DANRVAN

Me neither. I applied to today for our parish following guidance form our diocese which I have attached. Entered n/a for most ownership and ssn questions. This comes from a Catholic Diocese but that should not make any difference. EIDL Grant Application Notes.pdf

Unfortunately true for some. Once behind on payroll tax deposits usually always behind.

See section 2302 of the CARE ACT, on page 71 and 72. https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf Basically it is a deferment, cannot be used by PPP recipients who receive loan forgiveness. There is also a payroll tax credit available to certain employers under sec 2301 of the act, not sure exactly how that is going to tie in.

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf?j=270307&sfmc_sub=279354653&l=2398_HTML&u=8865422&mid=7306387&jb=846&utm_medium=email&SubscriberID=279354653&utm_source=NewsUp_A20Mar345&Site=aicpa&LinkID=8865422&utm_campaign=Newsupdate&cid=email:NewsUp_A20Mar345:Newsupdate:18-point+FAQ:aicpa&SendID=270307&utm_content=Special This link came from an AICPA release this evening. Still no guidance to the mess in Care Act sec 1106 as it relates to Loan Forgiveness.

Just did one for our Church, indication was given that the actual processing of the application would begin within one week.

I agree, there is assumption that deceased wife's share of credit will be allowed on final joint return for 2020; and no reduction of advanced credit based on 2019 1040 showing as deceased. But to be sure, client is going to wait until check is in hand based on 2018 return.

That is what I have read, no repayment. I have a case where client's wife recently passes away. Client wants to hold off on filing 2019 until the advanced credit is paid on 2018 return; in case the advance is reduced based on 2019 return indicating wife deceased. As in other cases, I have made it clear that to him that although it appears he will not have to repay the excess, there is no guarantee of that.

The only reference I have seen to joint filing is in 6420(e)(2) which basically say that in the case of a joint return 1/2 of the credit will be attributed to each individual.

https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf This is the most authoritative source. I found answers here that could be not be found anywhere else. PPP is covered in section 1102 page 6. Loan forgiveness section 1106 page 19 EDIL section 1110 page 26. I have some anxious clients to talk to next week, this has given me a better understanding to help them.

Putting that aside, since this document is destined for the FEDERAL REGISTER, it is the closest we have seen to an authoritative source. There have been a lot of articles published with conflicting information. This answered a lot of my questions.

Fences used in a farm or ranch operation can be 7 year property.

I was wondering why the bank asked the question. It does't seem right that they could give preference to a business that has lay offs and rehires vs one that is trying to maintain and keep form laying off; since either way they could qualify.

From what I have read layoffs and rehiring are not a condition for loan approval, but would help with certification of economic uncertainty.

Link to the best info on PPP I have seen; https://www.sba.gov/sites/default/files/2020-04/PPP--IFRN FINAL_0.pdf

I have had similar cases where an expense related to a capital sale occurs in the following year. I treat it as a capital loss in the following year and call it something like "Expense of Timber sale in 2015". Actually, I think that could be more appropriate than amending the prior year for a cash basis taxpayer, since the expense was paid in the current year. Those are my thoughts, not saying it is completely correct.

I hope to have the energy to do what you are doing when I get that stage of life!

My guess is that it will be a one time search. If no 2019 on record then go to 2018 and issue ASAP per section 6428(f)(3)(A)

But wait, wasn't it his to begin with? If I am following this correctly, how can son receive a gift of property he already owns? How can dad establish a basis in property he never owned? On son's side of this, I believe a 3115 is in order.

So if you have not filed for 2019 or 2018, nor have you received a 2019 SSA RRB 1099 on the date determination, I am not sure if you will get a payment later if you file before Dec 31 2020, or if you have to wait until you file for 2020. It's past my bedtime.

In other words, the advanced payment is a one time event. They are not going to wait for a 2019 return. Per section 6428(f)(3)(5)(A) if a 2019 return has not been filed they will look back to 2018. And 6428(f)(3)(5)(B) says if a 2018 return has not been filed then "the Secretary may" use information from your 2019 SSA or RRB 1099 to make the determination.

I don't believe there is any review process of 2019 returns. As I read section 6428(f)(3)(A), the payments are to be issued ASAP; if your 2019 return has not been filed at the time the payment is calculated, then your payment will be based on your 2018 return.

I think the code is firm; in order to file single she would need to be legally separated under a decree of divorce or separate maintenance.

It will depend on how the return of the down payment and cancellation of the contract are accounted for. I don't believe reg 1.1038-1 will apply (whether recognized as installment sale or not) since the transaction did not involve a repossession or default. At a glance, it appears the seller bought back the property and basis would be the consideration he paid for it Sale price (consideration) would then be the $15,000 returned plus the outstanding principal on the note. If consideration given was less than fmv then maybe gifting involved. Did the attorney draw up any papers in regards to the transfer back to seller? I am also thinking there should be a closing report if title is going going back to client? Hope this helps.

The official IRS site has not yet posted the info on non-repayment that was quoted from press releases. https://www.irs.gov/coronavirus So I am not making any promises to clients yet, but will continue to monitor updates. I expect Checkpoint will have an analysis on it soon. Also looking for client returns with income over $150,000 in 2018 but less in 2019. They might need to file 2019 ASAP to avoid disqualification from 2018.

This is from stimulus Q and A from various websites: What if my income is higher in 2020? You do not have to pay the government back. Technically a person’s 2020 income is what qualifies them for the payment. Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check. If you get a payment and then your 2020 income is higher and thus merits a reduced payment or no payment, the money does not have to be paid back.