If your client is considering a ERC company you have never heard of and you google their chief tax strategist and he's an unlicensed preparer who recently was sued by his state for unauthorized practice of law (and lost), you my friend might have found an #ERCmill 🚩🚩🚩🚩🚩🚩 If your client is considering a ERC company and you google their registered address and find that it's in a tiny strip mall from a small town next to a vape shop and a nail salon you my friend might have found an #ERCmill 🚩🚩🚩🚩🚩

It's announcement time on #taxtwitter mega🧵 Starting now Jan 2022 I am no longer working "full time" as a partner in public accounting and I do not ever intend to go back. I've decided to take my talents to "part time" and I'll try to explain what I mean. Insert fav gif here 1/ My firm has been a very good place to work at times, even a great place to work at times. Sure there are things I'd change, but it's not about the firm, it's about my life. Partners work about 2400 hours/year, a bunch during tax season and close to 40 the rest of the year. 2/

As far as I can tell this is the link to the bill that the house passed this morning congress.gov/117/bills/hr13…

Tax Provisions seem unlikely to change so I guess I'm going to read it today. Cat gifs! Remarkably it's only like 600 pages so we are getting off easy this time #taxtwitter

First 45 pages are pretty random, then the minimum wage phase up to $15 is on page 46. Sounds like that'll be removed in the Senate so I'll skip all that.

Reading the IFR about PPP second draw and it's got me thinking about who qualifies for second draw. Might be so many thoughts I need like several tweets in a row or a thread if you will. Warning I don't get to the real point of this until like a dozen tweets in #taxtwitter Need 300 or less emp and a 25% decline in revenue 2020 vs 2019. There are rules about what's an employee and what's gross receipts so I don't really have any questions or deep thoughts about that part. I think we all understand how you document gross receipts went down.

Busy today with webinars, but I'm starting this thread now and will add to it as I have time, probably finish about midnight at the rate I'm going. Let's think about the new ERTC. #taxtwitter Changes in the relief bill allow ERTC to stick around for Q1 and Q2 of 2021. That means we can plan for it looking forward. I think it mixed with PPP Second Draw in a very strange way. More on this later.

Stimulus COVID Relief Bill is out! Let the Challenge begin! Let's read through it and enjoy gifs from a classic television show that capture the essence of a 3000 page tax bill as best they can. Apologies for those who don't yet know the wonder that is @ChallengeMTV Link to the bill is here. docs.house.gov/billsthisweek/…

OMG this is so long, it's too hard to find things, not a good start, but let the treasure hunt begin!

So it's like 4 months later but we got 10 pages of PPP Forgiveness Application FAQ. home.treasury.gov/system/files/1…

I've read through and there are some interesting things in there, definitely a couple curveballs and then a bunch of examples. Thankful they are finally using examples. Page 1, Q1 people without employees should use the EZ application, well duh.
Q2. Esignatures are ok! Hopefully this trend of allowing them continues into other areas.
Q3. No payments until forgiveness is ruled on. Confirming the understanding here.

Lots of new stuff out today. Let's take a look. We've got a new EZ loan forgiveness application with instructions even, what a concept! One page of info, one page of certifications for the EZ and that's it. Let's go with The Office today. I think a Schedule C with no employee would fill out line 1 = to the PPP loan, then put the same amount on line 5, 6, 8 and do the certifications. Attach a copy of the 2019 Schedule C and call it a day.

So @GlenBirnbaum and @Eric_Yauch say there is a new IFR. It's not on the SBA site yet but it's here instead I have no idea why or how that's possible, but I wish to read through it. Fair warning Veronica Mars gifs this time. s3.amazonaws.com/public-inspect… Section called Changes to third interim rule. Except that's not how they labeled the interim rules there isn't one called the third interim rule. Not a good start. I guess they mean the one labeled as additional eligibility criteria and pledges of loans

HR 7010 passed which came out of left field this evening after it was being blocked so let's go through it in detail since most of us didn't read it thinking it would change. Finally some good news. This doesn't quite track in the order of the bill, but oh well #taxtwitter Any loan that isn't forgiven now has a 5 year minimum maturity term on it. SPOILER ART - there won't be much that you don't have forgiven so this is nice, but probably irrelevant