Confusion continues with the CARES Act and related tax relief programs due to COVID-19. Toby Mathis and Jeff Webb of Anderson Advisors provide clarity by answering tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
I’ve had my work hours cut due to COVID. Under the CARES Act, can I access my 401(k) from work or solo 401(k)? You can access the solo 401(k) through a distribution or loan, but access to a work 401(k) must be approved by the plan administrator
How sho...
Confusion continues with the CARES Act and related tax relief programs due to COVID-19. Toby Mathis and Jeff Webb of Anderson Advisors provide clarity by answering tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I’ve had my work hours cut due to COVID. Under the CARES Act, can I access my 401(k) from work or solo 401(k)? You can access the solo 401(k) through a distribution or loan, but access to a work 401(k) must be approved by the plan administrator
- How should I handle sales tax within my eCommerce store? Do I follow my state use tax or do I need to get the buyer’s? Depends on various factors, but sales tax is tax on things you sell, and use tax is tax on things you buy
- Do we have to pay taxes on an SBA loan? No, unless loan is not repaid
- Can you accept the EIDL, if you’ve already accepted the PPP loan? Yes
- Will there be any issues with PPP forgiveness, if you accept EIDL? Depends on whether you received the emergency cash grant
- Am I able to purchase real estate with my solo 401(k) account and rent the house to my brother? Yes, your brother isn’t a disqualified party, but you must charge him a fair rent
- Did the deadline for Roth conversions get extended? No, it’s still Dec. 31
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Resources:
Infinity Investing Workshop
Tax-Wise Business Ownership by Toby Mathis
1-day Online Tax-Wise Class
CARES Act
Paycheck Protection Program (PPP)
Paycheck Protection Program (PPP) Flexibility Act
Economic Injury Disaster Loan (EIDL)
501(c)(3)
Wills and Trusts
Form W-9
Form 6252
Form 1120
Schedule C
Schedule E
1099-C
457 Plan
Capital Gains Exclusion/Section 121
Certificate of Need
Applicable Federal Rates (AFR)
Bonus Depreciation
Depreciation Recapture
Real Estate Professional Requirements
SECURE Act
Self-Employment Tax
Hobby Loss Rules
Individual Retirement Arrangements (IRAs)
Traditional and Roth IRAs
Internal Revenue Service (IRS)
Small Business Administration (SBA)
U.S. Department of the Treasury
Toby Mathis
Anderson Advisors
Anderson Advisors Events
Events@andersonadvisors.com
Anderson Advisors Tax and Asset Protection Event
Tax-Wise Workshop
Anderson Advisors on YouTube
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Anderson Advisors Podcast
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