Sally is a long time client of your accounting firm. She is the sole owner of Sally's
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Question:
Sally's swim was prepared for an upswing in sales during 2020, however the COVID-19 pandemic had a large impact on the company's sales and profits. Sally Swim's retail location was closed for 3 months during the year and sales are down a total of 50% from prior year. As a result, Sally expects the business to generate a taxable loss for the 2020 tax year.
Sally has heard about all of the new tax legislation including the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program, Health Care Enhancement Act, the COVID-19 Economic Relief Bill, and President-elect Joe Biden's proposed plan. She has come to you for information on how these changes may impact her from a business and personal perspective. She'd like to take advantage of as many of the provisions of the Acts as possible in order to reduce her corporate and individual income tax liabilities, as well as, receive any financial assistance.
Discussion Board Assignment Instructions:
Please writea post which provides Sally with information on how at least one of the items in the Acts effects either her from a business or personal perspective. The posts can include questions or information needed from Sally in order to determine if the item is applicable to her or her business. You are also to post at least two responses to posts from your classmates with follow up questions, information, or insights.
Related Book For
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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