Weekly Questions: Videos 101-120

  • Video 120 (10.27.20)

    Q1:How should we show on books if year closes before forgiveness response?

    Q2: If you had a part time employee and let them go during the period, then replaced them with another part time employee, who has the same number of hours, so would that be the same FTE number?

    Q3: Are you advising cli...

  • Video 119 (10.19.20)

    Talking with TaxSpeaker Video 119
    1. I was wondering what you are recommending to clients that have a PPP loan in excess of $150,000. In general, I know that you are recommending waiting to apply for forgiveness. My understanding is that you feel that the rules are going to change more. I am conc...

  • Video 118 (10.6.20)

    Talking with TaxSpeaker (Video 118)
    1. Can a C corp. that has a group health insurance plan for employees through an insurance company reimburse an employer/owner that is over 65 for his personal Medigap policy?
    2. Has the Obama era $100 per day penalty (excise tax) under Code section 4980D for ...

  • Video 117 (9.29.30)

    Talking with TaxSpeaker Video 117
    1. Is it possible to now Elect to relinquish the carryback period for a 2018 loss that was not elected to be relinquished with the Original Return. I have stumbled upon Rev Proc 2020-24 that seems to indicate this is doable, but I'd prefer Bob's analysis.
    2. I h...

  • Video 116 (9.21.20)

    1. Is there a way to get out of the late filing penalty on a 1065 other than the 1st time penalty abatement?
    2. I took the BTID class Monday-I thought the PPP forgiveness discussion was excellent. Could you summarize the 3 overall bits of practical guidance you gave?
    3. My client got an EIDL gran...

  • Video 115 (9.14.20)

    Talking with TaxSpeaker Video 115
    1. My client is an S corp/employee who uses his personal vehicle for S corp business. He gets reimbursed for the business portion of his actual expenses (instead of the standard mileage rate). Can he also get reimbursed from his S corp for depreciation of the v...

  • Video 114 (9.1.20)

    Talking with TaxSpeaker Video 114
    1. I read that the SBA has just issued a definition of what an owner is for the PPP forgiveness loan. Is that correct?
    2. Why is it important to define what an owner-employee is for PPP? CONTRIBUTIONS for sole props or partners either.
    3. Do the “Attribution Rule...

  • Video 113 (8.25.20)

    Talking with TaxSpeaker (Video 113 8.25.20)
    1. My question is related to strategies to avoid the tax on PPP loan proceeds. It is my understanding that although the Cares Act stipulated that forgiven amounts would not be forgiven, the IRS is taking the position that the expenses used to allow for...

  • Video 112 (8.18.20)

    Talking with TaxSpeaker: Video 112
    1. Client is a sole proprietor and decided to apply for PPP loan. Received proceeds 8/7/20. There aren’t 24 weeks left in 2020; however, the “salary” or earnings from 2019 were $189000. How to calculate forgiveness in that case?
    2. If a CPA sells his practice or...

  • Video 111 (8.11.20)

    Talking with TaxSpeaker (Video 111)
    1. Question on Social Security benefits when a Fire Fighter Pension is involved. The Fire Fighter’s benefits will decrease due to the Windfall Elimination Provision. However, how does this affect the spouse’s SS benefits. Are the benefits decreased for the s...

  • Video 110 (8.4.20)

    Talking with TaxSpeaker Video 104
    1. In 2018, it was thought that charitable contributions made from a pass through entity (i.e. S corp, partnership) did not reduce QBI; however, with their filing instructions to Form 8995 and 8995-A, the IRS in 2019 seem to indicate that charitable contributions...

  • Video 109 (7.28.20)

    Talking with TaxSpeaker: Video 109
    1. You mentioned dropbox as a server in the class. In an office with 4-5 computers, do you install dropbox on each computer/workstation, or do you have one computer with dropbox on it and the other computers pointed at the one?
    2. We have a client that hasn’t u...

  • Video 108 (7.21.20)

    Talking with TaxSpeaker Video 108
    1. What are your thoughts about the possible Supreme Court ruling about the constitutionality of the Affordable Care Act and amending 3 years of tax returns for those affected?
    2. FTEs – If the company used the ACA definition for FTE (30 hours per week) when orig...

  • Video 107 (7.14.20)

    Talking with TaxSpeaker: Video 107
    1. Can S Corp or LLC owners with salary/income in excess of $100,000 use 24/52 $46154 vs. 8/52 $15,385 if opt for the 24 week period?

    2. We have a situation where an employee felt sick, went to the doctor, and was off 3 days waiting for his COVID-19 test result...

  • Video 106 (7.7.20)

    1. A church receives a PPP loan. Due to limited funds, the pastor only draws his approved housing allowance (no salary). Is the housing allowance eligible for forgiveness?
    2. I have a business client (S-corporation) and there are 18 shareholders and they have sold the assets of the company and ...

  • Video 105 (6.22.20)

    Talking with TaxSpeaker (Video 105)
    1. Client has spent PPP funds. Just applied for EIDL Grant this week as portal was just opened again. If/ when Grant is received does it still go on the PPP Forgiveness form since it wasn’t included in original PPP calculation?
    2. PPP approved on 04/27, funds...

  • Video 104 (6.16.20)

    Talking with TaxSpeaker (Video 104)
    1. Many of our firm’s clients are receiving the Economic Injury Disaster Loans over the past two weeks. Two things concern me. (1) none of the SBA lenders in my area know anything about these rare loans, and what is permissible to use the funds for. Almost ever...

  • Video 103 (6.9.20)

    Talking with TaxSpeaker (Video 103)
    1. Has the deadline passed to file an amendment to a 2016 return that was timely filed? I am not sure if any of the 2020 deadline extensions apply to amending returns.
    2. Bob-Thanks for the work you do. Quick questions Clients advisors made a $66,000 profit in...

  • Video102 (6.2.20)

    A couple of weeks ago I heard you say that bonuses could be included in payroll qualified for PPP forgiveness. I have been told by several people that it cannot-could you answer that again please?
    Do health care costs that qualify for forgiveness include pre-tax amounts paid by the employer?
    I ha...

  • Video 101 (5.19.20)

    Talking with TaxSpeaker (Video 101)
    1. I have clients who are making some of their independent contractors employees to help increase their payroll expenses and FTE headcount for the PPP forgiveness calculation. It seems bogus to me. What are your thoughts?
    2. I attended your technology course ...