AICPA Calls For Change In Unfair Guidance

In a letter to the Small Business Administration the American Institute of Certified Public Accountants has asked for several changes based upon the IFR released last week.

The Interim Final Ruling allows Sole-Proprietors to qualify for PPP Loan funding based on their gross sales rather than the net income from their sales. This allows for substantially more funding. The AICPA has asked for the new ruling to become retroactive to all loans for the Self-Employed.

Please remember that in order to be considered Self-Employed, one must file a Schedule C. In the same letter, the SBA was asked to extend the filing deadline for the PPP past March 31st of this year.

We’ll see whether or not the SBA allows either of these requests.

Let me leave you with this.

I recently received an email from one of my readers that I would like to share.

“I don’t know how I got on your email list to begin with, but couldn’t be happier that I did.

I own a small handyman business that I’ve operated for the past twelve years. It’s just me, my truck, and my tools going out to fix everything from leaky faucets to roofs. When the pandemic hit I didn’t know what to do, but I started reading your newsletters.

Most days it’s just me in my truck dealing with homeowners that don’t know what they actually need. I would save your email for lunchtime and it would give me something that I didn’t think I would find.

It gave me hope.

Based on your advice I was able to get both of the PPP Loan draws and the EIDL. Without it, I wouldn’t still be in business. I’ve extended my return and hope that you will help me with it once you get past your busy season.

You always say that you are there to help your clients, their families, and their businesses. You can’t know how much you’ve helped me, my family, and my business without even knowing me. I look forward to working with you.

Keep up the good work.”

I love hearing from my readers, and look forward to helping this fine gentleman. You can’t know how much something this means to us. We really are here to help.

We’re all going to get through this. Let’s get through it together.

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,

Sincerely yours,

Chris Amundson
Accounting Solutions Ltd.

CONFIDENTIALITY NOTICE AND LEGAL DISCLAIMER. The information contained in this email message, including any attachments, is legally privileged and confidential and intended only for the addressee(s). If you are not the intended recipient, you are hereby notified that any reading, use, or dissemination of this message is strictly prohibited. If you have received this message in error, please notify us immediately and delete this message from your system.

Although this email and any attachments are believed to be free of any virus or other defect which may affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure it is virus free. Accounting Solutions Ltd. accepts no responsibility for any loss or damage arising from receipt and use of this email.

Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.