

Small monthly write up client an Espresso Coffee Kiosk banks with one of the big 3 national banks. Back in September their checking account was charged twice with ACH Debits totaling $ 1,498 from a small former supplier from several years ago. My client notified their bank as soon as they received their September Bank Statement of the fraudulent charges. Their bank told them they couldn't do anything, because they weren't notified soon enough. I had my client file a Police Report. Is this a deductible business expense?

It actually might be faster to wait until efiling reopens in 8 or 9 weeks

We'll see what happens

As they say the devil is in the details. Are they asking for 40 % of their client base gross revenue at the time of sale to be paid years 1 thru 4, in effect 160 % of gross revenue. If they are that's unrealistic. It depends on what kind of clients they have. Are their client fees below average, average or above average for your area. If the book of business is heavily weighted toward Form 1040 clients then they are asking way too much.

Well at least this clarifies the IRS position on this issue. I will be advising my clients to go on extension while we wait to see if Congress cleans this up.

Interesting, since Drake is accepting Form 1040 efiles up until 11:55 PM EST on November 21st.

I have used APC for 28 years now, no complaints.

Copied from CPA Practice Advisor: Differences between tax reporting at the federal and state levels Over the last few years, a number of states introduced legislation to align Form 1099-K reporting with Form 1099-NEC in their states and require TPSOs to report Form 1099-K at the $600 threshold and with no transaction limit. For example, in 2017, Vermont introduced a bill to eliminate the 200-transaction limit and reduced the reporting threshold to $600. The state also aligned laws related to information reporting penalties for failure to file with these new rules. Similarly, Pennsylvania introduced a proposed reporting requirement that would reduce the 1099-K reportable threshold to $5,000 and eliminate the transaction rule. At the eleventh-hour in December 2018, the District of Columbia changed the reporting instructions to include Form 1099-K at the $600 threshold and no transaction limits. Last year, Illinois passed legislation that moved its threshold to $1,000 and just four transactions per year. And in 2020, Virginia and Maryland have both adopted $600 reporting thresholds with no transaction limits for Form 1099-K reporting in those states.