Thread by @JStaatsCPA

I'm open sourcing the tool I built with Realize to triage ERC & PPP2 advising

I'll run several hundred of my own clients through it in the coming weeks #taxtwitter

🥑It's now free for anyone to use🥑

A thread re: how it works 👇

1/ Full docs for the tool, how it works, and how it handles fringe scenarios can be found here:

tools.rlz.io/erc-ppp2-intake

2/ This is an unopinionated data collection tool

It's hard to give concrete advice right now

That doesn't mean we shouldn't start collecting the data needed to advise once the rules come further into focus

3/ The tool is made up of three things:

1️⃣ A public form
2️⃣ An auto-email that's triggered by the form
3️⃣ A database sends updates as rules change

4/ 1️⃣ Public form

A single form anyone can use to collect the necessary data to advise on ERC and PPP2

That could be your client, it could be your admin team, it could be you

go.rlz.io/CAA-intake

5/ 2️⃣ Auto-Email Triggered by Form

Within a couple minutes of a form submission, a summary is sent to the email entered in the form

It summarizes PPP & ERC eligibility, by quarter

6/ It also includes all the raw data inputs for receipts

A CSV of the form submission data

And a link to generate a CSV of *all submissions entered under your email to-date*

7/ 3️⃣ Database sends you updates

Things are going to change. There are a number of fringe scenarios that are unclear, and we can expect IFRs/regs/forms to flip a few things we didn't expect

8/ Any time the tool is updated to reflect these changes

You receive an email outlining the details of the update, a list of any clients who were impact, and an updated CSV of all submissions

9/ An example:

The IRS FAQs currently say for a quarter to be eligible for ERC the reduction must be more than 50%

Let's say further guidance says the reduction must be equal to or greater than 50%

Are any of your clients impacted?

10/ If you have 50 clients loaded into the tool already, you receive an email with:

✅Details of the updates + sources
✅A list of X clients whose eligibility was affected
✅An updated CSV of all submissions

11/ I can't tell you how many times I was burned in 2020, advising on what reasonably looked to be simple guidance

Only to have that changed, and not know who I'd last given that outdated info to

12/ A list of current fringe scenarios has been summarized here

tools.rlz.io/erc-ppp2-intak…

Expect this list to grow as more people speak into the tool, and highlight fringe scenarios I haven't considered

13/ This is the beauty of the tool

It taps into the collective expertise of our community, rather than what any of us can dream up individually, raising the bar for all

As more people speak into it, the tool improves

14/ Great example here of a fringe scenario I hadn't considered that came up in conversation with @adammarkowitzEA and @danchodan

https://twitter.com/JStaatsCPA/status/1345770343026237440?s=20

15/ Why open source this?

It's going improve the quality of the tool, and in turn improve the quality of advising my clients receive

16/ More info about the tool can be found at this page

Hopefully it helps someone, and with a little teamwork we can survive tax season 🤝🕊

tools.rlz.io/erc-ppp2-intake