Tax Tuesdays with Toby Mathis 04-14-2020

Where’s the cash, and what will give you the most bang for your buck? As you learn more about COVID-19 and related tax relief options, you probably have more questions. Toby Mathis and Jeff Webb of Anderson Advisors offer clarification on how and when to consider early distribution, loans, and paycheck protection. Time is of the essence. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• COVID-19 Tax Impact Updates:
  • Paycheck Protection Program (PPP)
  • Economic Injury Disaster Loan (EIDL)
  • July 15, not April 15: Deadline to file and pay income taxes
• If I don’t have W-2 income, how do I qualify as a real estate professional as LP investor in real estate deals? It’s about time, not income, but there are restrictions
• Are you qualified for a PPP as a sole member LLC? Yes 
• How did the SECURE Act change treatment of spousal-inherited IRAs and required minimum distributions from those IRAs? SECURE Act didn’t change anything that had anything to do with spousal-inherited IRAs
• Can I still file 2019 taxes to qualify for the COVID relief funds? Yes, if you didn’t make too much money in 2018
• How does the stimulus affect taxes for property owners? CARES Act doesn’t impact taxes for property owners 
• I didn’t file in 2018 or 2019, will I still get the stimulus, if I qualify? Depends, if you are on social security and/or you’re required to file a tax return or not 
• Does the bill have provisions for unemployment compensation for those self-employed? Yes, federal government requires states to pay unemployment

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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)

Form 1045

Form 1139

Schedule C

Schedule E

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

1031 Exchange

Opportunity Zones

Real Estate Professional Requirements

SECURE Act

Capital Gains Exclusion/Section 121

Form 1099

Airbnb/Short-term Rentals

26 U.S. Code Section 139

Self-Employment Tax

Section 179 Tax Depreciation

Depreciation Recapture

Bonus Depreciation

501(c)(3)

Wills and Trusts

Employer Identification Number (EIN)

K-1 Form

Unemployment Insurance

UBIT

UDFI

Non-Filers: Enter Payment Info Here

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