Thanks Willie,
I copied this and sent it in an email to my father who is a retired CPA. It's been over three years now so he says he's a bit out of the loop on current tax laws. He still takes calls from former clients looking for advice and knows a few small business owners who may be able to benefit from the $10k grant.
:toast:
I copied this and sent it in an email to my father who is a retired CPA. It's been over three years now so he says he's a bit out of the loop on current tax laws. He still takes calls from former clients looking for advice and knows a few small business owners who may be able to benefit from the $10k grant.
:toast:
The good thing is that if you qualify for the credit based on 18 or 19, you don't have to repay it in 2020.
If you don't qualify in 18 or 19 and you qualify in 2020, you will get the credit on your 2020 return.
Also worth noting that 2020 returns will allow $300 above the line deduction for charitable contributions if you claim standard deduction. Also, suspending the 60% limitation on charitable contribution deduction.
If you don't qualify in 18 or 19 and you qualify in 2020, you will get the credit on your 2020 return.
Also worth noting that 2020 returns will allow $300 above the line deduction for charitable contributions if you claim standard deduction. Also, suspending the 60% limitation on charitable contribution deduction.
AWESOME STUFF WILLIE!!!
Questions. Do you know how to file for the paycheck protection program? With the bank? IRS?
Follow up question: Do you know what "monthly payroll costs" are? Strictly salaries and FICA?
Follow up question 2: Do you know if there is a prepayment penalty on the unforgiven amount?
Follow up question 3 (sorry, i didn't know i'd have this many...they come as i type): "grant" means no taxable effect right? I ask cause I also see the term forgiven which can be taxable.
Questions. Do you know how to file for the paycheck protection program? With the bank? IRS?
Follow up question: Do you know what "monthly payroll costs" are? Strictly salaries and FICA?
Follow up question 2: Do you know if there is a prepayment penalty on the unforgiven amount?
Follow up question 3 (sorry, i didn't know i'd have this many...they come as i type): "grant" means no taxable effect right? I ask cause I also see the term forgiven which can be taxable.
the payroll loan debt discharged is not taxable
This link provides more legal stuff
https://www.natlawreview.com/article/cares-act-paycheck-protection-program
Phone doesn't stop ringing. Giving business owners 2 hour blocks to process this stuff, tax preparation put on hold
I told you 10 days ago or so, I'm fucked, but loving it
Scam might be a strong word, subject to interpretation, BUTT people will absolutely take advantage of this stuff
Landlords are eligible to apply for some stuff too, like lost rents
I'm thinking the $ 10,000 SBA Grant might be good for most anybody
"Gross payroll up to $100k"...i need clarification
1)anyone that made 100k in 2019 dont get salaries that count?
2) anyone that reaches 100k in 2020 not eligible once they hit 100k?
3) everyone qualifies but only the first 100k paid within that 8 week period?
I assume #3 but you know about assuming
1)anyone that made 100k in 2019 dont get salaries that count?
2) anyone that reaches 100k in 2020 not eligible once they hit 100k?
3) everyone qualifies but only the first 100k paid within that 8 week period?
I assume #3 but you know about assuming
