Listen, Learn, Grow
It's easy to fall into a routine and not realize our views are inadvertently limited by relying on the same reading material or like-minded people . This week is dedicated to using my tiny platform to recognize and amplify the diverse voices of other great tax and business professionals. How can we change or grow without looking through a different lens sometimes?
Side Hustles & Taxes Part 1: How to Secure the Bag with eBay -The Little CPA
Learn tips and tricks to get the most from your online business. From tax and financial guidance to marketing and managing your e-store, this article is a great resource for small businesses!
Mark Cuban and a bank CEO who first connected over Twitter built a free site to make it easier to apply for PPP loan forgiveness - Laura Grace Tarpley, Business Insider
If you don't know about the PPP you may want to check if you are, in fact, living under a rock! I'm amazed at the variety of people discussing this topic in depth. Much of the conversations have been around confusion, frustration, and needed changes.
Loan forgiveness has garnered the most attention, but the process surrounding exactly how to get a PPP loan forgiven has been cumbersome at best. Many are trying to help businesses understand the ever changing rules and two have created a website that helps PPP recipients apply.
Trump Team Envisions Up to $1 Trillion for Next Stimulus Round - Saleha Mohsin and Justin Sink, Bloomberg.
Though it may not happen for another month or two, the next stimulus bill is being discussed. The authors report what might be included:
"In addition to infrastructure, Trump and other top aides have floated numerous provisions for the next stimulus bill. Those include changes to unemployment benefits, a back-to-work tax credit for workers returning to their jobs, a payroll tax cut, liability protections and tax deductions for companies for workers’ restaurant and entertainment expenses."
IRS Urges Non-Filers To Register To Get Stimulus Checks By Year-End - Kelly Phillips Erb, Forbes. "Millions of low-income people and others who aren't required to file a tax return may still be eligible for a stimulus check. Those folks can register for a payment by using the Non-Filers tool on the IRS website."
IRS Plans to Reopen More Facilities, Recall Workers in June (1) - Allyson Versprille, BloombergTax
A giant backlog of work awaits IRS employees returning to locations previously closed due to the pandemic. The IRS has adapted like most other businesses in allowing many employees to work from home, but unfortunately many of the tasks cannot be done remotely and are piling up.
Why Changes To PPP That Are About To Become Law Will Help Borrowers Obtain Loan Forgiveness - Megan Gorman, Forbes
My good Twitter friend Brian Streig, CPA weighs in on the latest PPP legislation passed by Congress.
More online tax settlement days set for LA, DC & Atlanta - Kay Bell, Don't Mess With Taxes. "IRS Commissioner Chuck Rettig applauded the Virtual Settlement Days, but also noted that his agency will resume and continue face-to-face taxpayer resolution efforts when COVID-19 circumstances allow."
Interested in learning more about racial inequalities in the tax system? @BrakeyshiaSamms put together a great thread of articles on Twitter:
Racial Disparities and the Income Tax System - Tax Policy Center
The Illusion of Race-Neutral Tax Policy - ITEP
How the Federal Tax Code Can Better Advance Racial Equity - Center on Budget and Policy Priorities
Advancing Racial Equity With State Tax Policy - Center on Budget and Policy Priorities
This year seems like one that just won't quit with hard times and devastating events. But instead of hiding until it's over, Arianna Huffington shared a wonderful perspective to have for 2020.
I agree. Let's face it head on and make sure the suffering isn't wasted. The worst thing that could happen is we go back to exactly how things were before. Keep moving forward, one step at a time. Let's make some real changes.