Stimulous Coming

[Edsel]

...if they ever pass it.  But it will happen, or rather "something" will happen.  Even though it will most likely be filled with goodies, I suspect it will be a train wreck for us having to deal with it.  I keep hearing about payroll tax holiday.

No rush to do this until it becomes official, but maybe someone will post a (not too lengthy) synopsis of what is in the stimulous that will affect us.  Often Judy puts a sticky post containing salient features.

 

[jklcpa]

https://home.kpmg/us/en/home/insights/2020/03/tnf-senate-phase-3-coronavirus-bill-initial-impressions-tax.html . 

[Abby Normal]

Looks like programmers and tax preparers are going to have a busy summer!

Thanks, as always, Judy! We should meet up for a beer when the coronapocalype is over.

[Abby Normal]

Had a good laugh when I misread this title first thing this morning with bleary eyes.

[Medlin Software, Dennis]

One interesting likely item is employer defer their SS match.  I will "play along", but I will likely deposit on Dec 31, unless there is some tax rule which allows me to deduct the deferred (unpaid) amount in the liability year, not when paid.  (Not a payroll tax "holiday".)

The results of the law are forever reaching.  Employers will have to be ready to front several weeks of wages out of pocket (or by some other means) whenever a emergency PSL declaration is made.  This will be on top of what will likely be a mass increase in states which will add paid sick leave (with no notice or proof needed) regulations.

I self chuckled at those who were complaining about the blanket 600 add on to UI, but when one does the math and asks around, many employers (who even had a choice) elected layoffs as it got more money to the employees faster, and made the employees eligible for free health care.

The pre tax student loan/fee reimbursement is one to watch.  The text I saw last night had no dollar limit, but other reports had said 5250.  Some were saying they think this will become semi permanent (via extenders) or eventually full permanent.  Pre tax always gets my attention.

The text I saw was 880 pages so far.

My lively wife of more than three decades complains when I have to work hard to keep up with these changes, but we are always happy as we realize complication is good for those in our professions.  Right now, with stay at home, she appreciates any reason for me to be at my desk most of the day!