Not a huge fan of the pre-emptive authorization filing because the CAF units are already beyond capacity and most of the notices are going to require a call anyway. I prepare the authorization forms (so they're ready for a quick signature in the event of a notice) and offer a notice assurance program for an additional fee. I encourage clients to opt in by reminding them that notice assurance is only slightly more than what I would charge them JUST to file the authorizations. If they don't opt in, they get charged for filing authorizations and for handling the notice.
For a COVID EIDL loan, not the loan advance, but the "standard" loan, does a sole prop owner's draws count as allowable use of the loan funds? I know that if they were paid a salary in corp it would but I'm not seeing anthing authoritative on Sole Props.
Not a huge fan of the pre-emptive authorization filing because the CAF units are already beyond capacity and most of the notices are going to require a call anyway. I prepare the authorization forms (so they're ready for a quick signature in the event of a notice) and offer a notice assurance program for an additional fee. I encourage clients to opt in by reminding them that notice assurance is only slightly more than what I would charge them JUST to file the authorizations. If they don't opt in, they get charged for filing authorizations and for handling the notice.
Excellent article, thank you!
For a COVID EIDL loan, not the loan advance, but the "standard" loan, does a sole prop owner's draws count as allowable use of the loan funds? I know that if they were paid a salary in corp it would but I'm not seeing anthing authoritative on Sole Props.
Great PRE-planning info for tax season!!