Category: Practice Management

Revisiting agent fees for SBA EIDL and PPP loans

While I twiddle my thumbs waiting for the IRS to update the Collection Financial Standards so I can report on it, and while you wrap up tax season over the next 11 days (because you should be blatantly ignoring the May 17 nonsense), let’s not forget about the PPP and EIDL loan worlds.

As you may have heard, the application period for PPP loans has been extended through May 31, with processing extended to June 30. So, plenty of time for your clients to get in both their first and second draw applications if they haven’t already done so.

EIDL application deadlines are always specific to each disaster declaration. For the ‘rona ‘saster, the application deadline is currently December 31, 2021. If your area has been impacted by recent winter storms, hurricanes, fires, floods, tornadoes, civil unrest, earthquakes, drought… Yikes, what a downer… Here, just search the SBA disaster declaration list yourself. There are literally 999 active disaster declarations across the country. Each local disaster declaration will have it’s own application period for EIDL and other relief that your clients might be eligible for.

Ya’ know what, after that depressing paragraph, I hereby interrupt this email to insert some random cuteness…


OK, much better!

As I was saying… There is still plenty of opportunity for you to be the hero and help your clients that need it to obtain these loan funds. But, there’s a catch to being an accountant and helping with SBA loan applications. I wrote about this extensively a year ago, but it’s worth revisiting now as the PPP winds down.

Last year about this time, I was annoyed to learn that some accounting “guru” out there was not only instructing tax and accounting professionals to charge an up front fee for completing the PPP loan application for their clients, but to also charge a back-end contingency fee based on the approved loan amount. This “guru” was setting people up for a visit from an SBA Special Agent (yes, the SBA has law enforcement personnel).

Here is the super-short version of what you need to know about fees in relation to SBA loans:

  1. It is a violation of SBA regulations for you to charge any fee in connection with an SBA 7(a) loan application. PPP loans are 7(a) loans.
  2. It is a violation of SBA regulations for anybody to charge a contingency fee in connection with any
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IRS Solutions Software Review

Note: Detailed review coming soon.

There are only four full-featured tax resolution software solutions in existence (plus three partial/lite solutions).

When Canopy launched back in 2014, I was an immediate fan. I was an early informal advisor to the company, and brought them many of their earliest customers. Their software was, at the time, quite groundbreaking in terms of features and user interface compared to the two other options that existed on the market at the time, which I wasn’t at all a fan of.

But over time, Canopy started spending more of their development resources on other projects, particularly their practice management software (which I’m not impressed with). As such, the tax resolution piece started to languish. Now, I don’t blame them — the practice management side is the much larger marketplace, and the company has to answer to venture capital firms now. I get it. But this shift in priorities, as well as their recent move to nickel-and-dime pricing on a per case basis, left a very sour taste in my mouth. Because of the pricing change in particular, I just can’t recommend them any further.

Fortunately, a newcomer to the tax resolution software space has been making amazing strides in the past few years: IRS Solutions Software.

This small, family-owned company was started by two Enrolled Agents, and they’re not out chasing all that VC cheddar. Rather, they’re focused on creating great tax resolution software at an affordable price without any nickel-and-diming.

I’m planning on doing a full review of the software soon, with videos and screen shots to show you just how great it is. But until I put that together, I want to encourage you to try it out yourself.

Head on over to, and use coupon code jassen7 to get your first month for just $7. I think you’ll find the interface easier to use, the integrated IRS notice explanations (without additional fee!) to be very helpful, and hands down the best transcript report in the industry (way better than Tax Help Software’s transcript report, in my personal opinion).… Continue reading

2021 State Tax Deadlines

The IRS has extended the federal due date for filing and payment of 2020 tax returns to May 17, 2021.

The following states/territories have announced their own filing deadline extensions as well. As more states make announcements, we will update this list for you.

Alabama – May 17

Alaska – N/A

Arizona –

Arkansas – May 17

American Samoa –

California – May 17

Colorado – May 17

Connecticut – May 17

Commonwealth of the Northern Mariana Islands  –

Delaware – May 17

District of Columbia – July 15

Florida – N/A

Georgia – May 17

Guam – May 17

Hawaii – April 20

Idaho – April 15

Illinois – May 17

Indiana – May 17

Iowa –

Kansas – May 17

Kentucky – May 17

Louisiana – June 15

Maine – May 17

Maryland – July 15

Massachusetts – May 17

Michigan – May 17

Minnesota – May 17

Mississippi –

Missouri – May 17

Montana – May 17

Nebraska – May 17

Nevada – N/A

New Hampshire – N/A

New Jersey – May 17

New Mexico – May 17

New York – May 17

North Carolina – May 17

North Dakota – May 17

Ohio – April 15

Oklahoma – June 15

Oregon – May 17

Pennsylvania – May 17

Puerto Rico – pass-thru entity filing deadline extended from March 15 to April 15

Rhode Island – May 17

South Carolina – May 17

South Dakota – N/A

Tennessee – Hall Tax deadline extended to July 15

Texas – N/A

Utah – May 17

U.S. Virgin Islands – May 17

Vermont – May 17

Virginia – May 17

Washington – N/A

West Virginia – May 17

Wisconsin – May 17

Wyoming – N/A… Continue reading