What are Your EIDL Questions?

by Toby Mathis

June 30, 2020

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 20, 2020

Featured Questions

13:02 – I have had my work hours cut due to COVID. Under the CARES Act, can I access my 401(k) from work? I also have a separate solo 401(k).
21:33 – I have an LLC and a nonprofit. Could they go together?
25:22 – How should I handle sales tax within my eCommerce store? Do I follow my state use tax (Michigan) or do I need to get the buyer’s?
30:57 – Do we have to pay taxes on an SBA loan?
35:10 – Recently, my mother passed away, and now both of my parents are gone. They set up a revocable living trust in which their primary home was held. My brother and I are listed as the successor trustees. The trust document says that it is a grantor trust. My brother and I are in agreement that the house that is owned by the trust will need to be sold. What are the tax ramifications?
43:13 – Can you accept the EIDL loan if you have already received the PPP loan? Will there be any issues with PPP forgiveness if you accept EIDL?
48:42 – Am I able to purchase real estate with my solo 401(k) account and rent the house out to my brother?
58:00 – I have a property owned by an LLC, which is owned by an S-corp. I am selling this property and want to make a charitable contribution during the closing. Can I dual close and sell the property to the charity and have the charity sell the property to the final buyer?
1:06:09 – Do I have to have an LLC or a corporation listed on my W-9 form, or can I just use my traditional IRA and use that information to purchase tax liens?
1:10:15 – Did the deadline for Roth conversions get extended also?
1:15:45 – What is the best way to handle a deceased parent’s 401(k) and pension benefits to minimize the tax burden? I was wondering if opening a solo 401(k) would be a good option.
1:20:59 – Would it be better to have an S-corp or C-corp, and when should I think about converting? As in, how much revenue should I be making before I even start thinking about that?
1:26:52 – I established a C-corp in September 2019. Up to that point, we had significant educational expenses over $40K; since then, no registered income. How long (in terms of 1120 tax years) can I carry start-up expenses to include education prior to formation?
1:31:23 – Can I take a $100k distribution from my 457 and contribute it to my housing non-profit under ’20 CARES 100% AGI charity contributor?

Author Bio

Toby Mathis, Esq. ~ Founding Partner, Attorney, Author & Business Tax Expert.

Toby Mathis is a founding partner of Anderson Law Group and current manager of Anderson’s Las Vegas office.

He has helped Anderson grow its practice from one of business and estate planning to a thriving tax practice and national registered agent service with more than 18,000 clients.

In his work as an attorney, he has focused exclusively in areas of small business, taxation, and trusts. In addition, Toby was the past director and host of the longest-running local business radio program on KNUU in Las Vegas “The BOSS Business Brief”.

He sits on the board of directors for several companies and was recently appointed to the local board of Entrepreneurs’ Organization, a worldwide association of owners of successful businesses. He has authored more than 100 articles on small business topics and has written several books on good business practices, including first, second and third editions of Tax-Wise Business Ownership and 12 Steps to Running a Successful Business.