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welcome to dollars and cents hosted by sanjeev gupta cpa dollars and cents is the show about growing more of what you are making saving more of what you are growing and making more of what you are growing and saving in the most sensible and tax efficient manner possible feel free to call in to our studio number to be live on air with your questions call 408 912-5038 that's 408 912-5038 and here is your host of dollars and cents sanjeev gupta cpa good evening friends this is your cpa san diego cpa happy new year to all of you what a year stays going to start you've seen disruptions at the highest level with the protesters laying siege at the capitol hill when the congress is in session we've never seen such a picture anywhere accepting maybe in india this kind of act should be condemned by all and should not repeat in future today in our today in my show dollar and cent show we're going to have a full segment on the kovit 19 relief act known as coronavirus response and relief supply probation act that will be discussed today about ppp loan and that will be discussed in detail about that act that was passed on the line 11th hour for president trump and we're going to talk about how to take advantage of those things how to apply for pb2 what are the ideas to look into what are the things to to look for we're going to discuss all that in our segment on the dollar topic segment if you have any questions for the tax season we are in tax season right now uh for 2020 next year looking for a any question answer to a question about estimated tax payment and capital gains about ppp loans about your foreign income disclosures 401ks roth iras any question on business taxes you have a burning question i have not been able to connect with your cpa and have that question that needs to be answered right away you can call the studio number at in our 408-912-5038-408-912-5038 update section today we we know that democrats wanted two crucial georgia senate seats which make them control the senate and the house what does it mean it means president-elect biden tax plans will go through he doesn't need a lot of majority in the senate it needs a simple majority so his plans as we know is going to increase taxes for individual tax filers making over more than 400k there will be he's looking at inheritance tax which was not there earlier united tax is a tax on the increase in basis when you unite an asset at the fair market value earlier there is no tax right now we don't have what is looking at it and is looking at increasing the corporate tax rate from 21 which is there to 35 percent that's a big jump that's a big new job but at the same time we know the democrats want to increase spending they want to give stimulus checks of two thousand dollars not six hundred dollars two thousand dollars of stimulus payment and they want to increase the infrastructure spending that's what made the stock market jump today that's why stock market was jumping like this dow jones was was was 400 plus points which will create inflationary conditions which will bring bring the dollar down and high interest rate i have a caller here let me take this call thank you this is sanjukra cpf good evening sanji president yeah so um what do you think about uh cryptocurrency and uh bitcoin so are you asking questions about what you think in the future about those currencies uh how do you feel about like investing yeah well see see i think that i think these currencies are definitely inflationary condi in impressionary areas means uh of course uh you know who plays in the bitcoins who plays in uh uh in the other cryptocurrencies so i will not put much money into this into those investments because uh i'm a very conservative person myself uh but if you want to if you want to do some kind of uh like speculative investment and want to put some hand into it go for it making making a small investment and see how it goes but definitely is not something which you should put your money into at this time it's a very risky investment for me okay thank you for the call okay so let's go to the so again the studio number is four zero eight nine one two five zero three eight four zero eight nine one two five zero three eight if you have any questions on tax questions again we are in tax season this is sanjuta cpa who's doing the show i have a website send you cpa.com sanjivcpa.com and a lot of information you can find on that website we are doing a very good webinar which is coming up on the ppp loans on january 30th also we are doing on february 19th uh we are doing it tax tips how to file a tax return for 2020 which is going to be full of tips for individuals and and business tax filers so so i was talking about democrats winning these two seats so today the stock market was very high the reason why it was high because on the expectation that when the democrats come when they're going to win when they are in control of the senate in control of the congress in control of the white house they are going to go more more spending uh looking at two thousand dollars in a similar payment and more infrastructure pending so by the same time like i said inflation condition will persist and it will bring down the dollar which is down by the way if you look at the dollar value compared to canadian currency as compared to indian currency as compared to uh european uh currencies is down in value by at least ten percent or more so it's important that uh whatever happened today uh definitely in the senate is controlling that factor but again it's a sigh of relief that the things should not repeat in the future and this copied virus that is coming whereas playing havoc everywhere will be controlled we'll get vaccine as soon as possible which can create more confidence in the people and they will start going out hitting a restaurant flying more uh doing traveling maybe the confidence level will come back and that will push maybe maybe a control maybe control on inflation and better mobilization of resources hopefully that will happen any questions you can call studio number 408 912-5038 so let's talk about the crssa bill covete relief reaction and relief supplemental provision act so we call it covet 19 relief bill so in that we have we know that is a there is a stimulus payment of six hundred dollars for individuals and there's a payment for twelve hundred dollars for married funny joint and by the way i've seen that money coming in the account i've seen the money coming into my daughter's account i've seen the people call clients calling me and saying hey they see the money in their account so you might you might look into your account and see that money has already come in if you're qualified for it yes you can get that money in that account so the economic payment is due and if you don't get it don't worry you don't have to worry because it's an advanced payment of 2020 rebate so if you don't if you don't get it now you can always apply you can always apply when you're when you're filing a return you'll get it that if by mistake you get it you're not your income is higher and you don't qualify what for that payment then don't worry at all because it's it's you don't have to return it back so that's a nice payment that people are getting it the important thing of this uh of the bill was the ppp2 ph check protection program 2 which i'm going to talk today about in length the first thing about ppp2 is that is this pp2 loan is available to small business owners who is having less than 300 employees and there should be a decline in revenue by more than 25 in any one quarter of 2020 as compared to prior quarter five year quarters relevant quarters for example if you are declining if your revenue is declining by 25 in second quarter of 2020 then you have to compare that's that that revenue with the corresponding second quarter of 2019 and see whether that uh the revenue is down in 2020 by more than 25 as compared to the second quarter of 2019 if it's so then you can go ahead and apply and when you should apply lenders are already sending links to the borrowers who start their applications the spa has time limit uh to set uh to start this process it's not yet started it's going to start soon maybe in a day or two or this week hopefully everything will be set up so things should be ready for this one and you should you should be the the person you should not lag behind but apply for it now so that revenue reduction of by 25 is important criteria the employee should be less than 300 employees not 500 which was there earlier the loan is limited up to two billion dollars in ppp1 we saw that shocking stories that peop that business owners got 10 million dollars and public companies got 15 million dollars they can go to the stock market and and get the waste of money but there is they got the money from from this and they use misused at once this is really targeted to small business targeted to really those businesses were suffering a bit with a reduction in the revenue so it's better targeted and the period that you have to use those funds can be any period between 8 weeks and 24 weeks it's not that you have to continue till 24 weeks are over even if you have used the funds you can use any period from eight weeks to 24 weeks there is a flexibility of choosing the period which was not there in the ppv one program and the loan amount how how much you can get the loan if it's based upon the same formula which was there on the ppv one based on 2.5 times the payroll of 2019 and if you're in a food accommodation and food service industry with a nics code 72 which is a hotel and restaurant you can get 3.5 factors 3.5 times so if you're one of those business owners who are listening who owns a hotel who owns a restaurant you can get 3.5 times not 2.5 times so one time extra and one time extra is a big amount if you are a good employee good number employees and they are suffered the most so for them it's better for them to to have their books ready reconcile their bank accounts reconcile the credit card statements have their financial stress financial readiness and compare and be ready for the comparison now remember when we talk about the decline in gross asset how do you how to how do you measure that decline so the measurement will depend upon the deposit in the bank not based on invoices because invoices can be manipulated by a lot of business owners so it's based on a deposit in the bank and then compare the deposit even if you're on a closed basis do on a deposit basis so that you can you can really prove in case of any any question that comes from the recipe or any audit happens then you can definitely go back and say this is based on the deposit in the bank and you can prove it you can easily prove it so to be eligible for this round of ppp you must have used the first ppp amount or will use the full amount of for your first ppp and you and again you need to demonstrate that user's reduction in revenue by more than 25 percent this is sanjivata cpa we are doing this dollar and cent shows on every wednesday if you have any questions on on capital gains on ppp loans or are you wondering about how to uh do the tax returns on on few items new items which are there like one caller called about cryptocurrencies uh definitely there are new items on 1040 estimated tax payment which is due on january 15th i am going to do a show next week about estimated tax payment which is going to be critical listen to that show because it really will help you how to avoid being about paying any penalty interest on that one so you can call the studio number today at just now at 408-912-5038-408-912-5038 now the studio nobody can like i said this this ppp second loan is very very uh targeted to a small businesses is targeted it has created a special allocation for minority and women monetary owned organizations it has provided a separate allocation to tv tv and radio stations so it's a it's an important thing they have they have get segregated some something for those media who are suffering because they are not not many advertisers available to put money on the table they have also provided a separate things for self-employed people independent contractors and small agriculture cooperatives they are they are eligible for new ppp loans so that's important thing so like i said to get this to get the application going for second ppp loan remember you have to look at your quickbooks your books that you know either you maintain quickbooks or you maintain on excel makes do a comparison if it's more than 25 and you have a payroll for 2019 you're qualified to get this loan so don't uh just wait for these things that come up alive that's going to be very soon live in a day or two but it'll when it becomes live just go ahead and apply as soon as possible in case you have an existing vpp loan and you you do not get equal amount we have a you have a caller here let me take this call thank you for the call this is the cpa hello good evening lot of good information you're sharing over a period of time i have one basic question i know it's very basic uh uh i had my parents stay with me entire 2020 and they left uh on christmas day but uh i i i i'm not sure how to uh get an ipin applied for them because now they're out of the country i want to check if that is feasible or they have to be in the country to get an item this is a very good question by the way uh so a lot of people a lot of parents were here because of lockdown or anything or they were not able to travel and they stayed here for more than six months of course that's the time where you can look at applying for it number and claim them as dependent if they're qualified for this uh remember you are going to get a 500 credit or for the other departments that are available under the scarce act so to apply for it number definitely you have to uh you can fill up that bomb wsrw9 and i think w4 form you need to fill up and all those things and uh you have to test a document like a passport other things they can do they can get it noticed but by the consulate u.s consulate in the in india you can get it done uh you can send it with that uh with your tax returns uh when you file with the tax returns and have those documents there and see what happens because copies situations are different it's not normal situations and if you do those things definitely you can be you can be able to claim them on your return okay okay thank you sir thank you for your call any any other question you have listeners you have you can call visit a time you can interact with me um i'm available at this time phone number is 408 912-5038 912-5038 so coming to this ppp loan uh if you have ex if you have applied for a ppp first loan and by and you were not able to get the full amount for example if you applied for 100 000 based on your 2019 payroll 2.5 times and you got only eighty thousand because there might be some errors or you did not understand the concept or you know your payroll company did not give you the right information or you did in a hurry and you made mistakes you can ask for an increase of twenty thousand dollars you can go to the lender and say hey i did wrong this is what the document documentation look like please get please give me the additional 201 000 and he will give you that additional twenty thousand dollars so there's just so there's a provision in the ppp2 program where you can ask for an increase in the loan amount in the first people long amount important thing about this ppp2 was they have expanded the definition of expenses for giving expenses uh that can be that can be used from those funds earlier we know that the expense the funds can be used for payroll 60 and 40 can be used for rent utilities model interest now they've increased the they've expanded it to include more expenses whatever expenses they have included operating expenditure such as payment for any software cloud computing human resources and accounting needs then they have included the supplier cost if you are a restaurant owner if you're hotel owners and you're buying supplies and you're buying from the industry under a contract before or on the day you get the loan or during the period you can have to supply a cost counted under 40 of that uh criteria so not nly because a lot of lot of a lot of business owners are not paying rent they're not being ranked because they have uh they have done a deal with the landlord and the landlord says it's okay because your business is running i will take six months i will not give you i'll give you more than six months and they're they're trying to work out with their restaurant owners and hotel owners so their people are saying if i'm not able to pay rent how can i use those funds for 40 percent i don't have moderate interest i don't have utilities because i'm not running any business well then in that case if you are having to supply your cost buying materials definitely it helps you if you have a call here let me take this quick call within i had a question about the taxes uh uh so i have uh had a wt income from another state and although i live in california have a remote job so i just started that recently in the month of november 2020 so uh my question is so if i file taxes from here do i include those taxes in uh you know with my current ones uh here in california i have to do or i have to do that from the state where you know the income is generated nitis you have you have done a very good a very good question you have like this is a question that is going to come up numerous times very important question for a lot of listeners who are working at home from their home state but they are employed somewhere else or they are in they are in different state and they are working from from different state so the the thing is that you have to be careful the employer has to be careful you have to be careful if you're working from a state in a very if you're working in a different state and but you're going to home state which is different state definitely you have to file the return based on that state in which you are living because the income comes to in that state and but when you when you file for the other state you file as a non-resident state but the problem that will come is uh that state which you're working uh if they don't have a treaty with the other state and their state uh the employer will be taking out taxes for the other state not the state in which you're living and that other state we can't can send you a notice saying that hey where is my where is my for my is my money here so that's where the problem will come so you have this is kind of a one of the areas where states have to work together and find out the solution some states are working towards it most states have not done anything on this one but the solution for you is to because you are living in that state in which you are making money you have to file the return order states you have to allocate wages to that state and pay taxes for other state your non-resident but going forward you inform your employer that i'm i'm not in that state where you are working i'm in the state where i'm living so take out the taxes properly not the outer state taxes okay so i have to find it i lost you yes i lost you sir nathan your voice is breaking up hello i know some something some interruptions are there your voice is echoing i think i have some issues with that but thank you nitin for the call and this is very important question that people will have definitely and i believe i hope all the states come together have an agreement in place so that people are not affected when they do the tax filing otherwise you can see and notices and notices coming from different state hampering hammering the employees hammering the employers and there will be a penalty of plenty of no penalties and notices coming coming and hitting both so we are coming we are coming to very end of this show but we are only like one or two minutes remaining for the show but uh i just so i just wanted to go through this uh important things um all this time runs very fast but what important thing is we have to do this and to make sure that the listeners understand what we are bringing on the table so that they can apply in the best possible manner so the knowledge that we give them now when we're talking about the expenses remember we talked about the operating expenditure the supplier cost that can be increased and the worker protection expenditure can also be increased now in case you are one of those businesses and that get impacted by in case of some some like damage to your property because of protesters coming and and banking on your windows and you you have to do some expenses to make it to that level and you're not getting an insurance payment those expenses are also counted towards this so when you're applying for the new loan keep these expenses in mind uh it's important they are included in the calculation of forgiveness and the application forgiveness has been simplified you know if your loan is hundred hundred fifty thousand 000 please and please all of the listeners who are listening whoever business and i got a ppp loan don't apply for forgiveness now you assume the sp is going to come with a small with a simplified application one page application uh in a in a week's time wait for that and other points we'll discuss next week next wednesday same time 6 30 p.m see you all there and get ready and get ready for to answer like anything any question that you have you can ask me at that time and i will happily answer all those questions thank you thank you for staying with me thank you thank you for tuning in today to dollars and cents hosted by sanjeev gupta cpa tune in next wednesday and every wednesday at 6 30 p.m if you have any questions about the program or its related topics you can get in touch directly with sanjeev gupta cpa by calling 510-825-7563 that's 510-825-756 or visit sanjeevcpa.com if your business has made a lot of profit and you are looking for ways to substantially reduce your tax liabilities by taking the full benefits available under tcga and the cares act then set up a consultation appointment before the 2020 tax year runs out call sanjeev gupta cpa today at 51082 that's 510-825-7563 or visit sanjeevcpa.com