12-20-2020, 10:33 AM | #353 |
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https://www.forbes.com/sites/alangas...h=1dbf6c3da96e
“Emergency Coronavirus Relief Act of 2020” next week The IRS has issued a series of Revenue Procedures and Notices that alarmed many PPP borrowers by stating that expenses paid for with forgiven loans will not be able to be deducted. This was against Congress’s intent, and the new Act clarifies their position. The new Act states as follows: (2) no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph (1) Also note, for those that have submitted for forgiveness on PPP loan, you MAY not get to include expenses, if forgiveness approved before president signs. |
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12-20-2020, 10:44 PM | #355 | |
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12-21-2020, 11:08 AM | #356 |
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https://www.foxnews.com/politics/wha...relief-package
Tax breaks: Businesses that receive money through the Paycheck Protection Program will be allowed to deduct expenses associated with those loans, a priority for President Trump. It also includes an extension of the employee retention tax credit for businesses that keep workers on their payroll.
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12-21-2020, 09:24 PM | #357 | |
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Does that mean there will be a round 2 of PPP loans for those of us who have already participated?
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12-22-2020, 12:35 AM | #358 |
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No, we don't.
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12-22-2020, 03:38 AM | #359 |
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If you don't already have a SEP-IRA, I would look into it.
You can file an extension and create and fund as late as October 2021 and still have it apply for 2020.
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12-22-2020, 08:30 AM | #360 |
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nutshell
This legislation overrides the Internal Revenue Service’s position on taxability of Paycheck Protection Program loan forgiveness and makes clear that the expenses paid with loan proceeds will be tax deductible. $284.45 billion set aside for a second draw of Paycheck Protection Program loans for qualifying borrowers. To qualify, a borrower must employ not more than 300 employees and have experienced a 25% or greater decline in revenues for any quarter in 2020 (as compared to the same quarter in 2019). A qualifying borrower may borrow up to 2.5 months of average payroll or $2 million, whichever is less (Companies with NAICS Codes beginning with 72, Accommodation and Food Services, can apply for up to 3.5 months of average payroll). Congress expanded allowable ‘non payroll’ costs that are eligible for forgiveness to include categories such as Covered Operations Expenditures, Covered Property Damages, Covered Supplier Costs, and Covered Worker Protection Expenditure. A separate discussion of these new categories will be provided at a future time. An extension of Section 1112 of the CARES Act, which provides payment of principal, interest, and associated fees on qualifying SBA 7(a) loans (subject to limitations). Special provisions are contained for borrowers categorized with NAICS codes beginning with 61, 71, 72, 213, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812. Expanded corporate meals deduction for food and beverage provided by a restaurant, making qualified business meals 100% deductible if paid or incurred before January 1, 2023. An extension of unemployment benefits through March 14, 2021, with additional weekly. payments of $300 (previously unemployment recipients received $600 per week which expired in July 2020). Stimulus payments of $600 per qualifying person for taxpayers making less than $75,000 annually (or $150,000 if married filing joint). |
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12-25-2020, 01:22 AM | #361 |
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This is huge. The money grab will be dramatically restrained this time.
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12-25-2020, 05:54 PM | #362 | |
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12-25-2020, 06:37 PM | #363 |
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12-26-2020, 03:16 AM | #364 |
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It's gross, not net and it's 2019 so they would have to refile if they want to manipulate income. But never underestimate the power of greed!
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12-29-2020, 03:47 AM | #365 |
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I was just informed by my accountant that (edit) a requirement for 25% decline in income to count the PPP expenses as a tax deduction is no longer the case and indeed it looks like this stipulation is missing in the bill. I already paid my Q4 taxes, which was extraordinarily high this year due to not only the PPP loan but an increase in gross income compared to 2019Q4. Considering I saw only growth this year quarter to quarter, losing the 25% decline requirement could potentially save me a lot of money. I do not qualify for a 2nd PPP loan, for the same reason (no 25% declines in any 2020 Quarter), so this is welcome news.
Here is the bill: https://docs.house.gov/billsthisweek...RCP-116-68.pdf Look at Sec 276(a)(1)
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12-29-2020, 08:06 AM | #366 |
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I'm not sure what you are saying. (what you bolded from me (2nd loan), and what you said(1st loan info in 2nd stimulus), are for 2 different loans) The recent signed one allows for writing off expenses associated with 1st PPP loan (new) and as of now, the only way you qualify for new PPP monies is to have decrease in revenue of 25%.
My quote was for new stimulus. this may change but as of now it stands Last edited by 4Hockey4; 12-29-2020 at 08:11 AM.. |
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12-29-2020, 12:39 PM | #367 | |
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12-29-2020, 06:57 PM | #368 |
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i had a friend tell me he used some ppp funds to pay off a mortgage. He does own a business, so i guess he qualified for it, and got some money (less than 150k) and used it to pay it off. I'm not sure how or if thats possible. But DEF sketchy.
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12-29-2020, 07:40 PM | #369 |
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He got a little less than $150k? As an SBA loan or PPP?
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12-29-2020, 08:53 PM | #370 |
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