CARES Act Paycheck Protection Program is available to the Self-Employed, Sole-Proprietors, Independent Contractors. I discuss the in's and out's as it relates to what is the "payroll cost" in this circumstance. If you are Self-Employed, a Sole-Proprietor, an Independent Contractor and have employees, you would follow the payroll calculation of your employees, AND include the deemed "payroll cost" for you.
More on PPP & EIDL in this playlist
Below are links to the law.
Look at sections
1102 (a)(2)(A)(viii)(I)(bb) which is defining PAYROLL COSTS
1102 (a)(2)(D)(ii) which provides info for the SE, SP or IC
1102 (a)(2)(E) which defines the maximum loan
Interactive version of the law
pdf version of the law
www.jjthecpahelp.com
Thanks for watching! -JJ
I would love it if you subscribed to my YouTube channel. If you already are, thank you so much!
You can find me on all social media with #jjthecpa.
JOSHUA JENSON, CPA
aka JJ THE CPA
Joshua Jenson, CPA has over 27 years of public accounting experience in the area of tax, specializing in LLC, partnership, S corporation, and related individual tax matters. He is managing partner of Jenson & Company, CPAs, P.C., which he founded nearly 23 years ago. His firm is known for a boutique service approach, with a focus on tax planning and strategies with individuals and small businesses.
JJ THE CPA has traveled to over 50 cities in the last 18 months presenting tax courses to thousands of fellow CPAs covering the latest tax laws and strategies.
Joshua is also a licensed insurance professional specializing in life insurance, both permanent and term, as well as disability income insurance. He has own insurance practice, Jenson Insurance.
JJ has authored a book, “JJ THE CPA HERE!” which reveals the top 60 questions from his clients, and his solutions, over his 27 years in practice covering issues related to banking, business structure, insurance and taxes.
Joshua Jenson, CPA is a licensed CPA in Oklahoma and Texas, and a member of the American Institute of CPAs, Oklahoma Society of CPAs. He has his insurance license in Oklahoma. JJ served as the past Chairperson of the OSCPA Educational Foundation, and was named CPA of the year by his CPA peers. Joshua is a 1993 graduate of Abilene Christian University where he earned is accounting degree.
JJ the CPA is heavily represented on social media, with daily postings, including daily videos released on everything dealing with money. #JJTHECPA to find him.
JJ THE CPA’S BOOK
0 Comments