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 out there that I needed to find out from a source I trust. Thank you for all you do! Your info is always invaluable to myself and my clients.
2. If a sole proprietor, with no employees, applies for the PPP loan, do you know what type of documentation they will require for forgiveness of the loan?
3. Last Friday we watched your webinar on the CARES Act. You really caught our attention when you stated that there isn't anything that supports that the advanced stimulus payments do not have to be paid back when reconciled on 2020 tax returns. Literally everything else we've heard to this point has said that advance payments will not have to be paid back. We also interpret the language of IRC Sec. 6428(e)(1), as added by Sec. 2201 of the CARES Act, to mean that no pay back would be required. I would love to hear your interpretation of this code section as we seem to interpret it differently.
4. Since the SBA Grant is not available for farmers, is the only option for a hydroponic farm, the SBA Paycheck PPP Loans. They only have 8 employees. They need the money now.
5. Could someone please help me..ADP and banks are Saying we do include employer match of ss/med payroll taxes In figuring payroll costs..us accountants are saying no What does Bob say?
6. I just went into the SBA website to apply for the $10K grant for my own business. I did not see where you could apply for the EIDL loan. I just checked the box for the $10K advance and no place on the application did I see where you put in an amount for the loan.
7. Just watched your Cares Act webinar. You gave us the number for the PPP Form 2483, I went to their website and the form is now Form 2484, is that correct?
8. I need to know if it is sufficient to go to https://covid19relief.sba.gov/#/ fill out the information, see that it is accepted and then just wait. Where I am confused is if my client wants the PPP loan, as that all I need to do? Or does my client need to hook up with a bank to complete the process further? Can I get the loan app on the internet and then have my client go to their bank?
9. What if an employer can maintain all of his levels of employment WITHOUT the PPP, yet applies for it, receives it and uses it appropriately. Will that change the taxability of the loan itself and the forgiveness if received?
10. Just wanted to pass this along, more frustration. When I called the local bank and asked about how to submit my fees for PPP for a client they didn't know what i was talking about. They asked how I do it for other banks. Since the PPP application doesn't have a spot for it like the EIDL loan does I needed to know. She said I guess go ahead and submit it to her. Shortly after that I got an email from the loan officer directly saying all applications need to come straight from the client not me so that's their way of cutting me out.
11. Have client who has been with WF in California for 35 years and they are not taking any more PPP applications. DO you have any suggestions for him other then get out of CA?
12. I have a client who is an electrician-He files a schedule C, has one valuable employee of 17 years, he is currently self-quarantining because his wife is a nurse… What is the best option… furlough? Employee retention credit? Or get a PPP loan and pay him?
13. Are there any loans available to farmers due to to Covid-2019 disaster.
14. A company applied for the PPP Loan. The problem with the calculations is that: 1) The 2019 numbers include end of the year bonuses 2) The calculations are for 10 weeks and must be utilized in 8 weeks 3) Company does not pay other expenses (utilities, interest, rent) How can they maximize utilization of the loan for forgiveness and not have to repay the loan
15. Can a married couple filing separately use different years? Husband made over allowed amount in 2018 but not 2019. Exactly the opposite for the spouse.
16. Student claimed as dependent in 2018, but not 2019. Will the parent get the $500 (2019 return not yet filed) and the student $1,200 for 2019 independent return?
17. I read the bulletin on PPP. How much should I charge for the service to the client?
18. If the single member llc pays wages to employees, but uses the schedule C to figure the owners wages, how do you have to spend the proceeds that go towards the owners portion to have the loan forgiven? (75% must go towards payroll costs)
19. I have Optometrist (S Corp with 100% owner and 1 employee). She closed her office on 3/17 because of Virus (hot spot ... our town in Arkansas...Cleburne Co) She and her employee have filed and are due to start receiving unemployment.
Isn’t it better for her to file for the EIDL loan now with grant, then file for PPP loan later when they go back to work?
20. Hi Bob, you said we should take the SE and divide by 12 to get our amount for self employment, the only problem with that is $104,000 was net with Sch C income but there was also a farm loss with -$110,000, so that means there is no income for this purpose?