Tax Update with Ron Cohen

Tax Update with Ron Cohen

By Ron CohenBusiness
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Tax Update with Ron Cohen episodes

  • The PPP Loan Forgiveness Application
    Deloitte Newsletter of House $3 Trillion tax bill:
    https://newsletters.usdbriefs.com/2020/Tax/TNV/200515_1.html?elqTrackId=6edc9867a07b496ca7fdcb97303b8367&elq=05e746544b3b4082a88ef1de99816883&elqaid=70867&elqat=1&elqCampaignId=13526
    The House Bill:
    https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116hr6800ih.pdf
    Paycheck Protection Program Loan Forgiveness Application:
    https://www.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application%20FINAL_Fillable.pdf
    Forbes article reviewing the Application: Very detailed analysis of the history of PPP loans and how to apply for forgiveness.
    https://www.forbes.com/sites/anthonynitti/2020/05/16/sba-releases-paycheck-protection-program-loan-forgiveness-application-a-deep-dive/#13dd1ee1b2f5
    34 min
  • Impact Payments For Deceased People & PPP’s 8 Week Spending Problem
    Forbes: The IRS Wants Its Money Back - Stimulus Checks Made To Dead Taxpayers Must Be Returned
    https://www.forbes.com/sites/ryanguina/2020/05/06/stimulus-checks-made-to-dead-taxpayers-must-be-returned/#49ae3c3b2d97
    How to spend PPP loan proceeds:
    https://steinsperling.com/tips-for-how-to-spend-ppp-loan-proceeds-and-maximizing-loan-forgiveness/
    U.S. House Postpones new $1T coronavirus relief vote until Friday:
    https://www.upi.com/Top_News/US/2020/05/11/US-House-postpones-new-1T-coronavirus-relief-vote-until-Friday/6701589221677/
    Deductibility of PPP Loan related expenses:
    https://newsletters.usdbriefs.com/2020/Tax/TNV/200508_1.html?elqTrackId=3b6ae4d217c74cf192a8001f946740d5&elq=c4044dbfe68d4bf0abd78e7aed4de94e&elqaid=70570&elqat=1&elqCampaignId=13484
    https://www.finance.senate.gov/imo/media/doc/2020-05-05%20CEG,%20RW,%20RN%20to%20Treasury%20(PPP%20Business%20Deductions).pdf
    State of California Budget – This all has to updated for the COVID-19 Catastrophe:
    http://www.ebudget.ca.gov/2020-21/pdf/BudgetSummary/FullBudgetSummary.pdf
    34 min
  • 2020 Deficits and Potential Payroll Tax Holiday
    California Health Insurance Penalty:
    https://www.coveredca.com/individuals-and-families/getting-covered/penalty-and-exemptions/
    Guidance addresses deductibility of expenses related to Paycheck Protection Program loans:
    https://newsletters.usdbriefs.com/2020/Tax/TNV/200501_1.pdf
    $3.7 Trillion Deficit:
    https://newsletters.usdbriefs.com/2020/Tax/TNV/200501_3.pdf
    Fewer People filed by April 15th:
    https://www.cpapracticeadvisor.com/tax-compliance/news/21135618/21-million-taxpayers-delayed-filing-past-april-15
    Payroll Tax Holiday
    https://www.washingtonexaminer.com/news/white-house-strongly-considering-demand-to-include-payroll-tax-cuts-in-next-relief-package
    40 min
  • 04.29.20 President Trump’s Impact Payment letter & Foreign Pension Trusts
    Rev. Proc. 2020-17 on Foreign Pension Trusts and summary from attorney Andrew Mitchell:
    https://intltax.typepad.com/intltax_blog/2020/03/rev-proc-2020-17-exemption-from-filing-forms-3520-and-3520-a-for-applicable-tax-favored-foreign-trus.html
    President Trump’s letter to taxpayers getting Impact Payments:
    https://www.usatoday.com/story/news/politics/2020/04/28/coronavirus-trump-letter-stimulus-check-recipients-causes-stir/3040031001/
    Info on IRS Form 7200 for Advance Payment of Employer Credits due to COVID-19:
    https://www.irs.gov/forms-pubs/about-form-7200
    Supplemental funds for Paycheck Protection Program plus new money for hospitals, coronavirus testing signed into law:
    https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-taxnewsandviews-200424.pdf
    39 min
  • IRS Shutdown And SBA Report On Status Of Payroll Protection Loans
    Small Business Administration report on status of Payroll Protection Loans
    https://home.treasury.gov/system/files/136/SBA%20PPP%20Loan%20Report%20Deck.pdf
    Deloitte Tax News & Views:
    https://newsletters.usdbriefs.com/2020/Tax/TNV/200417_1.html?elqTrackId=1de90fec2e754e678955489faf724238&elq=e22f66ba32e54313b577f2d67644bd48&elqaid=69971&elqat=1&elqCampaignId=13345
    Get My Payment for Economic Impact Payment
    https://www.irs.gov/coronavirus/economic-impact-payment-information-center#locked
    Employment Development Department – Unemployment Assistance for Self-Employed workers.
    https://www.edd.ca.gov/about_edd/coronavirus-2019/pandemic-unemployment-assistance.htm
    37 min
  • Paycheck Protection Program and Other Deadline Updates 4.13.20
    Non-Filers: Enter Payment Info Here
    https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
    Economic Impact Payments
    https://www.irs.gov/coronavirus/economic-impact-payments
    Deloitte Update on Phase 4 Covid-19 bill:
    https://newsletters.usdbriefs.com/2020/Tax/ALS/200413_1.html?elqTrackId=22d5d793306e4f02950504730022a362&elq=79d172a9e23e48ccaae51a8e4d3f2c26&elqaid=69713&elqat=1&elqCampaignId=13291
    28 min
  • COVID - 19 Relief Status Update 04.06.20
    ‘Phase 4’ stimulus wish lists floated
    https://newsletters.usdbriefs.com/2020/Tax/TNV/200403_2.html?elqTrackId=6e9dc0831e234fbb852445add1ad3b21&elq=f288114b18834cf9b76e2880f0d7df36&elqaid=69563&elqat=1&elqCampaignId=13246
    Two-year suspension of SALT deduction cap clears House
    https://newsletters.usdbriefs.com/2019/Tax/TNV/191220_1.html
    Governor Newsom Signs Executive Order Providing Relief to California Small Businesses https://www.gov.ca.gov/2020/03/30/governor-newsom-signs-executive-order-providing-relief-to-california-small-businesses/
    “Mark Koziel, CPA, CGMA, the AICPA’s executive vice president of firm services, added, “Based upon statements from members of Congress, it appears that the intent of the PPP was to base the salary calculation on gross wages with no adjustment for federal taxes. This ensures that payroll tax expenses are not passed on to the small businesses in need. In a program of this magnitude, it’s expected that guidance will evolve and terms will be clarified.”
    https://www.aicpa.org/content/aicpa/press/pressreleases/2020/aicpa-coalition-recommends-ppp-applicants-use-gross-payroll-approach-in-calculations.html?j=269729&sfmc_sub=124900764&l=2078_HTML&u=8847730&mid=7306387&jb=612&utm_medium=email&SubscriberID=124900764&utm_source=NewsUp_A20Mar225&Site=aicpa&LinkID=8847730&utm_campaign=Newsupdate&cid=email:NewsUp_A20Mar225:Newsupdate:o+discuss+the+appropriate+method+for+calculating+Average+Monthly+Salary:aicpa&SendID=269729&utm_content=Special
    Dave Ramsey, well-known author and radio financial advisor https://www.daveramsey.com/ (whom I am not endorsing, but I like his “no debt” approach) had a very strong message to listeners:
    Paraphrasing: “Don’t take these loans. Don’t believe the government. They will change the rules later.” That seems harsh, but I wanted to pass that thought along.
    April 5, 2020: Excellent Forbes article about the confusion in computing the amount of PPP loans:
    https://www.forbes.com/sites/anthonynitti/2020/04/05/paycheck-protection-program-loans-three-things-the-sba-and-banks-need-to-agree-on-now/
    32 min
  • Corona Virus Relief (CARES ACT)
    Today we're talking all about the Corona Virus Relief (The Cares Act)
    Tax and loan issues summary article from Forbes:
    https://www.forbes.com/sites/anthonynitti/2020/03/25/congress-reaches-agreement-on-a-coronavirus-relief-package-tax-aspects-of-the-cares-act/#3d3a762f5f99
    Other issues article from Forbes:
    https://www.forbes.com/sites/kellyphillipserb/2020/03/25/senate-passes-coronavirus-stimulus-bill-house-expected-to-follow-suit/#29cd2bb94475
    Here is an article on how Enhanced Unemployment Benefits will work: https://www.americanactionforum.org/insight/enhanced-unemployment-benefits-in-the-coronavirus-aid-relief-and-economic-security-cares-act/
    More detailed information on the Paycheck Protection Program:
    https://bench.co/blog/operations/paycheck-protection-program/
    Text of Bill (Scroll down in the link)
    https://www.congress.gov/bill/116th-congress/house-bill/748/text
    SBA rules for PPP loans (4/4/2020)
    https://www.sba.gov/sites/default/files/2020-04/PPP--IFRN%20FINAL_0.pdf
    31 min

About Tax Update with Ron Cohen

From the publisher's feed

Ron Cohen has more than 33 years experience in public accounting and related industry work. He earned an undergraduate accounting degree from the University of Illinois, Chicago, and then a Masters in Taxation from Golden Gate University. Ron has extensive knowledge in International Tax and has traveled extensively throughout Europe and Asia handling tax issues. He has also served as a tax director for a company with sales in excess of $2 billion. Ron has taught courses in taxation and financial accounting at Ohlone Community College. Ron lives in Fremont with his wife, who teaches English at Mission San Jose High School, and has two sons. Prior to his life as a CPA advisors, Ron did some stand-up comedy in Chicago and received advice from several comedians with national T.V. shows. However, after observing that the vast majority of comedians have a very low taxable income, Ron decided to follow his father’s example and become a CPA.