Author Topic: Coronavirus Stimulus Aid Package  (Read 154088 times)

Offline yitzgar

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Re: Coronavirus Stimulus Aid Package
« Reply #900 on: December 31, 2020, 08:22:50 AM »
For some mind boggling reason, the irs shuts down their efiling systems for over 2 months each year, from nov-jan.
I'm not a programmer, but I would imagine that they need to change things each year. Not sure how long that takes...

Offline yesitsme

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Re: Coronavirus Stimulus Aid Package
« Reply #901 on: December 31, 2020, 08:26:03 AM »
I wonder how Amazon makes changes to their website without shutting it down for two months

Online TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #902 on: December 31, 2020, 08:30:25 AM »

Offline YitzyS

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Re: Coronavirus Stimulus Aid Package
« Reply #903 on: December 31, 2020, 08:45:39 AM »
I'm not a programmer, but I would imagine that they need to change things each year. Not sure how long that takes...
When you say you're not a programmer, do you mean in this context:

Girl on date: My father is a programmer for Microsoft.

Boy in response: My father is a programmer also. You know, like food stamps, jerseycare, wic...

Offline Euclid

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Re: Coronavirus Stimulus Aid Package
« Reply #904 on: December 31, 2020, 09:44:22 AM »
I wonder how Amazon makes changes to their website without shutting it down for two months
Amazon's technology budget is like a zillion times bigger than the IRS's.

Online etech0

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Re: Coronavirus Stimulus Aid Package
« Reply #905 on: December 31, 2020, 09:45:42 AM »
I wonder how Amazon makes changes to their website without shutting it down for two months
They aren't the government
Workflowy. You won't know what you're missing until you try it.

Online TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #906 on: January 01, 2021, 02:55:50 AM »
Need to get another lockdown from government in order everyone should become eligible for the Employee retention credit

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Re: Coronavirus Stimulus Aid Package
« Reply #907 on: January 01, 2021, 03:38:22 AM »
This is HUGE:
Extension and expansion of the Employee Retention Tax Credit through July 1, 2021. The bill increases the refundable payroll tax credit from a maximum of $5,000 to $14,000 by changing the calculation from 50% of wages paid up to $10,000 to 70% of wages paid up to $10,000 for any quarter. The bill clarifies that businesses will now be able to take the Employee Retention Tax Credit and participate in the PPP.

Back when PPP was all the hype but ERTC wasn't allowed for companies that received PPP, I noticed that for many ERTC was higher than PPP. Now that both can be taken (although I'm assuming not concurrently) ERTC will be a serious benefit.
It seems that this is not HUGE it's just HUUUUUUUUUUUUUGGGGGGE as our president likes to say.
Since the PPP eligibility change is retroactive most people should be eligible for at least $5,000 per employee credit for 2020 for each employee paid $10,000 in excess of PPP payroll. And I'm not speaking about going forward.
For those who didnt pay in excess of PPP forgiveness payroll it could still be a good idea to add another $10,000 in 2020 payroll as 50% of it will be sponsored by Uncle Sam (But it needs to match with the guidelines an being in the quarter of the lockdown or other guidance and PPP payroll needs to be within 24 weeks of application

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #908 on: January 02, 2021, 04:46:01 PM »
I'm not a programmer, but I would imagine that they need to change things each year. Not sure how long that takes...
For business returns the e-file system is shut for only a couple of weeks so I can't understand why for individuals it needs to be 2 months.

Offline yesitsme

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Re: Coronavirus Stimulus Aid Package
« Reply #909 on: January 02, 2021, 06:14:23 PM »
For business returns the e-file system is shut for only a couple of weeks so I can't understand why for individuals it needs to be 2 months.
Gov + unions what can you expect
["-"]

Offline 123-Rosh

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Re: Coronavirus Stimulus Aid Package
« Reply #910 on: January 05, 2021, 09:31:59 AM »
How does an employer retroactively claim the Employee Retention Credit for 2020 after filing Forms 940 and 941.

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #911 on: January 05, 2021, 09:40:47 AM »
How does an employer retroactively claim the Employee Retention Credit for 2020 after filing Forms 940 and 941.

Quote from: Chaiplus1.com
If an employer determines in a later quarter or in 2021 that the business had a significant decline in receipts in a previous quarter and is thereby eligible for the ERC, Form 941-X can be filed to amend taxes owed and to claim the credit.
There's a dedicated thread for covid business tax credits: https://forums.dansdeals.com/index.php?topic=116651.0

Offline simple26

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Re: Coronavirus Stimulus Aid Package
« Reply #912 on: January 05, 2021, 09:20:05 PM »
For some mind boggling reason, the irs shuts down their efiling systems for over 2 months each year, from nov-jan.
It really sucks as per the bill payments will only be made until Jan 15, e filing will probably only start end of January paper mail also not an option

Offline simple26

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Re: Coronavirus Stimulus Aid Package
« Reply #913 on: January 15, 2021, 12:22:11 PM »
It really sucks as per the bill payments will only be made until Jan 15, e filing will probably only start end of January paper mail also not an option
Cross posting
Ok so now the Irs delayed beginning of tax season to Feb 12because of the late stimulus Hmphhh

Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #914 on: January 15, 2021, 12:25:55 PM »
Cross posting
Ok so now the Irs delayed beginning of tax season to Feb 12because of the late stimulus Hmphhh

Just wait until the 1.9t bill passes and they have to do $1400 more per recipient and deal with $2000 for newly eligible recipients (dependents over 17)
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Offline simple26

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Re: Coronavirus Stimulus Aid Package
« Reply #915 on: January 15, 2021, 12:33:54 PM »
Just wait until the 1.9t bill passes and they have to do $1400 more per recipient and deal with $2000 for newly eligible recipients (dependents over 17)
Yup I wouldn’t be surprised if the deadline gets pushed too

Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #916 on: January 15, 2021, 12:53:37 PM »
Yup I wouldn’t be surprised if the deadline gets pushed too

Depending on the law/IRS, some people getting credits for the $600 already passed might get a deposit/check, since that’s a more a effective stimulus.
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Online zh cohen

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Re: Coronavirus Stimulus Aid Package
« Reply #917 on: January 21, 2021, 08:27:28 PM »
It would have a chilling effect on forums like DDF.

Wouldn't a threshold system (similar to the one that states have with regards to sales tax) avoid this issue?

Offline PlatinumGuy

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״וזה כלל גדול: שישנא אדם כל דבר שקר. וכל מה שיוסיף שנאה לדרכי השקר – יוסיף אהבה לתורה.״ - אורחות צדיקים

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #919 on: January 24, 2021, 03:17:24 PM »
The treasury will reopen the stimulus registration tool for those that did not file a return, so that they don't have to wait til filing their 2020 return to get their payment.