Jump to content
ATX Community

Bart

Members
  • Posts

    696
  • Joined

  • Last visited

  • Days Won

    3

Posts posted by Bart

  1. 3 hours ago, ILLMAS said:

    Yesterday I participated in a PPP webinar and here a couple of things I didn’t know of:

    1.  Many business will not qualify for the loan forgiveness even after the 24 month extension (presenters opinion) period, the why to follow.

     

    That is a 24 week extension.

    • Like 1
  2. 9 hours ago, Lion EA said:

    Bart, both what? There are half a dozen programs already, some of which are mutually exclusive. Not all are payroll based, but I think all can be used to meet payroll or provide paid time off. You have Section 7(a) traditional loan, 7(a)(36) paycheck protection loan, 7(b)(2) disaster loan, payroll tax credit in a couple different flavors, payroll tax deferral, EIDL, and more letters of the alphabet. How long does it take you to work out which is best for a client?  

    I was referring to EIDL and PPP as the two I know of best.  A business can get both.

  3. I am trying to do a partial 1031 Exchange on a rental house held in a partnership. I can not seem to get Form 8824 to calculate the taxable portion correctly. Rental house sale price $200,000. Basis $140,000. Only purchased a new Rental for $170,000. Original Purchase price of Property sold $150,000

  4. Mother owns and lives in house.  Mother puts daughter on deed so house will automatically pass to daughter at time of death to avoid probate.  Mother dies five years later.  When is daughter's basis determined?

  5. There is now another level of assurance to producing financial statements.  It is called financial statement preparation and I think only CPAs can do them also.  They have an assurance level below compilation.  They require an engagement letter that includes a lot of the language in a compilation report but when you issue the financial statement you do not attach any kind of accountants letter.  I have my book ordered and will learn more about it then and in a future CPE class.

×
×
  • Create New...