Level 15

Question

COVID Relief Bill Post by IntuitAustin

Forum|Forum|5 years ago
December 23, 2020
6 replies
17 views

@Intuit Austin- you posted https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/new-covid-19-relief-package-passed/00/110865

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.

Lacerte Tax

This topic has been closed for replies.

abctax55

Level 15

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

HumanKind... Be Both

sjrcpaAuthor

Level 15

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

The more I know the more I don’t know.

abctax55

Level 15

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?

HumanKind... Be Both

IRonMaN

Level 15

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

Slava Ukraini!

IntuitAustin

Level 10

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

Thanks @IRonMaN for tagging me.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Accept as solution"

qbteachmt

Level 15

@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.

Don't yell at us; we're volunteers

BobKamman

Level 15

@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

Level 15

Intuit posted this three times.

https://proconnect.intuit.com/community/proconnect-tax-news-updates/discussion/new-covid-19-relief-package-passed/00/110867

https://proconnect.intuit.com/community/lacerte-tax-news-updates/discussion/new-covid-19-relief-package-passed/00/110866

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/new-covid-19-relief-package-passed/00/110865

It's a problem when their SEO causes others to find these topics and act on them.

Don't yell at us; we're volunteers

User_61

Level 7

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

♫ faint buzzing noise ♪

abctax55

Level 15

~~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.

HumanKind... Be Both

BobKamman

Level 15

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

Level 15

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?

Don't yell at us; we're volunteers

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