Do you loathe the Internal Revenue Service (IRS) and Small Business Administration (SBA)? Why? Lately, both are doing everything possible to undo what Congress is doing to provide financial assistance and relief related to the coronavirus pandemic (COVID-19). Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions and clarify information about the CARES Act. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
Updates on Tax Impact of CARES Act:Paycheck Protection ...
Do you loathe the Internal Revenue Service (IRS) and Small Business Administration (SBA)? Why? Lately, both are doing everything possible to undo what Congress is doing to provide financial assistance and relief related to the coronavirus pandemic (COVID-19). Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions and clarify information about the CARES Act. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Updates on Tax Impact of CARES Act:
- Paycheck Protection Program (PPP)
- Economic Injury Disaster Loan (EIDL)
- Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act
- My wife is 60. In 2019, she had $13,200 of Social Security income and $0 in income earned from work. Can she contribute to her health savings account (HSA) for 2019? High-deductible health plan is required to make contributions to HSA
- What’s the best way to set up a real estate LLC, if you’re an investor that does both buy and hold, and fix and flips? Split them; put buy and holds into LLC or partnership, and fix and flips into S- or C-Corp
- If I pull equity from a house, does the money need to go back into the house or can I use it on another property or for other things? You can use it for whatever you want, but deduct interest on Schedule A
- Can we write off donations to our nonprofit, even though we still haven’t been approved for 501(c)(3) status? Yes, you have 27 months from the application date to get approval
- Is it too late to apply for a PPP loan for a contract worker? No, but apply ASAP
- Will there be a penalty (forgiveness/tax) for paying an employee more than the average 2019 salary calculated (PPP) because of overtime or pension plan payments? There’s no penalty to help with forgiveness amount, but can’t pre-pay anything
For all questions/answers discussed, sign up to be a Platinum member to view the replay!
Go to iTunes to leave a review of the Tax Tuesday podcast.
Resources:
Infinity Investing Workshop
CARES Act
HEROES Act
SECURE Act
Small Business Administration (SBA)
Internal Revenue Service (IRS)
U.S. Government Accountability Office (U.S. GAO)
Paycheck Protection Program (PPP)
Economic Injury Disaster Loan (EIDL)
Coronavirus Tax Relief
Individual Retirement Arrangements (IRAs)
Traditional and Roth IRAs
IRS Payment Tool
Tax Cuts and Jobs Act (TCJA)
Self-Employment Tax
Unemployment Insurance
Non-Filers: Enter Payment Info Here
Real Estate Professional Requirements
501(c)(3)
Schedule A
Schedule E
457b
403b
Employer Identification Number (EIN)
Schedule K-1/Form 1065
Wills and Trusts
1031 Exchange
Cost Segregation
Section 1031
Section 1245
1244 Stock
Capital Gains Exclusion/Section 121
Form 1099
Form 1099-H
Depreciation Recapture
Bonus Depreciation
Franchise Tax Board
25 CFR 162.2
Lady Bird Deeds
Toby Mathis
Anderson Advisors
Anderson Advisors Events
Events@anderssonadvisors.com
Anderson Advisors Tax and Asset Protection Event
Tax-Wise Workshop
Anderson Advisors on YouTube
Anderson Advisors on Facebook
Anderson Advisors Podcast
View more
