In this episode of Tax Tuesday, Toby Mathis, Esq. brings tax knowledge to the masses and breaks down your tax questions LIVE! He’s joined by Jeff Webb, CPA and Tax Director at Anderson Business Advisors.

Updated October 6, 2020

Featured Questions

• 20:54 – If I have an LLC but treat it as a disregarded entity, do I lose any of my protection in a lien situation?
• 29:30 – I filed a $0 income tax return for tax year 2017, but did not in 2018. Is there a time limit for having the corporation and it not showing income, or would I have to dissolve it after so long? Is there a simple form to file for 2018 and 2019 showing zero income?
• 34:35 – With COVID-19, will the IRS grant forgiveness with arrears on payroll taxes?
• 39:50 – Can I take the $10K advance from the EIDL, deny the loan, and roll it into the CARES PPP?
• 43:01 – As a flipper in VA, is it worth incorporating to avoid dealer status, and is avoiding dealer status actually possible?
• 48:23 – How should I structure my real estate business entity so I can deduct mentoring fees from my W-2 income?
• 57:13 – In a divorce, when one spouse keeps the house, does that constitute a sale of the house and the spouse who’s removed from title receiving cash?
• 1:02:55 – How can I develop a nonprofit in real estate?
• 1:07:55 – Should all LLCs (or just my holding LLC) register as S-corps, or is there a reason to leave them as “partnerships” for taxation?
• 1:13:17 – Can a withdrawal be made from a self-directed IRA and, if so, how is this documented to avoid any penalties or tax liabilities?
• 1:18:55 – Those who work full-time and have rental income, should they have an LLC or an S-corporation?
• 1:24:51 – If I have a choice, is it better to buy real estate inside a Roth IRA or a QRP?
• 1:32:51 – Can we use part of PPP loan funding to fund my employees’ pensions/401(k)s as well as my own 401(k) (sole proprietor, not S-corp business)?
• 1:34:15 – What are the basic benefits of having an S-corp?
• 1:36:25 – How would I go about researching business tax strategies? Where I could find a list of all strategies?
• 1:38:56 – If I have not yet filed a tax return for my corporation, do I still qualify for EIDL or PPP as the sole owner and operator?