Dear members —
... and another DC week for the record books. As we go to press, sources tell us Treasury and SBA are in the midst of a squabble on the Payroll Protection Plan rollout, even if heaven only knows how many small businesses have completed the SBA Form 2483 (rather unimaginatively, if intuitively, called the Paycheck Protection Program Application Form). At the same time, taxpayers and tax professionals are attempting to divine the half-dozen or so programs designed to provide capital to businesses throughout the country.
IRS stated Social Security recipients would need to file simple (though undefined) returns to claim economic impact payments (readers note the name — not stimulus payments). The next day — or was it the same day? — the agency (under tremendous pressure) walked back its initial plan and pivoted to a plan that would not require Social Security (and railroad retirement and similar) recipients to do anything. Which makes sense — if only because the agency was statutorily required to use the SSA 1099. Now *how* IRS is going to merge SSA information tout de suite with its own data is a head-scratcher (and why, we assume, IRS suggested an approach that was probably more administrable, though we at NAEA have known for years precious few people here in DC care how a provision fares when pushed out into the cruel, direct sunlight of reality.).
In sum, in the last week we have seen an announcement IRS would change its tune on e-signatures and electronic communications; news some 44,000 IRS employees are remote working (no, we do not believe that, either); and real guidance (a notice!) waiving "additions to tax for employers required to pay qualified sick/family leave wages required by the FFCRA." Oh, and NAEA found time to write Commissioner Rettig on an issue at the top of our priority list and place NAEA's chief advocates Jeff Trinca and yours truly on their first podcast.
Finally, a reminder: We release midday messages on NAEA's members-only Facebook page as well as on the Member Community (aka WebBoard), so please follow us there. Otherwise, we have also created a members-only coronavirus web page, where we store a variety of resources curated just for you. And for the while, Friday's E@lert will be, mostly, a recap of the week's coronavirus-related news plus a little extra, just to keep it interesting.
Your partner in success ...
Robert Kerr, EA
Executive Vice President
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063