The PPP; customer service now; answers and CARES; and other highlights from our favorite tax bloggers.
Fretting
- Tax Warrior Chronicles (
https://www.taxwarriors.com/blog ): Key changes to the PPP, including the Final Borrower Application and related regulations. Spoiler Alert (that’s so cool): The borrower application changed; payments to independent contractors are excluded from payroll costs for businesses with employees; and — well this is timeless and no surprise — “confusion continues where guidance is lacking. But fret not…” - Solutions For CPA Firm Leaders (
https://ritakeller.com/blog/ ): How the AICPA is recommending that PPP applicants use the gross-payroll calculation. - Mauled Again (
https://mauledagain.blogspot.com ): “Was Tax Avoidance the Reason for This Bizarre Transaction?” examines a rerun of “Hot Bench” and some spectacularly complex (though not especially legal) check cashing. - Taxbuzz (
https://www.taxbuzz.com/blog ): Experts weigh in on various aspects of the season during this medical mess. - The Income Tax School (
http://www.theincometaxschool.com/blog/ ): Though headlines applying to the COVID situation might also apply to a run-of-the-mill crazy season, for the prep industry it’s time to shine as trusted advisors. Some thoughts on delivering excellent customer service.
Relief in sight
- Eide Bailly (
https://www.eidebailly.com/taxblog ): CARES is filled with options to help businesses endure the pandemic. Trouble is, the thing is 880 pages long. The TCJA was huge, but this is different — we need answers now to help people. - Tax Girl (
https://www.forbes.com/sites/kellyphillipserb/ ): Answers to the most commonly asked questions about tax stimulus checks, starting with likely size. - Procedurally Taxing (
https://procedurallytaxing.com ): Guest blogger Barbara Heggie, attorney for a New Hampshire low-income taxpayer project, discusses the real-life impacts of refunds — and the stimulus. - Boyum & Barenscheer (
https://myboyum.com/blog/ ): How CARES offers new hope for cash-strapped nonprofits, depending on their size, financial condition and other factors. - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): Supervisory and enforcement practices regarding the Fair Credit Reporting Act and Regulation V in light of CARES kicks off with CFP Bureau guidance on credit reporting. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): Both sides of the of the universal basic income debate acknowledge that the most significant political challenge to its adoption in the U.S. is that a universal basic income would not have a work requirement attached. How valid is this?
States of the ship
- Avalara (
https://www.avalara.com/us/en/index.html ): States’ sales-tax relief at a glance. - TaxMama (
http://taxmama.com ): A look at California’s recent filing break for small businesses. - Tax Foundation (
https://taxfoundation.org/blog ): “Notable holdouts” to states generally mirroring the federal filing relief, including Virginia (where the typical Tax Day is May 1) and Hawaii and Iowa, which are actually offering extra days. - Taxjar (
http://blog.taxjar.com/ ): Another cutting-edge list of states’ sales tax relief. Too bad we’re going to run out of states on the lists before we run out of the reason for the relief.
