Kaminski & Co CPA

Plowing through provisions of the Covid relief bill... some good news for business owners: . The bill also specifies that business expenses paid with forgiven PPP loans are tax-deductible. This supersedes IRS guidance that such expenses could not be deducted and brings the policy in line with what the AICPA and hundreds of other business associations have argued was Congress’s intent when it created the original PPP as part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136 (see the Dec. 3 letter from the AICPA and state societies to congressional leaders). . https://www.journalofaccountancy.com//covid-19-relief-bill

Stimulus Round 2 . https://www.newsweek.com/lawmakers-given-hours-read-5593-pa

Experiencing IRS issues? You are not alone. We are updating our site daily with updates. . . . https://kaminskicpa.com/covid-19-corona

With the likely change in President and continued uncertainty with several key races, we have been actively meeting with clients over recent weeks preparing for both 2020 and beyond. It is critical to plan now for this uncertainty.

Generally enjoy the Tax Foundation's prospective on all things tax. Good read (have to filter through the pages) to get good idea of Trump/Biden tax positions. https://taxfoundation.org/2020-tax-plans/

With the payroll tax holiday starting tomorrow and MANY questions remaining on the August 8 Executive Order, we have researched many provisions and found this article is exceptional at covering many of the points and questions. . . . .... https://www.forbes.com//questions-remain-after-irs-rolls/ See more

IRS issued initial guidance that stated PPP money deductions would not be permitted business expenses... stay tunes . . https://www.cnbc.com//ppp-loan-forgiveness-kicked-off-busi

Be careful... . . https://nypost.com//people-are-mistaking-stimulus-paymen/

Thank you today for all who served and those that gave the ultimate sacrifice for our freedom. . . https://www.wfla.com//bugler-stands-alone-in-national-cem/

Not stimulated yet? . . https://www.forbes.com//5-reasons-why-you-didnt-get-a-st/

Important! . . https://m.theepochtimes.com/irs-sets-may-13-deadline-to-sub

Entitled to stimulus and generally don't receive direct deposit. Now may be a good time to change that? . . https://www.irs.gov/coronavirus/get-my-payment