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Atlas Air refuses to repay US bailout funds
Atlas Air is having a good year financially compared to passenger airlines that are hurting because of COVID travel restrictions. It isn't apologizing for bailout money it received from the U.S. government. (www.freightwaves.com) Más...Sort type: [Top] [Newest]
So just classify the $406 million as income and tax them on it?
works for me
The tax code already pretty much does that. Only income that's specifically exempted from taxation is exempt from taxation (sounds axiomatic, I know). All other income IS taxable (unless otherwise specifically exempt, from the Department of Redundancy Department).
So those funds are not a loan, thus, they are income. And taxable.
So those funds are not a loan, thus, they are income. And taxable.
Ok, so that headline is HUGELY misleading. It makes it sound as if Atlas is being defiant. THEY ARE NOT. They are FULLY complying with the PPP rules and regulations. Accordingly, they are ENTITLED to not repay the funds.
"It was not something that we had to demonstrate our need to be able to pay on payroll,” Dietrich said. “But for all those reasons … we are not intending to return the funds, and we responded accordingly and have been in full compliance, not only with the committee’s request, but sharing the documents and so forth that they’ve asked for, and we’ll continue to fully cooperate.”
They did and are doing EXACTLY what the program required and requires. This is a NONSTORY that's intended to inflame folks and paint Atlas in a bad light.
They are in FULL COMPLIANCE with the program. Full stop and end of story.
"It was not something that we had to demonstrate our need to be able to pay on payroll,” Dietrich said. “But for all those reasons … we are not intending to return the funds, and we responded accordingly and have been in full compliance, not only with the committee’s request, but sharing the documents and so forth that they’ve asked for, and we’ll continue to fully cooperate.”
They did and are doing EXACTLY what the program required and requires. This is a NONSTORY that's intended to inflame folks and paint Atlas in a bad light.
They are in FULL COMPLIANCE with the program. Full stop and end of story.
No need to yell
It's a little more complicated than that: https://www.irs.gov/newsroom/payroll-support-for-air-carriers-and-contractors-under-the-cares-act-frequently-asked-questions