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

 

Featured Questions

  • 00:19:40 – If I don’t have W-2 income, how do I qualify as a real estate professional as an LP investor in real estate deals?
  • 00:22:01 – Are you qualified for a PPE as a sole member LLC taxed a sole proprietor?
  • 00:24:37 – Having S-corps and putting them individually together in a c-corp, will that save me from being double-taxed?
  • 00:27:05 – Must I apply through a government channel to claim relief reimbursements? Should I stop taking the administrative office deduction so I don’t double-dip?
  • 00:28:10 – Early withdrawal from the QRP requires that you pay “the income taxes during the three year period.” Is that correct?
  • 00:30:05 – Does withdrawal from a 457 deferred compensation plan count towards the $100k from a 403(b) and 70?
  • 00:31:33 – What are the tax implications of purchasing a primary residence that also has a small business at the same address?
  • 00:33:42 – Tenants have skipped town on their lease. What do we do in order to claim it as a loss on our taxes?
  • 00:35:02 – For an additional amount that can be taken away from a solo 401(k), do you have to prove you’ve been affected?
  • 00:35:52 – I do not have an entity established. Can I still qualify for EIDL since seller appointments and the like have significantly fallen off?
  • 00:38:46 – In 2017, I sold property and bought new property with a 1031 exchange. Can I sell the new property and move the gain from the original property into a qualified Opportunity Zone?
  • 00:41:16 – If I want to sell my stocks as a person with long-term profit and then invest this money into my C-corp to buy property or flip, what is the best way to reduce taxes?
  • 00:53:30 – How did the SECURE Act change the treatment of spousal inherited IRAs and RMDs from those IRAs?
  • 00:54:08 – Under the SECURE Act, when do I need to start withdrawing RMDs from the inherited account?
  • 00:55:30 – Do you have suggestions for tax management given these unusual circumstances?
  • 00:58:44 – Is there any legal way to avoid being taxed in both Argentina and the US since my country does not have a double taxation treaty with the US?
  • 1:00:32 – Can my IRA LLC invest in another JV LLC to purchase a single-family home with the intention to sell once it has been remodeled?
  • 1:02:35 – If a person gets a substantial insurance settlement, is it taxable? If it is not, can it be contributed to a ROTH IRA?
  • 1:06:51 – What is the tax advantage of setting up a 1099 income deposited straight into a real estate holding entity to fund a future real estate purchase?
  • 1:08:23 – Can I still file 2019 taxes to qualify for the COVID relief funds?
  • 1:13:03 – How does the stimulus affect taxes for property owners?
  • 1:14:12 – How do we apply for relief through our corporation or one of our LLCs since we do business in our LLC’s name?
  • 1:16:52 – With 401(k) withdrawal penalties waived under the stimulus package, what qualifies as adverse financial consequences?
  • 1:18:10 – I manage Airbnb properties under my LLC, but I don’t typically pay myself. I just take distributions out. Will I qualify?
  • 1:19:18 – I didn’t file in 2018 or 2019. I’m worried I won’t get the stimulus even though I qualify.
  • 1:22:32 – Filling out the EIDL, there is a question on costs of goods sold. Is that just products or all of my expenses, including payroll?
  • 1:27:00 – Does the bill have provisions for unemployment compensation for those who are self-employed?
  • 1:28:57 – What are the tax implications of taking the latest COVID-19 loan or grant from the SBA? If they forgive part of it, how is it taxed?
  • 1:29:31 – Curious how the stimulus package can help flippers?