WEBVTT - New Tax Laws Explained.  Steve Moskowitz Talks To Armstrong & Getty

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<v Speaker 1>Today is April fifteen, traditionally known as tax Day. Wasn't

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<v Speaker 1>really tax day last year, not really tax day this year.

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<v Speaker 1>But you are gonna have to have your taxes done soon.

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<v Speaker 1>And I know lots of people have questions because practically

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<v Speaker 1>everybody has done something different in the last year, if

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<v Speaker 1>not a lot of things different in terms of, you know,

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<v Speaker 1>writing off gas mileage or home offices or whatever. Right,

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<v Speaker 1>plus the changing the administrations, changing Congress, retroactive laws, the

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<v Speaker 1>rest of it confusing times. And for years and years

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<v Speaker 1>we've asked our our task questions to Stephen Moscowitz, who's

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<v Speaker 1>a tax attorney and uh former cp A. Stephen joins

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<v Speaker 1>us now. By the way, before I forget, if you

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<v Speaker 1>ever need to get in touch with Stephen, go to

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<v Speaker 1>moscow It's LLLP dot com. Stephen, how are you, sir?

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<v Speaker 1>I'm great. It's my favorite day of the year, April fifteen. Listen,

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<v Speaker 1>we can hear this everyone, Yeah, we can hear the

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<v Speaker 1>spring and your step that's funny. Everybody else dreads that

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<v Speaker 1>you love it? Yeah, you know, you know I love taxes,

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<v Speaker 1>but more importantly saving taxes. Yeah, here here, and so

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<v Speaker 1>just a quick silly question, why did they put off

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<v Speaker 1>the text headline this year, do you know, because they

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<v Speaker 1>got political pressure and like everything else, they go ahead

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<v Speaker 1>and they give something and say, hey, they've done something

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<v Speaker 1>for you. But you have to watch out because the deadlines,

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<v Speaker 1>you know, May seventeenth is coming up. And also there's

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<v Speaker 1>a difference between paying the estimated payments which are for

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<v Speaker 1>next year, which they want by today, as opposed to

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<v Speaker 1>the taxes when you go ahead and file the return

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<v Speaker 1>or extend the return. But on the other hand, the

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<v Speaker 1>government has given us so much stuff and there's just

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<v Speaker 1>so much. One of the things I want to caution people,

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<v Speaker 1>if you go on the internet to look the stuff up,

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<v Speaker 1>be very very careful because there's been so many recent

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<v Speaker 1>changes that a lot of the websites are given you

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<v Speaker 1>what was good law a while ago. But the things

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<v Speaker 1>just change and change. For example, we had a big

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<v Speaker 1>change on the eleventh of last month when the Congress

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<v Speaker 1>has really given in the way of the store. For example,

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<v Speaker 1>if you own a restaurant, bar, food truck, foodstand, or

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<v Speaker 1>any type of business that serves food and beverage to

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<v Speaker 1>the public, the government is willing to give you your

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<v Speaker 1>pandemic gross revenue losses up to ten million dollars a taxpayer.

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<v Speaker 1>That's a really big deal. Um. I know, over the years,

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<v Speaker 1>I've known lots of people that really tried to push

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<v Speaker 1>the whole home office thing to write stuff off, and

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<v Speaker 1>then you try to include everything in your home office. Right, Well,

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<v Speaker 1>I've got garbage in my home office, so I should

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<v Speaker 1>write off my garbage. You know, I gotta have a

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<v Speaker 1>TV in my office to keep track of the stock market,

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<v Speaker 1>and that's why my TV is paid. But legitimately, a

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<v Speaker 1>lot more people worked at home in the last year.

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<v Speaker 1>Are the rules the same around that or any different?

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<v Speaker 1>Are you have any advice for people who worked at

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<v Speaker 1>home primarily and what they can benefit from that tax wise? Yeah,

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<v Speaker 1>a couple of things. In order to qualify for home

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<v Speaker 1>all this, you have to use a portion of the

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<v Speaker 1>home exclusively for business, which a lot of people are

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<v Speaker 1>doing now. And the bottom line is you want to

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<v Speaker 1>take all your expenses to go along with that. Just

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<v Speaker 1>watch out though there's a dark side to that. The

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<v Speaker 1>dark side is that you're converting a portion of your

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<v Speaker 1>home from your personal property to business property. So when

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<v Speaker 1>you set if and when you sell the home, there's

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<v Speaker 1>a difference in tax treatment on the other hand, if

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<v Speaker 1>you say, oh, you know, I needn't keep my records,

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<v Speaker 1>I don't know. The government also has a standard deduction

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<v Speaker 1>for home office too, so you can check that and

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<v Speaker 1>you can do that. Obviously, you should take the greater

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<v Speaker 1>of the actual or the standard, but you can you

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<v Speaker 1>can take a look at that. I didn't know that.

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<v Speaker 1>So when you sell your house, you have to make

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<v Speaker 1>it clear that that bedroom there that you're going to

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<v Speaker 1>use as a bedroom with my office. Yes, because it

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<v Speaker 1>makes a difference on your taxes. So that's one of

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<v Speaker 1>the things that I tell people when we do the

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<v Speaker 1>return generally to your benefit or to yourm I did

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<v Speaker 1>not know that. Well, that's why you talk to me.

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<v Speaker 1>And it's kind of like a doctor saying, here, I

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<v Speaker 1>have this medicine for you. It does some good things.

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<v Speaker 1>By the way, your ears will drop off if you

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<v Speaker 1>do something, so there's some side effects. Wow. Another great

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<v Speaker 1>thing the government did was they changed the e r

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<v Speaker 1>C Employee Redemption Credit Retention credit. And what happens with

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<v Speaker 1>that is when the p p P first came out,

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<v Speaker 1>the government said, okay, you got to choose between p

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<v Speaker 1>p P and e r C. Most people took p

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<v Speaker 1>P P and they got the loan from the government,

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<v Speaker 1>which you want to have forgiven. Then the I R said, well,

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<v Speaker 1>you know that's free money, so you can't take a

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<v Speaker 1>tax adoption, and the converse said, no, that wasn't the

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<v Speaker 1>intention of Congress. Yes, you can take the tax adoption.

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<v Speaker 1>Then on December last year, the government said, only kidding,

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<v Speaker 1>you can have both as long as you don't double dip.

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<v Speaker 1>But the fact that you have P P P doesn't

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<v Speaker 1>stop you from getting the e r C. And they

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<v Speaker 1>offered a max of five grand per employee a year.

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<v Speaker 1>Then the government came out and they said, you know what,

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<v Speaker 1>they're gonna change this for one and let you have

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<v Speaker 1>the first two quarters. Then they changed it again last

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<v Speaker 1>month on the eleventh and said only kidding again, and

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<v Speaker 1>you can have all four quarters. And by the way,

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<v Speaker 1>they're raising it from the five grand a year to

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<v Speaker 1>seven thousand a quarter. So that means if you have

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<v Speaker 1>an employee, that's twenty eight thousand dollars per employee, So

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<v Speaker 1>so post you had to employees, the government's going to

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<v Speaker 1>give you two hundred and eighty thousand dollars free free,

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<v Speaker 1>and then you can deduct that money that you get

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<v Speaker 1>and when somebody gives you something nice, what do you say? No,

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<v Speaker 1>you say more. What happens is that the government said,

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<v Speaker 1>you know, they had to with menderform three times to

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<v Speaker 1>account for this stuff. And you say, well, okay, now

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<v Speaker 1>what you can do if you can get back payroll

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<v Speaker 1>taxes that you've paid. But you said, well, wait, minut,

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<v Speaker 1>where where's my more? There's a new form Form seventy two.

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<v Speaker 1>And what that lets you do is, rather than asking

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<v Speaker 1>for the money back. So I suppose you've already paid

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<v Speaker 1>the first quarters, Okay, I want to go ahead and

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<v Speaker 1>get that money back. Fine, But if you haven't paid,

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<v Speaker 1>let's say the next quarter. You say, you know what's

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<v Speaker 1>supposed For example, I make up a number. You're entitled

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<v Speaker 1>to a credit of a hundred and and this quarter

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<v Speaker 1>I would have had to write the I R S

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<v Speaker 1>a check for thirty. So say I R S. Instead

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<v Speaker 1>of writing you a check for thirty, I'm going to

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<v Speaker 1>claim thirty of my credit and you write me a

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<v Speaker 1>check for seventy. This is trumendous stuff. The government is

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<v Speaker 1>giving away the farm. Now later on we're going to

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<v Speaker 1>pay for this within these taxes. At President Biden has

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<v Speaker 1>already talked about And that's one of the things you

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<v Speaker 1>have to watch out too. With the state planning. Right now,

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<v Speaker 1>we have each of us has an eleven point five

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<v Speaker 1>eight million dollar exemption, so married couples twenty three million bucks.

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<v Speaker 1>You know most people have less than that, don't the

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<v Speaker 1>way about state taxes. When candidate Biden was campaigning, he

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<v Speaker 1>said he wanted to drop that to three and a

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<v Speaker 1>half or four mil. Now President Biden says, well, we're

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<v Speaker 1>giving away all this money. He wants to drop it

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<v Speaker 1>to one mill. So what that means is that there's

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<v Speaker 1>an awful lot of taxpayers who never had to think

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<v Speaker 1>about the state taxes that now have to think about it.

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<v Speaker 1>So I know this isn't a course and the state planning,

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<v Speaker 1>but I'll just throw out there that there's some things

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<v Speaker 1>you can do now to save what to behalf of

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<v Speaker 1>your state would otherwise go in taxes. Stephen Moscow, it's

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<v Speaker 1>is online. Stephen are longtime tax advisor started jump in

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<v Speaker 1>their crime against humanity taking half of what you've already

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<v Speaker 1>paid for taxes on your whole life. But that's a

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<v Speaker 1>different topic, and they always start with a huge number

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<v Speaker 1>than would it down down down. I want to in

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<v Speaker 1>the time we have though, you're always so good at

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<v Speaker 1>what are people surprised by this year? What did they

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<v Speaker 1>fail to calculate or anticipate? And they get hammered on

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<v Speaker 1>their taxes? Well, you know, unemployment insurance is fully taxable.

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<v Speaker 1>So a lot of people went ahead and they paid

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<v Speaker 1>the taxes on that. Then convers said, well, have changed

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<v Speaker 1>our mind. The first if you otherwise qualify the first

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<v Speaker 1>ten thousand, two hundred is not so the I R

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<v Speaker 1>S is correcting those. Also, you can take a hundred

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<v Speaker 1>grand out of you if you're under and a half,

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<v Speaker 1>you can take a hundred grand out of your retirement

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<v Speaker 1>account without paying the penalties, but you have to pay

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<v Speaker 1>it back within three years. And what you have to

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<v Speaker 1>do is pro rated over three years, so you pay

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<v Speaker 1>tax on one third of it, and then if you

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<v Speaker 1>pay it back within three years, you found amended return

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<v Speaker 1>and you go ahead and you get the money back.

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<v Speaker 1>Another thing is there's an awful lot of how excited

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<v Speaker 1>to get about this stuff? That really is if a

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<v Speaker 1>lot of people have said, hey, I never got my

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<v Speaker 1>stimulus payment, what's up with that? That's so widespread. The

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<v Speaker 1>I R S actually added a line to the ten

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<v Speaker 1>forty line thirty where if you didn't get your stimulus payment,

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<v Speaker 1>you can go to line thirty of your tax return

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<v Speaker 1>and make up for it there. So there's an awful

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<v Speaker 1>out there. I could go on and on and on,

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<v Speaker 1>and we're talking. We're talking with Stephen Moscotz. Yeah, we're

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<v Speaker 1>talking to Stephen Moscowitz, tax attorney who we've talked to

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<v Speaker 1>for years. And so I know because we have talked

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<v Speaker 1>to for years that the pendulum swings back and forth

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<v Speaker 1>on enforcement. Now you want everybody to follow the law.

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<v Speaker 1>I don't care, but is it is it? Is it

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<v Speaker 1>swinging towards they're really cracking down or away from that?

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<v Speaker 1>Right now? They're cracking down a lot of things. For example,

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<v Speaker 1>the I R S just launched a new program called

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<v Speaker 1>Operation Hidden Treasure. That sounds ominous, That sounds like it's

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<v Speaker 1>be an accident venture movie. Right, they're going after crypto people.

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<v Speaker 1>So what's happened is, remember for years we talked about

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<v Speaker 1>how the government's going after people are feign bank accounts.

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<v Speaker 1>They've now changed the emphasis. Now their number one priority

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<v Speaker 1>is hunting down crypto people. And a lot of people

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<v Speaker 1>mistakenly think that, oh, if you do crypto it's hidden.

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<v Speaker 1>The government can't know, So forgive the pun I'm going

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<v Speaker 1>to use. The RS has successfully mind and you know

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<v Speaker 1>what that is if you're in crypto, they have mind

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<v Speaker 1>the information. And now the government is going after people

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<v Speaker 1>both criminally put you in prison and civilly civil fraud

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<v Speaker 1>penalty stacks plus interest for not reporting crypto or reporting

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<v Speaker 1>it improperly. So the bottom line, like so much else

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<v Speaker 1>in tax, now is the time where if you said oops,

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<v Speaker 1>maybe you you inadvertently overlook something, is the time to

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<v Speaker 1>fix it before the government comes knocking on your door

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<v Speaker 1>with a heavy hand. Stephen, Moscow, it's online, Stephen. We

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<v Speaker 1>gotta have you on again before the new deadline. But

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<v Speaker 1>it's great to talk. Thanks for the advice. And if

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<v Speaker 1>you need Stephen services or you just want to get

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<v Speaker 1>in contact Moscow. It's LLLP dot com. Stephen. Always great

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<v Speaker 1>to talk. Thanks, thanks so much. I always loved doing

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<v Speaker 1>your show. You we got to do a podcast with

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<v Speaker 1>him or something, so we have lots and lots of time.

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<v Speaker 1>One of my favorite things he's ever said, and he's

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<v Speaker 1>done it a couple of times. He did it last

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<v Speaker 1>time we had lunch. But he poses this to people

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<v Speaker 1>a lot, and it sticks in my mind. Uh, I'm

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<v Speaker 1>gonna give you a choice. Do you want to have

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<v Speaker 1>two million dollars from this guy? Orould you have to

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<v Speaker 1>have this guy give you four million dollars? And you know,

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<v Speaker 1>if you haven't thought about it a lot, or you're

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<v Speaker 1>younger or whatever, you'd say obviously the four million dollars.

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<v Speaker 1>No, no no, No, I need to know what the tax

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<v Speaker 1>implications are. That's the whole ball game. What what is

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<v Speaker 1>the entity or whatever situation I'm getting the two million

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<v Speaker 1>verses of the formula, because one might be free and clear,

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<v Speaker 1>one might be you know, the tax at six you'd

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<v Speaker 1>end up with less with taking a four million than

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<v Speaker 1>the two million. And that applies to every single dollar

0:11:34.160 --> 0:11:36.600
<v Speaker 1>you get in your life. And you know I didn't

0:11:36.679 --> 0:11:38.640
<v Speaker 1>used to think that way the way way you have

0:11:38.760 --> 0:11:42.439
<v Speaker 1>to now. The tax implications are everything on every bit

0:11:42.480 --> 0:11:47.000
<v Speaker 1>of money you get, which is twisted. I have more

0:11:47.040 --> 0:11:48.920
<v Speaker 1>thoughts on that topic, but you know I'll hold back

0:11:48.920 --> 0:11:51.000
<v Speaker 1>for the moment. Yeah, I mean that's why I You know,

0:11:51.120 --> 0:11:53.440
<v Speaker 1>I used to be a hardcore. If you're a tax cheat,

0:11:53.440 --> 0:11:56.280
<v Speaker 1>you're a bad person. I'm pretty flexible on that. It depends.

0:11:56.480 --> 0:11:58.160
<v Speaker 1>There are tax cheat that I think you are a

0:11:58.200 --> 0:12:02.280
<v Speaker 1>bad person. There tack Texas where I think, yeah, they're rapacious,

0:12:02.320 --> 0:12:06.839
<v Speaker 1>on that they made it too complicated, whatever, Yes, at

0:12:06.920 --> 0:12:09.360
<v Speaker 1>some point the King has so abused as subjects they

0:12:09.400 --> 0:12:13.640
<v Speaker 1>should not be asked to comply with his laws art.

0:12:14.000 --> 0:12:14.320
<v Speaker 1>And yet