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 Rules” apply in an S corp-meaning does the spouse of an owner get treated as an owner subject to the limits, or not for PPP forgiveness?
4. I was told that the truck expenses we incur for our shop qualify for the 40% non-payroll costs forgiveness portion of PPP. Is that correct?
5. My client owns an S corp that runs a bakery. The S corp pays rent to an LLC that owns the building, and the LLC is also owned by my client. Does the rent qualify as non-payroll costs for the 40% PPP forgiveness rule?
6. Should I go ahead and file for PPP forgiveness now for my clients so we know the amount they will owe?
7. What is this “Alternate Covered Period”?
8. I have a client that had a lease before 2/15/20, but it renewed after that at a higher monthly amount-same property though-which rent do I use?
9. I went to a different CPE class last year and the instructor told us we could write off inventory, which we did for several clients. I am hearing now that was wrong. What gives?
10. I was looking at the 2020 Form 1099-MISC and do not see a box for non-employee compensation-where did it go?
11. With the recent run-up in gold prices, I have several clients wanting to put gold in their IRA. Can they?