Palm Beach, Florida Dec 17, 2020 (Issuewire.com) - Julio Gonzalez, CEO of Engineered Tax Services and Member of President Trump’s Tax Roundtable reviewed Congress’s COVID-19 Emergency Relief Act of 2020 and recommends 3 changes: 1) make the PPP loans tax deductible, 2) decrease state bailout money to send more to individuals and businesses’ and 3) reallocate state bailout money to help roll the vaccine out to get kids back in school.
Gonzalez states ”the COVID-19 Emergency Relief Act of 2020 would be sufficient in helping repair the economy if the afore mentioned changes were made”.
Gonzalez continues to highlight how crucial it is that the PPP loans are made to be tax deductible if small businesses are to survive. “Most small businesses took the Paycheck Protection Loan with the understanding it would be tax deductible. Treasury came out several months after the program was in place and stated it would not be deductible so now all small businesses have to report that money as income and pay taxes on it. This is a massive blow to companies that took the PPP loan. Also, there are many small businesses that did not take a PPP loan because of the tax issues and now, going into additional forced closures, could take the loan in 2021 knowing that income is not taxable” said Gonzalez.
Julio Gonzalez, National Tax Reform Expert, is the founder and CEO of Engineered Tax Services, Inc. (ETS) - the country’s largest specialty tax engineering firm. Gonzalez is a member of Trump’s Tax Roundtable, a member of Forbes Finance Council and was named one of Accounting Today’s Top 100 influential people in accounting in December 2020.
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