Author Topic: Coronavirus Stimulus Aid Package  (Read 169693 times)

Offline stooges44

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If it's not free shipping it's not worth it.

Offline TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #621 on: December 22, 2020, 03:43:57 PM »
PPP loans and EIDL grants will not be taxable and all associated expenses will be deductible. The forgiveness of the PPP loan will increase basis (as tax-exempt income), but not the receipt of the loan. Accordingly, S corporations should ensure that there is an adequate basis to take the losses related to the PPP expenditures.

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #622 on: December 22, 2020, 03:51:10 PM »
Charitable Contribution
The above-the-line charitable contribution is extended through 2021 at $600 for those married filing jointly and $300 for other filers. This means taxpayers will be able to take the standard deduction and deduct up to $600 in charitable giving when calculating their taxable income. For the 2020 tax year, taxpayers could deduct up to $300 above-the-line for charitable contributions.
I was listening to a webinar just today for my CPE in which the presenter pointed out (not taking into account this bill) that joint returns do not get to double the $300. Does this bill change that to allow $600 for joint returns?

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #623 on: December 22, 2020, 03:53:56 PM »
I was listening to a webinar just today for my CPE in which the presenter pointed out (not taking into account this bill) that joint returns do not get to double the $300. Does this bill change that to allow $600 for joint returns?
Yep.

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #624 on: December 22, 2020, 04:01:12 PM »
Expands stimulus payment eligibility to mixed-status households- previously households where only one parent is a US citizen/resident alien with a SSN were ineligible. This applies retroactively to the previous round as well.
Can someone please direct me to the clause about the retroactive part?
Thanks

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #625 on: December 22, 2020, 04:09:30 PM »
Can someone please direct me to the clause about the retroactive part?
Thanks

Looks like it.

In the case of a return other than a joint return, the $1,200 amount in subsection (a)(1) shall be treated as being zero unless the taxpayer includes the valid identification number of the taxpayer on the return of tax for the taxable year.
‘‘(B) JOINT RETURNS.—In the case of a joint return, the $2,400 amount in subsection (a)(1) shall be treated as being— ‘‘(i) $1,200 if the valid identification number of only 1 spouse is included on the return of tax for the taxable year

Offline Mf1

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Re: Coronavirus Stimulus Aid Package
« Reply #626 on: December 22, 2020, 07:08:30 PM »
An overview of various aspects of the package effecting the frum Community
https://hamodia.com/2020/12/22/orthodox-community-advocates-evaluate-covid-relief-bill/

Offline Deal Guy

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Re: Coronavirus Stimulus Aid Package
« Reply #627 on: December 22, 2020, 07:40:15 PM »
Are you sure that the $600 charity is also for 2020 (not just 2021)?)

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Re: Coronavirus Stimulus Aid Package
« Reply #628 on: December 22, 2020, 07:41:23 PM »
Trump will veto the bill until it's raised to $2000

https://twitter.com/realDonaldTrump/status/1341537886315950080?s=20
״וזה כלל גדול: שישנא אדם כל דבר שקר. וכל מה שיוסיף שנאה לדרכי השקר – יוסיף אהבה לתורה.״ - אורחות צדיקים

Offline yesitsme

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["-"]

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #630 on: December 22, 2020, 07:47:49 PM »
Trump will veto the bill until it's raised to $2000

https://twitter.com/realDonaldTrump/status/1341537886315950080?s=20
The bill was voted in with veto-proof majority, wasn't it?

Offline Davidthebest

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Re: Coronavirus Stimulus Aid Package
« Reply #631 on: December 22, 2020, 07:49:37 PM »
A

Offline Deal Guy

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Re: Coronavirus Stimulus Aid Package
« Reply #632 on: December 22, 2020, 07:50:03 PM »
Trump will veto the bill until it's raised to $2000

https://twitter.com/realDonaldTrump/status/1341537886315950080?s=20
What chance do we have that our gets raised?

Offline yelped

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Re: Coronavirus Stimulus Aid Package
« Reply #633 on: December 22, 2020, 07:55:23 PM »
What chance do we have that our gets raised?
Less than the chance of all the garbage in the bill getting cut out.

Can we reintroduce the line item veto?

Offline Jellybelly

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Re: Coronavirus Stimulus Aid Package
« Reply #634 on: December 22, 2020, 07:55:35 PM »

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #635 on: December 22, 2020, 07:56:53 PM »
What chance do we have that our gets raised?
Gornisht mit nisht.
They'll override the veto and he'll sing from the rooftops that he wanted to help the American people, and Congress wasn't on board.
If he would've gone with 1200, he could have gotten traction- maybe. 2000 is him making a fuss with the knowledge that it won't pass.

Offline Deal Guy

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Re: Coronavirus Stimulus Aid Package
« Reply #636 on: December 22, 2020, 07:57:38 PM »
Less than the chance of all the garbage in the bill getting cut out.

Can we reintroduce the line item veto?
That's no good. If the garbage stays, we deserve more that $600.
What's another 100 billion to the deficit?  :)

Offline bestwatchman

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Re: Coronavirus Stimulus Aid Package
« Reply #637 on: December 22, 2020, 07:59:34 PM »
He's full of surprises...

Offline Dan

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Re: Coronavirus Stimulus Aid Package
« Reply #638 on: December 22, 2020, 08:01:31 PM »
The bill was voted in with veto-proof majority, wasn't it?
Not so simple. Many will feel pressure to back the President.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Jellybelly

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Re: Coronavirus Stimulus Aid Package
« Reply #639 on: December 22, 2020, 08:06:29 PM »
Gornisht mit nisht.
They'll override the veto and he'll sing from the rooftops that he wanted to help the American people, and Congress wasn't on board.
If he would've gone with 1200, he could have gotten traction- maybe. 2000 is him making a fuss with the knowledge that it won't pass.
I’m assuming you never read the Art of the Deal 🙄
I never did either, but I assume it says to go twice as high as you really want and meet in the middle