I agree @AmeliesUncle . I'd rather mess with the Taliban than the IRS. And two of the people who did this are lawyers. They both claim it's legal as long as they amend back to Schedule E when they do the actual "final filing" of their taxes.I'm not sure exactly what they mean by the "final filing"... It seems "fishy" to me, but then again, it's the program that is messed up. On the hand, to me, it's up to the "powers that be", to fix the mistake in the system, not go around it.
Also, my accountant has been adamant that she wouldn't go for the Schedule C for me, as she thought it would bring me problems.
As for the way the law was set up, I was discussing this issue with my congressman and he said while STR's were included in the bill, the SBA was left in charge of implementing the fine details of the program, (the paperwork and forms, etc.)
When I speak with the SBA they say it's on the lenders.
When I speak with the lenders, they say it's on the SBA.
I think you can see where this is going.
