Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

COVID Relief Bill Post by IntuitAustin

Level 15

@Intuit Austin- you posted https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/new-covid-19-relief-pa...

I assume you did not write it.

It contains an error regarding the new round of PPP loans. The reduction in income is 25%, not 30%. Direct the PTB to page 2065 of the Bill. (30% was 2 or 3 days ago)

Also, I don't see the 150 employee limit for 501(c)(6) orgs, but maybe I missed that.

This is a good reason to allow replies on these "Intuit" posts.


ex-AllStar
Labels (1)
14 Replies 14
Level 15

@sjrcpa  - good job !  You've done more reading than I have.

 

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches
Level 15

Clients are already asking questions. No rest for the weary.


ex-AllStar
Level 15

MY response was that it takes me a bit to read thru 5500 +/- pages !!.

I did sign up for a class 7:30 a.m. Christmas Eve... even if they are still somewhat guessing they are good about sending out updates. 

Since we are sticking close to home for the holidays, it's 'do-able' 🙂  Can't say I'm thrilled with needing to do so tho.  Happy Holidays?

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches
Level 15

Yep, lots of pages!  I know there's much that's not related to tax but the search function doesn't work very well in the PDF for some reason this time and there are only 4 bookmarks, which are not of much help.

I am only starting to go through it and have to rely on the summary from the House Ways and Means Committee to navigate through the various sections.  It'd take some time to go through all the details.

---------------------------------------------------------------------------------
Still an AllStar
Level 15

Your @IntuitAustin  didn't work.  I'll give it a try.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Community Manager
Community Manager

Thank you for flagging this @sjrcpa. I'll share this with the team working on this. 

Thanks @IRonMaN for tagging me. 


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"
Level 13

@IntuitAustin 

If you ever appeared before a legislative committee or worked on a bill, you would know that until something is Signed Into Law, it should never be posted as "passed."

Senate and House approval is part of a Process. It isn't final.

That whole article should be removed from the web.

*******************************
"Level Up" is a gaming function, not a real life function.
Level 11

@sjrcpa "Also, I don't see the 150 employee limit for 501(c)(6) orgs, but maybe I missed that."

You're right, it's a 300 employee limit (page 2103).  

Level 13

Intuit posted this three times.

https://proconnect.intuit.com/community/proconnect-tax-news-updates/discussion/new-covid-19-relief-p...

https://proconnect.intuit.com/community/lacerte-tax-news-updates/discussion/new-covid-19-relief-pack...

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/new-covid-19-relief-pa...

 

It's a problem when their SEO causes others to find these topics and act on them.

*******************************
"Level Up" is a gaming function, not a real life function.
Level 8

Intuit US$2m+ lobbying spend, don't they deserve ROI 🙄

Hey, I'm not knocking it. I'm just wondering when some of that gravy's gonna spill over on my taters.
Level 15

Intuit has updated the posts, but the 150 employee limit for 501(c)(6) orgs is still shown.

Maybe someone could fix it now?

And I hope this misinformation won't be spread in the seminar Intuit is going to offer.


ex-AllStar
Level 15

He just vetoed it.... let the games begin.

Oops. See Bob's post above (or below - depending on the mood of the forum threading).  Wrong bill.  

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches
0 Cheers
Level 11

That's the Defense Bill he vetoed.  He can't veto the Appropriations/Covid bill because they haven't sent it to him yet.  

Level 13

Oh, I forgot that the staff would have left for the holidays, leaving the Erroneous News alert here in their three product forums. Is this like when Dewey won the Presidency?

*******************************
"Level Up" is a gaming function, not a real life function.