OPINION: We should allow employees to claim home office deductions whether they itemize or not. That is just one of the many tax changes we need to deal with the coronavirus pandemic.
The COVID-19 pandemic demanded quick and drastic federal government intervention to save jobs and keep the economy from going into a total tailspin. But the legislative process was quick and dirty — with all the inevitable errors, omissions, and unintended consequences.
More than 230 received over $1 billion in PPP loans, according to an analysis of public filings through April 27, The Wall Street Journal reported. At least 30 public companies with market capitalizations of between $4.5 million and $560 million have said they’d keep more than $100 million in total, the paper reported. The Treasury Department ruled that companies with access to other sources of capital are not qualified to receive PPP loans.
Great. Right now, hiring your kids and keeping money in the family could be a financial life preserver. The no-federal-payroll-taxes break is an added and valuable bonus. And we are looking for more ways to help family businesses. Right? So, let’s temporarily extend the no-federal-payroll taxes deal to cover under-age-25 children. That could help more family business owners and their offspring stay on their feet.
• Creating and expanding outdoor venues with adequate spacing will probably be a huge trend. Think outdoor restaurant dining areas, outdoor bars, outdoor music venues, outdoor wedding venues, and maybe the reemergence of drive-in movie theaters. And more. As the Tax Code currently reads, expenditures for these projects don’t count as QIP, so 100% first-year bonus depreciation cannot be claimed. Let’s fix that.
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