Video 114 (9.1.20)
Weekly Questions: Videos 101-120 • 11m
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?
Up Next in Weekly Questions: Videos 101-120
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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...