Weekly Questions: Video 81-100

  • Video 100 (5.12.20)

    Talking with TaxSpeaker VIDEO 100!!! (5.12.20)
    1. One of the many questions on PPP forgiveness is what amount of Profit Sharing can we used in forgiveness. I have many clients who are paying their 2019 now in 2020 but I would assume they can't use the whole amount in payroll cost but only 8 wee...

  • Video 99 (5.5.20)

    Talking with TaxSpeaker: Video 99
    1. Is it allowed to make Qualified Charitable Distributions from an inactive SEP? Publication 590-B, page 13 indicates you cannot, but Fidelity seems to allow it for inactive SEPs.
    2. Business, a Limited Partnership, having Non-recourse Loan of 14 million is bein...

  • Video 98 (4/28/20)

    Talking with TaxSpeaker: Video 98
    1. I am receiving many phone calls from my clients wondering where their Stimulus check is. These clients always owe when we file their 1040. When we check on the IRS website with Get My Payment it almost always comes up with the dreaded Payment Status Not Avai...

  • Video 97 (4.17.20)

    Talking with TaxSpeaker: Video 97
    1. I am wondering if you have any thoughts as to how IRS code section 265 is going to apply to expenses that are used to qualify for loan forgiveness under the PPP program. Since those expenses are being identified as paid to convert the loan to a grant will thos...

  • Video 96 (4.14.20)

    Talking with TaxSpeaker: Video 96
    1. I am reviewing the Loan/Forgiveness calculator for the PPP loan that the bank provided. It states that the loan forgiveness is not taxable and it is also not an expense in the Client's books. Does this mean there is no income tax deduction for expenses paid wi...

  • Video 95 (4.7.20)

    Talking with TaxSpeaker: Video 95
    1. I hate to bother, but I know you will know the answer. The app just changed for the EIDL program- they added an employee question. Do my clients (and myself) need to reapply? I just got a message from another CPA that we had to but there is so much bad info ou...

  • Video 94 (4.1.20)

    45 Questions on the latest PPP

  • Video 93: (3.25.20)

  • Video 92: (3.18.20)

    Talking with TaxSpeaker: Video 92

    1. Client borrowed money against old home to purchase new home. Converted old home to rental property. Now, outside the 90 days of purchase, wants to mortgage current residence, pay off rental property and deduct current mortgage as home mortgage interest. I don...

  • Video 91 (3.11.20)

    Talking with TaxSpeaker: Video 91
    1. Longtime client comes in this year and informs me has business dealings in Costa Rica. He doesn’t own property or have bank account, but has multiple promissory notes, totaling $500K. The interest is paid upon completion of the projection, so there has been ...

  • Video 90 (3.4.20)

    Talking with TaxSpeaker: Video 90
    1. I have a client who owes $6800 in federal taxes for 2019. He is prepared to make payment, but has outstanding old IRS debt. The attorney that is handling the old debt (employment taxes and income taxes) has advised him not to make any payments to the IRS bec...

  • Video 89 (2.26.20)

    Talking with TaxSpeaker (Video 89)
    1. I just brought on a new client and he has an S-Corp that he doesn’t pay himself wages. Instead he takes about 50% of the profits as distributions and the other 50% he pays himself as a contractor and 1099s himself. He reported this as compensation of office...

  • Video 88 (2.21.20)

    1. Does a person buying a home “on-contract” from another person, where the buyer makes payments directly to the seller, have to issue a 1099-INT to the seller? The amount is about $5,000.
    2. Can I take a solar credit on rental property.
    3. Are you sure you don’t have a checklist for due diligenc...

  • Video 87B: Secure Act

    This is the Extender Bill course we recorded at the end of the year that Bob is making available to you. This is the full course but it DOES NOT include or come with any CPE.

  • Video 87 (2.19.20)

    Talking with TaxSpeaker:Video 87
    1. If there is a purchase price adjustment and results in a negative # on line 8 of the worksheet B (New Gross Profit Percentage – Selling Price Reduced) , how is this reported. Essentially, they over reported the installment sale income in prior years. Can this ...

  • Video 86 (2.13.20)

    Talking with TaxSpeaker: (Video 86)
    1. I just had a quick question about secure emails. I want to take more steps to protect myself and my clients. Do you have any recommendations of what to use?
    2. I have a question on what is an acceptable form of electronic signature on an 8879PE. Do you have ...

  • Video 85 (2.5.20)

    Talking with TaxSpeaker: Video 85
    1. Single shareholder S corporation owner passed away during 2019. Prior S corporation returns indicate commercial buildings on depreciation schedules. Three surviving adult children indicate they took title to the commercial buildings via a beneficiary deed to ...

  • Video 84 (1.29.20)

    Talking with TaxSpeaker: Video 84 (1.28.20)
    1. I have a follow up question on due diligence for new customers. Would a passport by itself be acceptable? It’s my understanding we have to provide our social security card and birth certificate to the Department of State in order to get a passport.

  • Video 83 (1.21.20)

    1. My client turned 70 and ½ in December 2019 but did not take his RMD, thinking with the new law he no longer would have to take it in 2020. What is the rule here?
    If the taxpayer turned 70 and ½ before 1/1/2020 the old RMD rules apply This means he must take his 2019 RMD by 4/1/2020 and his 202...

  • Video 82 (1.14.20)

    Talking with TaxSpeaker :Video 82
    1. Client is considering renting out their basement as an Airbnb. Do you have any thoughts on as to whether or not they should create an LLC for this activity?
    2. Does the Failure to File Penalty apply to the tax return if there is a refund? Or is it still just...

  • Video 81: (1.7.20)

    Talking with TaxSpeaker: Video 81
    1. New rule removes the age restriction for those over 70.5 with earned income to continue making deductible contributions to IRA. Old rule allowed for working spouse to also contribute for a non working spouse. Is there anything in the new rule that indicates ...