I hate the new relief bill
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  I hate the new relief bill
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Author Topic: I hate the new relief bill  (Read 133 times)
True Federalist (진정한 연방 주의자)
Ernest
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« on: December 28, 2020, 11:28:24 AM »

More specifically, the provision that now makes it possible to retroactively get both loan forgiveness under a Payroll Protection Program loan and a payroll tax credit under the Employee Retention Credit, but not for the same wages. (Yes, it makes sense that you can't double dip on the same wages, but previously you couldn't do it even on different wages and the simplest way to claim PPP forgiveness was to use wages rather than other allowed expenses.) This would still be a pain, but not as big a one, if the revised version had been the original version. Worst of all, this will come during the time of year I'm busy with getting W-2s prepared.
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DINGO Joe
dingojoe
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« Reply #1 on: December 28, 2020, 11:42:45 AM »

Won't somebody think of the bean-counters?
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True Federalist (진정한 연방 주의자)
Ernest
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« Reply #2 on: December 28, 2020, 12:51:14 PM »

Won't somebody think of the bean-counters?

Especially those who have to deal with clients who based on sketchy news reporting think this will help them, but for whom it actually won't.

There are going to be a number of irate small business owners.
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