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Opportunities to Find Tax and Financial Relief from COVID-19 - Shared screen with speaker view
Judi Jetson
39:22
send me an email at judi@clkcpa.com and I'll send it to you
Becky Hollifield
50:45
Is the Mtg. interest on your personal residence or it is on a Mtg. that houses your business?
Judi Jetson
53:20
It's the ortgage on our business property. Unless your business is home-based.
Judi Jetson
54:01
It's the mortgage on your business property.
David Gantt
59:39
Is PalPay the same as PayPal?
Laura Fenters
01:00:00
'yes
Jessica Cannon
01:09:18
You can also email us for this link if needed!
Elie Aharon
01:12:13
SBA advised me that EIDL $10,000 is capped at $1,000 per EE. Example: 5 EE's means it's $5,000.
Judi Jetson
01:15:13
On April 6th, in an internal bulleting, SBA announced a $1,000 cap per employee on the advance. Thanks for the heads-up.
Becky Hollifield
01:17:47
My assistant is 23 years of age and still living at home in 2018 and still living at home in 2019. Her mother claimed her as college student in 2018 and did not claim her in 2019. Will she get a Stim. check? She has not filed her taxes yet for 2019.
Don Russell
01:18:28
what were those income limits again?
Scott Crawford
01:18:49
Is the income limit based on AGI or taxable income?
Laura Fenters
01:19:04
Income based on AGI
Don Russell
01:19:29
and what are the dollar limits
Judi Jetson
01:20:00
single is $99,000. Married filing jointly is $198,000
Don Russell
01:20:06
Thanks
Becky Hollifield
01:20:06
Clarification: Does she need to go onto the IRS site to do anything or can she just file her 2019 return ASAP?
Ed Pratt
01:20:49
I am a realtor, of about 1 year. My income is zero from real estate for 2019. In 2019 I was employed for part of the year before retirement, and in 2018 I was fully employed. Given zero revenue from business, can I file for EIDS?
Judi Jetson
01:21:16
suggest she go onto the IRS website.
Becky Hollifield
01:22:04
Can you guide me as to where she will go once she is on the IRS Site to ensure that she is in the correct spot?
Ed Pratt
01:22:58
How does my previous question apply to unemployment?
Judi Jetson
01:23:34
ask her to use the website on the Powerpoint. www.irs.gov/coronavirus/get-my-payment
Judi Jetson
01:24:15
yes, a business can apply even if it's had 0 income in 2019. You cannot use the EIDL loan to refinance a business
Judi Jetson
01:26:26
Maximum unemployment benefits in North Carolina is $350/week
Walter Ashbrook
01:28:40
Signed promissory note for PPP through PayPal but no guarantee it will be funded. Can/should we still apply through other platforms?
Judi Jetson
01:29:37
Apply as many places as you can
Ryan Hogan
01:30:07
“Penalties waived for tapping into retirement funds early”For 401k’s, is there a final date to take a loan to receive the penalties waived? 2020-Dec-31? Or earlier in 2020?
Judi Jetson
01:30:34
Dec 31, 2020
Ed Pratt
01:32:59
If a mix of 1099 and W2, do I report both?
Ed Pratt
01:33:50
Employed for half a year, then 1099 new business
Jennifer Davis
01:33:56
My husband is in real estate and has an S corp. Can he apply for unemployment?
Rod Smith
01:34:02
If things are good right now but this continues and things go bad - will there be additional loans made available?
Judi Jetson
01:36:05
The 1099 business is eligible to apply.
Judi Jetson
01:36:26
The realtor with an S corp is eligible to apply for unemployment
Elie Aharon
01:36:42
Very informative. Thanks!
Judi Jetson
01:37:09
Future vision - this is an election year. If there is a group of people suffering, there is likely to be more help.
Don Russell
01:37:11
would the new QIP depreciation schedule apply to property acquired in 2020, or only in the past
Judi Jetson
01:37:34
Carol's strategy advice - look at "free money" first.
Judi Jetson
01:39:15
Changed the law permanently about QIP depreciation. It goes forward as well as backward
Don Russell
01:39:22
thanks
David Bock
01:47:31
Thanks Carol. Maybe you could give us an update next Wednesday. This has been really helpful.