Tax Tuesdays with Toby Mathis 04-28-2020

Do you know all there is to know about the relief provisions in the CARES Act for accessing money due to the COVID-19 crisis? It absolutely has an impact on health and the economy. None of it is going as planned, but additional guidance is available. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions during this challenging time. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• Updates on Tax Impact of COVID-19:
  • Paycheck Protection Program (PPP) and Health Care Enhancement Act passed, signed into law
  • Other than deadline to July 15, states not allowing deferred payments
  • Economic Injury Disaster Loan (EIDL) is not a loan, but an emergency grant
• How do I file for unemployment payments if I'm an independent contractor? Independent contractors are now eligible, but most states aren't set up yet to do distributions
• Do you know why some people received $1,200 in their account while others didn't? Even when they use ACH? People using TurboTax, H&R Block, Jackson Hewitt, and Liberty Tax got or asked for an advance on their refund for a small fee
• Does the CARES Act allow me to deduct losses from W-2 income with prior year accumulated passive activity losses? No changes were made to passive activity loss rules; if you accumulated PAL, you cannot carry those back
• Can I apply for unemployment and the PPP? Yes, the two are completely separate
• Can I deduct my entire home cost since all of us are working from home? No, if working from home as an employee, it's an employee/non-reimbursable expense 
• I have not done my 2019 taxes. Can I still apply for CARES under government bailout programs? Yes, just use something as a backup
• Can I apply for PPP if I did with one bank that has not approved the loan? Yes
• How much EIDL can I qualify for? How is it calculated? Up to $2 million; half of your gross profit
• Any idea when money is deposited after signing the PPP loan? Yes, 10 days after receiving an E-tran number, bank has to provide funding
• Can passive losses from cost segregation be taken on W-2 income if spouse is a real estate professional? Yes, either spouse qualifies, as long as married and filing jointly
• Would getting my real estate license have more benefits for being a real estate professional? Depends if you're using it

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Resources:

Infinity Investing Workshop 

Tax-Wise Business Ownership by Toby Mathis

Unlock Free Money from the New Stimulus Bill - CARES Act with Clint Coons and Toby Mathis

CARES Act

Paycheck Protection Program (PPP)

Economic Injury Disaster Loan (EIDL)

Coronavirus Tax Relief

COVID-19 and the Family and Medical Leave Act Questions and Answers

Small Business Administration (SBA)

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Self-Employment Tax

Unemployment Insurance

Non-Filers: Enter Payment Info Here

Airbnb/Short-term Rentals

Real Estate Professional Requirements

Depreciation Recapture

Schedule A

Schedule C

Schedule E

Capital Gains Exclusion/Section 121

Form 1099

26 U.S. Code Section 139

IRS Payment Tool

Tax Cuts and Jobs Act (TCJA)

469c7

K-1 Form

Wills and Trusts

501(c)(3)

1031 Exchange

Toby Mathis

Anderson Advisors

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Anderson Advisors Tax and Asset Protection Event

Tax-Wise Workshop

Anderson Advisors on YouTube

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