COVID Relief Bill Post by IntuitAustin

[sjrcpa]

@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.

[abctax55]

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

[sjrcpa]

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

[abctax55]

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?

[itonewbie]

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.

[IRonMaN]

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

[IntuitAustin]

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

Thanks @IRonMaN for tagging me. 

[qbteachmt]

@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.

[BobKamman]

@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).  

[qbteachmt]

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.

[User FIDO 61]

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

[abctax55]

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.  

[BobKamman]

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

[qbteachmt]

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?

[sjrcpa]

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.

[HOUSTON]

Intuit Austin posted this maybe a week ago. 

What is the source of this information ? We cannot find this info on the IRS site. 

The due date of the taxes in Texas is June 15th 2021, but it seems odd that the date to file an extension would a month before the due date. 

I could not reply under the original post. 

https://proconnect.intuit.com/community/lacerte-tax-news-updates/discussion/re-how-do-i-handle-retur...

For tax year 2020, taxpayers residing in federally declared disaster areas who require additional time to file beyond the extended deadline (June 15, 2021), should file a Form 4868 by May 17, 2021 to obtain a filing extension up to October 15, 2021. For both paper and electronic submissions, Form 4868 filing and accompanying payments must be submitted by the May 17, 2021 deadline.

[qbteachmt]

You cannot reply to their Announcement postings.

Is this what you are seeking:

"Winter storm disaster relief for Louisiana, Oklahoma and Texas

Earlier this year, following the disaster declarations issued by the Federal Emergency Management Agency (FEMA), the IRS announced relief for victims of the February winter storms in Texas, Oklahoma and Louisiana. These states have until June 15, 2021, to file various individual and business tax returns and make tax payments. This extension to May 17 does not affect the June deadline.

For more information about this disaster relief, visit the disaster relief page on IRS.gov."

https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-a...

IR-2021-59, March 17, 2021