Lee B

Monthly write up and payroll processing is mostly what I do, and I am not having any problems.

My own return info went thru today, where it wouldn't yesterday, because my 2019 return hadn't been processed yet.

Given the software I am using, all of my 941s are paper filed. The IRS will have records of all the EFTPS payments made by my clients, so it will all sort itself out eventually. Frankly, I am not concerned, since none of my clients pay by check.

Sounds like the practice of Elderlaw

I think, we're in the twilight zone now

I do payroll processing and I haven't seen anything and a search doesn't turn up anything

My point exactly

It's amusing in tax scenarios like this one where it's not black & white, how many practitioners try to create their own alternate facts and theories about what to do. Especially since the IRS position in this area has been basically unchanged since the 1950s.

In Payroll News today, the IRS announced the paper processing suspension also includes all Employment Tax Forms i.e. 94x etc. This will be interesting since less than 30 % of all Forms 941 are actually efiled .

Actually you are wrong, the minimum wage in Seattle is currently $13.50 per hour. Perhaps you are thinking of the small suburb of SeaTeac where it is $ 15.00.

It depends on the state, some states like MS and FL have very low unemployment benefits, so that in those states even with the extra $ 600 a week some employees may not be making more. For example I believe Florida's maximum weekly benefit is $ 275.

Duh, it's an election year.

There was a lengthy thread about this topic several months ago. 1. You don't mention the kind of legal entity, which matters 2. No, no, no, no 3. The easiest way to straighten this out is for the taxpayer to go back to the lessor, have the title transferred to the business and the leasing paperwork redone in the business name.

"Yes. Employers receiving a PPP loan may defer payment of the employer’s share of Social Security tax for the period beginning March 27, 2020 through the date the lender issues a decision on the forgiveness of the loan. At that time, the employer is no longer eligible to defer payment. The Social Security tax that is deferred from March 27, 2020 until the date of the forgiveness will be due 50% by December 31, 2021 and 50% by December 31, 2022."

The Federal Reserve has launched the "Main Street Lending Program" with a lending capacity of $ 200 Billion. The loans, which are for larger businesses are accessed thru your bank. They are traditional loans with an interest rate of 2.5 - 4.5 % with a $ 1 Million minimum loan amount.

Depending on which year the NOL arose, the stimulus bill resurrected a 5 year carryback for NOLs !

"The IRS is holding mail in trailers during the pandemic Due to shelter-in-place orders, the Internal Revenue Service has shut down all of its processing centers and has stopped processing paper returns. This means that many unopened business tax refund requests have been moved into trailers. “There is so much mail that the Post Office can’t hold it,” said Sunita Lough, deputy commissioner for Services and Enforcement at the IRS during a panel webcast by the Urban-Brookings Tax Policy Center last week. “So we are literally holding it in trailers until our employees can get back,” she said."

Actually according to an article in Forbes, under current tax law, if the loan is forgiven then the expenses which were paid with forgiven proceeds are not deductible ! Tax experts have been talking to the Senate Finance Cmte, since this was supposedly not the intent of Congress ! However so far Senate Finance Cmte is just listening? We will see what happens ?

Suspicions Confirmed, they rushed this online without testing it. Get ready for lots of phone calls

"The Internal Revenue Service has stopped processing paper tax returns, with much of its staff now working remotely because of the novel corona virus pandemic, and is encouraging taxpayers to file their taxes electronically during the three-month extension period for this year’s tax season." With the focus on stimulus rebates, everything else is on the back burner!

On the flip side, the Billion, Billion , Billion dollar hedge funds have succeeded in getting the SBA to reclassify them as small businesses, so that they can get sum o dat guvmint money

Copied from the Journal of Accountancy: "The U.S. Small Business Administration issued a new interim final rule Tuesday that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule for the PPP issued on April 2 and FAQs that are being updated periodically. The additional guidance provides specific information on calculating the maximum loan amount for individuals with self-employment income who file a Form 1040, Schedule C, Profit or Loss From Business. The 2019 Form 1040 Schedule C is required to be provided with the PPP loan application, according to the interim rule, which notes that detailed documentation guidelines are also required. Guidance is also provided on how PPP loans may be used and how loan forgiveness will be calculated. The SBA stated it will issue additional guidance for those individuals with self-employment income who: (1) were not in operation in 2019 but who were in operation on Feb. 15, 2020, and (2) will file a Form 1040 Schedule C for 2020. Additionally, the new guidance directs that the self-employment income of partners in a partnership may be reported as a payroll cost, up to $100,000 annualized, on a PPP loan application filed by or on behalf of the partnership (or LLC filing taxes as a partnership). Individual partners may not submit a separate PPP loan application as a self-employed individual. The guidance also addresses the eligibility issues of certain business concerns and requirements for certain pledges of PPP loans. Congress created the PPP as part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. Under the PPP, Treasury and the SBA are offering $349 billion in forgivable loans that small businesses damaged by the COVID-19 pandemic can use to cover costs including payroll, rent, utilities, and mortgage interest. Businesses with no more than 500 employees began applying for the loans on April 3. The application window opened April 10 for those with self-employment income who file Schedule C with their Form 1040. This includes independent contractors, gig workers, and sole proprietors, including those who have other employees. As of the close of business on Monday, the SBA had approved $242 billion in PPP loans to 1.01 million small businesses through 4,662 approved SBA lenders, according to a tweet Tuesday from U.S. Sen. Marco Rubio, R-Fla., one of the biggest supporters of the program. The CARES Act established the PPP as a new 7(a) loan option overseen by Treasury and backed by the SBA, which is authorized to provide a 100% guarantee to lenders on loans issued under the program. The full principal amount of the loans and any accrued interest may qualify for loan forgiveness if the borrower meets requirements related to having employees on payroll."

Yes, I have seen other articles that they have been limiting the EIDL loans to the original $ 10,000 Grant plus $ 25,000.

Supposedly the target date is April 17th.

Ask them how they received the stock ?