As COVID-19 and tax-related relief questions continue, Toni Covey and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• Due to the AB5 Law, my clients can no longer hire me as an independent contractor. Instead, they are hiring out-of-state contractors. Do I need to switch to an S Corp or move my company out of California? It depends and offers various options, such as a worker must be customarily engaged in an independently established trade occupation

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Resources:

Uniform Transfers to Minors Act (UTMA)

https://www.investopedia.com/terms/u/utma.asp

Economic Injury Disaster Loan (EIDL)

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

Paycheck Protection Program (PPP)

https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

Paycheck Protection Program (PPP) Flexibility Act

https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944

Small Business Administration (SBA)

https://www.sba.gov/

Internal Revenue Service (IRS)

https://www.irs.gov/

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Individual Retirement Arrangements (IRAs) 

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

Unrelated Business Income Tax (UBIT)

https://www.irs.gov/charities-non-profits/unrelated-business-income-tax

Unrelated Debt-Financed Income (UDFI) 

https://www.irs.gov/pub/irs-tege/eotopicn86.pdf

California Assembly Bill 5 (AB5)

https://www.investopedia.com/california-assembly-bill-5-ab5-4773201

Franchise Tax Board (FTB)

https://www.ftb.ca.gov/

Capital Gains Exclusion/Section 121

https://www.irs.gov/taxtopics/tc701

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

Form 1065: Schedule K-1

https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

Form 8805

https://www.irs.gov/forms-pubs/about-form-8805

1040NR

https://www.irs.gov/forms-pubs/about-form-1040-nr

Passive Activity Losses (PALs)

https://www.investopedia.com/terms/p/passive-activity-loss-rules.asp

Schedule A

https://www.irs.gov/forms-pubs/about-schedule-a-form-1040

Schedule C

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

Section 105

https://www.irs.gov/pub/irs-drop/rr-03-102.pdf

Tax Cuts and Jobs Act (TCJA)

https://www.irs.gov/tax-reform

26 U.S. Code Section 280A

https://www.law.cornell.edu/uscode/text/26/280A

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Healthcare Reform (Affordable Care Act) 

https://www.healthcare.gov/

Credits and Deductions

https://www.irs.gov/credits-deductions-for-individuals

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

[email protected]

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Tax-Wise Workshop

https://andersonadvisors.com/tax-wise-workshop/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/