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About JohnH

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    ATX Supreme Guru

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  1. Thanks Bart. I think this link needs to be pinned as a resource at the top of this COVID-19 forum.
  2. Sorry, I had a typo in my reply, but you got the point nevertheless. I meant to say "stating they have two employees when in fact they have none"
  3. JohnH

    HEROES Act

    Oh no! Judy, I was convinced my Facebook arguments were so persuasive they were winning people over to my political opinions and religious views on a regular basis. I'm crushed.
  4. Do you think maybe they filled out the Advance EIDL application incorrectly, stating they have 2 shareholders when in fact they have none?
  5. In my state WC is not a state or local tax and it isn't an employee benefit. It is an insurance plan which simply follows special state guidelines. Not that much different than auto insurance or General Liability insurance. So as much as I'd like to see it included in the forgiveness category, I don't see how based on the info we have now.
  6. I did have one humorous conversation with a friend (not a client). We were discussing an issue of his which is similar to an issue of mine. I finally said something to this effect: "I'm telling you what I'm doing, but I'm not telling you that you should be doing what I'm doing. I may suddenly change what I'm doing if I get different info from the SBA. And I can't promise I'll remember to tell you I changed what I'm doing because I may not even remember this conversation a week or more from now. So take this conversation for what it's worth." He responded "I get it and I appreciate your honesty" (I'm sure in the back of his head he was thinking "I need to keep asking John what he's doing about this.")
  7. Great points Tom. I just started a separate thread on the subject of a special PPP disclaimer, if you (or Lion or cbslee or anyone else) might care to comment. I'm getting concerned about the risks here.
  8. I've become very circumspect about giving advice or opinions about PPP loan forgiveness compliance. I even accidentally posted a rumor on another site in the midst of warning about internet advice based on rumors. Anyhow, I'm beginning to think it might be a good idea to come up with a special disclaimer when discussing PPP with clients. I don't want someone's PPP loan forgiveness to fail in part or in total because they acted on something I said (or something they thought I said). There's just too much at stake with this PPP loan forgiveness. Does anyone here share those concerns and do you have any thoughts on what a special disclaimer may look like?
  9. These problems are a result of the IRS trying to comply with the impetus to push stimulus payments out as quickly as possible in order to achieve an economic goal. They've basically turned an aircraft carrier around in the middle of a battle. The goal of getting the payments out is being achieved in an exceptional manner, but naturally it's messy given the conditions and time frames. I'm not one to compliment the IRS very much, but I think under these circumstances they're doing a fantastic job.
  10. JohnH

    stimulus check

    Good result! Be thankful the parents didn't ask you to advance him until he gets it.
  11. Print money? Is that how they do it? I thought the government just went out and got a second job to pay the extra bills when it spends more than it takes in. Wow, was I wrong or what?
  12. I'm still trying to decipher this, especially in light of what happened to me. I received a $2,000 "Advance EIDL" a couple of weeks ago. Thereafter I applied for a PPP, and on the PPP application I reported that I had already received the $2,000 Advance EIDL. I expected the PPP to be a flat 2.5 times my average monthly payroll for 2019. But what I actually received was the 2.5 times my average payroll PLUS $2,000. Some of my clients have received their PPP now, and each of them received the exact amount of 2.5 times their average monthly payroll for 2019. Each of them had previously received their Advance EIDL. I'm the only person so far to have received the PPP in this fashion, and none of my clients do business with the bank I received my PPP from, thus I have no standard of comparison. So either my bank is doing it correctly and everyone else's bank is wrong, or..
  13. JohnH

    IRS NOTICE 2020-32

    I never thought of it as being any other way. It would be absurd to allow a tax deduction for an expense which was paid by a third party. If I volunteer to pay my client's payroll and rent, common sense would indicate they wouldn't expect to take a tax deduction for it.
  14. Medlin's analysis is awesome. Thanks for sharing your knowledge and recommendations on this. I think I'll switch from my erratic "as cash is available" payroll frequency to a weekly payroll for the next 8 weeks.
  15. I went through a similar thought process when applying for the PPP. I'm operating as an S Corp, so I could have easily included the SEP. But I couldn't get any clear guidance at the time so I elected to use S&W without the SEP. It lowered the amount I could borrow but I didn't want to jeopardize the entire application with a potentially insupportable entry. In retrospect I should have run with it. But now at least I have sufficient flexibility to help meet & exceed the 75% requirement.
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