The IRS is 35-million tax returns behind by their own admission, and they managed to answer 3% of the calls that were placed last year. If you need an answer to your tax question, don’t call the IRS. Toby Mathis and Jeff Webb of Anderson Advisors are here to help and answer your tax questions sooner than later. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
What is the process for a non-profit to invest in syndication? Depends on whether you are required to be an accredited investor or n...
The IRS is 35-million tax returns behind by their own admission, and they managed to answer 3% of the calls that were placed last year. If you need an answer to your tax question, don’t call the IRS. Toby Mathis and Jeff Webb of Anderson Advisors are here to help and answer your tax questions sooner than later. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- What is the process for a non-profit to invest in syndication? Depends on whether you are required to be an accredited investor or not
- What are the pros and cons of moving a company to Puerto Rico for tax planning purposes? You have to be a bonafide resident in Puerto Rico to get any benefit at all
- Are life insurance proceeds taxable if a revocable living trust is the beneficiary? No, life insurance proceeds, in general, if you did not deduct the premiums, are not taxable
- Is tuition for professional learning deductible? CPE, CME, and CLE credits/courses are deductible when something new for your career, but not when starting a new career
- Can I buy an Airbnb with money inside and outside of an IRA? Yes, but form a partnership between yourself and your IRA, so it does not become a prohibited transaction or if you are a disqualified party
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Resources:
Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis
http://aba.link/infinitybook
Infinity Investing
https://infinityinvesting.com/
Charitable Organizations
https://www.irs.gov/charities-non-profits/charitable-organizations
Entity Formation
https://andersonadvisors.com/entity_formation/
Capital Gains and Losses
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
Section 121 - Capital Gains Exclusion
https://www.irs.gov/taxtopics/tc701
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf
IRC 469(c)7
https://www.law.cornell.edu/uscode/text/26/469
Wills and Trusts
https://andersonadvisors.com/living_trusts/
Retirement Plans
https://andersonadvisors.com/retirement_plan/
Airbnb
https://www.airbnb.com/
Tax Cuts and Jobs Act (TCJA)
https://www.irs.gov/tax-reform
Schedule E
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
Cost Segregation Authority
https://costsegauthority.com/
Franchise Tax
https://www.investopedia.com/terms/f/franchise_tax.asp
Form 568
https://www.ftb.ca.gov/forms/2020/2020-568.pdf
Continuing Professional Education (CPE)
https://www.aicpa.org/cpe-learning/cperequirements.html
Continuing Medical Education (CME)
https://www.accme.org/
Continuing Legal Education (CLE)
https://www.americanbar.org/events-cle/mcle/
Unrelated Business Income Tax (UBIT)
https://www.irs.gov/charities-non-profits/unrelated-business-income-tax
Unrelated Debt-Financed Income (UDFI)
https://www.irs.gov/pub/irs-tege/eotopicn86.pdf
Bonus Depreciation
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
Depreciation Recapture
https://www.investopedia.com/terms/d/depreciationrecapture.asp
Qualified Opportunity Fund/Zone
https://www.irs.gov/credits-deductions/businesses/invest-in-a-qualified-opportunity-fund
Step-Up in Basis
https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death.
Toby Mathis
http://tobymathis.com/about-toby-mathis/
Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors Events
https://andersonadvisors.com/all-events/
Events@andersonadvisors.com
Anderson Advisors Tax and Asset Protection Workshop
https://andersonadvisors.com/asset-protection/
Anderson Advisors Tax-Wise Workshop
https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/
Anderson Advisors Infinity Investing Workshop
https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/
Anderson Advisors on YouTube
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Anderson Advisors on Facebook
https://www.facebook.com/AndersonBusinessAdvisors/
Anderson Advisors Podcast
https://andersonadvisors.com/podcast/
