ILLMAS

Just to confirm, you help your client with the pre-application, not the application that is sent to the SBA? A client of mine just called me to let me know, a tax preparer is submitting applications which I find hard to believe. Thanks

Thanks, one of client has also asked me to help them, apparently banks are asking their clients to pre-fill the application and they will take care of the rest.

Let’s say a landscape Co. has two employees (husband and wife) that earn $30K each and they have 6 subcontractors each earring $20K, what do you predict the outcome (PPP loan) to be or shocked? Just had a random thought

Its been the opposite for me (grateful), but with many of my clients being home and now having time to put the paper work sooner, I notice my voice/throat has been horsed for the past three weeks.

A CPA friend of mine wrote this and I will be using it as a script to push my clients to see their banker for help: “Clients are asking us who they should contact in regards to a PPP Loan. Currently, all banks who are SBA 7(a) lenders are eligible lenders for PPP. The Department of Treasury will be in charge of authorizing new lenders, which could include non-bank lenders, to help fill any gaps. We would advise you to begin discussions with your existing bank to determine if they will be authorized to issue PPP loans. If your bank is not eligible, we would be more than happy to connect you with banks that would be a good fit.” Paul B. CPA

I just helped out a client via team viewer 15-20 min to complete.

Let’s say a person is disorganized and cannot find certain documents to claim the child tax credit, would a statement like this (TP was not able to obtain certain documents because his children school and public health administration office is not fully operational during the COVID-19 pandemic) be a valid point at this moment? Thanks

Was this for a client or for your business? If you can share your experience. Thanks

Same here, I am busy getting work out. I will send them to their bank for help. Thanks

Has anybody else been contacted to help their clients apply for an SBA loan? Two of my clients have reached out for help them, and I am wondering if it’s worth offering it as a service.

Never mind, I just want back to 2015 for the same client and the transmittal letter says to mail it. But I will still be interested in correcting it for future clients.

TP balance due is scheduled to be withdrawn on X day, however the federal transmittal says to mail out the payment...... Did I miss clicking on something to say the amount will be debited from your account?

TP is a online gamer and his fan pay to watch him play against other gamers', TP calls them donations and I see it as other income or even SE income since the gaming platform pays him with a 1099 box 7 and in royalties, your thoughts? Thanks

Possible, why not just expense the rent etc... to offset the 1099 and maybe next year the 1099 can be issued to the right party.

My friend sent me this executive order: https://www2.illinois.gov/Documents/ExecOrders/2020/ExecutiveOrder-2020-10.pdf Accountants can continue to operate.

Our state governor/city mayor have decided to closed ALL non-essential business effective tomorrow 3-21-20 until April 7, 2020.

Sounds like the same treatment land gets.

Did we miss something? Hope he is doing okay and gets better soon.

Today was a repeat of yesterday, oh vey

I have client that runs a daycare, our state has a mandatory closure of schools, daycare etc... until the end of the month. What is happening is beyond my client control, but technically there will be work for her employees if the virus wasn't happening, can her employees claim unemployment compensation? Or are they even titled?

Since everybody is mostly working from home or staying home, let's all call today to see when they can drop off their documents

No face-to-face meetings until further notice, drop off, email, fax or smoke signal.

Yes, add form MFJ vs MFS

See IRS p4706 You Won, page 2 example

How many thousands was this refund?