Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 05-26-2020

June 2, 2020

Is it time for a fun and educational drinking game? It depends. Do you need clarification on different options in the CARES Act? You’re not alone, so does the Internal Revenue Service (IRS) and U.S. Department of the Treasury. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • How do I go about researching business tax strategies? Where can I find a list of strategies? Get a free copy of Toby Mathis’s book, Tax-Wise Business Ownership 
  • With COVID-19, will the IRS grant forgiveness with arrears on payroll taxes? No
  • Can I take the 10K advance from the Economic Injury Disaster Loan (EIDL), deny the loan, and roll it into the CARES Paycheck Protection Program (PPP)? An up to $10,000 advance is a grant that doesn’t need to be paid back and isn’t rolled into PPP
  • As a flipper in VA, is it worth incorporating to avoid dealer status and is avoiding such actually possible? Yes, if you have the intent to rehab and sell a property, not rent/invest
  • What are the basic benefits of the S-Corp? Limited liability, income not subject to self-employment income, and accountable plan 
  • If I haven’t yet filed a tax return for my corporation, can I still qualify for EIDL or PPP, as the sole owner/operator? Yes, you’ll qualify for EIDL, if in business on Feb. 15  

 

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Resources:

 

Tax-Wise Business Ownership by Toby Mathis (Promo Code for free copy/shipping: TUESDAY) 

Infinity Investing Workshop 

1 Veteran Foundation

CARES Act

Internal Revenue Service (IRS)

U.S. Department of the Treasury

Paycheck Protection Program (PPP)

Economic Injury Disaster Loan (EIDL)

Real Estate Professional Requirements

501(c)(3)

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Cost Segregation

Depreciation Recapture

Bonus Depreciation

Section 179

CoreVest Finance

Equifax

Dun and Bradstreet

TransUnion

Coronavirus Tax Relief

Families First Coronavirus Response Act 

Tax Code 7702

1031 Exchange

Self-Employment Tax

Schedule E

26 U.S. Code 1231

Wills and Trusts

Tax Cuts and Jobs Act (TCJA)

Unrelated Business Income Tax (UBIT) 

Unrelated Business Taxable Income (UBTI)

Franchise Tax Board

Capital Gains Exclusion/Section 121

Form 1023 Application

Form 1099-R

Trader Tax Status

457b

403b

Toby Mathis

Anderson Advisors

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