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Revisiting ERC and Shareholder Wages

So this is how it goes when you work with taxes. One day you look at something and come to one conclusion. The next day you look at the same thing and come to a [...]

By | July 30th, 2020|Categories: Potpourri of Tax Topics|0 Comments

Employee Retention Credit and Owner Wages

UPDATE: I have changed my mind on this subject; I now think shareholder wages probably DO count but wages paid to most (but not all) relatives DO NOT. Fun times. Click here for the latest. [...]

By | July 29th, 2020|Categories: Potpourri of Tax Topics|0 Comments

FFCRA Leave and the PPP

The Families First Coronavirus Response Act (FFCRA) requires businesses with fewer than 500 employees to provide 2 weeks of paid sick leave to employees who contract COVID-19. The employer then receives a tax credit for [...]

By | July 21st, 2020|Categories: Potpourri of Tax Topics|Comments Off on FFCRA Leave and the PPP

Tax Season 2020: The Lament of the Solo Tax Practitioner

Even before COVID-19 happened, I had said this was the worst tax season ever. COVID was just the rancid cherry on top of a moldy cake. It's easy to be negative and cynical -- social [...]

By | July 17th, 2020|Categories: Potpourri of Tax Topics|4 Comments

Sole Proprietors and PPP Loan Forgiveness: Beware

Last week I wrote about how loan forgiveness for the solo sole proprietor will work. I had to strike through a lot of my thoughts as new information came in. So now, a week later, [...]

By | April 24th, 2020|Categories: Small Business Tax and Accounting|Comments Off on Sole Proprietors and PPP Loan Forgiveness: Beware

How Do Sole Proprietors Prove Usage of Funds for PPP Loan Forgiveness?

UDPATE: Not so fast on this. It looks like loan forgiveness for a sole proprietor is based on taking 2019 net income, dividing by 52 and multiplying by 8. Read this article in Forbes: https://www.forbes.com/sites/anthonynitti/2020/04/15/ten-things-we-need-to-know-about-paycheck-protection-program-loan-forgiveness/#27dbd8953291 [...]

By | April 15th, 2020|Categories: Potpourri of Tax Topics|Comments Off on How Do Sole Proprietors Prove Usage of Funds for PPP Loan Forgiveness?