atx crypto club



Anon Ymous

Tue Mar 31 17:24:08 2020
<9e126bf3> So what happens tomorrow when millions of people don’t pay rent? Has this ever happened before? what a psychotic situation
<21c2e595> Man what a deal on that shit site CMC. Binance is like the google or Amazon. Just buying up everything
<21c2e595> <@U03694HFD> ya it was early. 1900s inthink when it happened last. But this time they can get a ‘free’ 1200 bucks! Ha like that will get delivered in a timely manner…
<9e126bf3> I can’t even figure out how to trade it lmao… luckily the current tenants at the house already paid for april (they’re a company).. not sure where renters are gonna come from now
<21c2e595> Considering the check is an advance is why I put free… what a joke. Trillions for corps! Here a measly cash advance on your future tax return
<9e126bf3> yeah that’s some bullshit
<9e126bf3> and who’s in a position to buy property when income’s have blown up? Who are you gonna sell a property to that you can’t find renters for
<21c2e595> Ain’t it tho? Not even surprised.
<9e126bf3> yeah no surprise there
<21c2e595> Oh yea man. RE is about to get muuuurdered
<21c2e595> I thinknwe are about to roll over again in eqs
<21c2e595> My bro in law works ar a top 5 builder in the country. He said so many deals are falling through bc financing is busted. Credit being locked up!
<21c2e595> Here is some key points from my cpa if yall are interested.

measures of the Act are below:


Recovery rebate checks of $1,200 per Single filer, $2,400 per Married Filing Joint filer, and $500 per dependent child under age 17 are expected to be sent out/deposited in the next couple of weeks
This is an advanced payment of a credit that will be calculated on your 2020 tax return
Income limits apply, at $75,000 for Single, $150,000 for MFJ
If between $75,000 and $99,000 Single, you will receive a partial credit. Fully phased out above $99,000
If between $150,000 and $198,000 MFJ, you will receive a partial credit. Fully phased out above $198,000
Adjusted Gross Income is used to determine these limits, which includes W-2 wages, interest, dividends, capital gains/losses, flow-through income, rental income less a few above-the-line deductions, but before your standard deduction and itemized deductions.
IRS will look at income numbers on your 2018 and 2019 tax returns to see if you qualify. If 2019 income was lower than 2018, you should file your 2019 tax return as soon as possible
Your 2020 tax return will calculate how much of a credit you were actually eligible for. If the amount you receive is less than the calculation on your 2020 tax return, you will receive the remainder as a credit on your 2020 tax return. If the rebate check is more than you should have received, based on the calculation on your 2020 tax return, you will not be required to repay the difference.
Unemployment benefits have been increased by $600 per week for up to four months
Self-employed and independent contractors are now eligible to claim unemployment insurance benefits
An above-the-line $300 charitable contribution deduction for contributions made to qualifying charitable organizations
Normally a taxpayer must itemize deductions (mortgage interest, property taxes, etc.) in order to deduct charitable contributions. This allows a deduction for taxpayers even if they do not itemize deductions, e.g. taxpayers who may be renting and have no mortgage payment or property tax payment.
Taxpayers can withdraw up to $100,000 from their IRAs, 401(k)s and other plans for coronavirus-related assistance
There is no tax on the amount withdrawn if paid back within 3 years
Repayments are considered rollovers, i.e. not limited if repaying the loan, so can be paid back anytime within the 3-year period starting from the date of withdrawal
No 10% early distribution penalty applies if under 59 ½
The portion not repaid in 3 years would be subject to tax, but not to the penalty
Required minimum distributions are suspended for calendar year 2020


The Paycheck Protection Program provides business loans to cover payroll for employees making up to $100,000 per year (limited to businesses with less than 500 employees)
The loan is calculated based on a company’s payroll costs
Loans may be forgiven if the company uses the loan to cover payroll, interest on mortgages, rent and/or utilities
If employees are not retained by the business, the amount of loan forgiveness decreases, i.e. the loan is an incentive for businesses to keep all their employees in place
Payroll tax credits for employees retained but who are not currently working due to a COVID-related shut-down (claimed through payroll filings)
Payroll tax credits also apply to employee wages paid between March 13th and December 31st, 2020 for 50% of qualified wages, up to $10,000 per employee
Generally, the credit applies to businesses forced to close, or which remain open but during any quarter in 2020 have gross receipts that are 50% less than the same quarter in 2019
The FMLA credit mentioned in our previous e-mail is available for any qualifying employees taking FMLA leave after April 2nd, and after the initial 10-day wait period (please see our previous e-mail from last week for more)
Suspension of employer Social Security taxes until January 2021 (50% due 2021 and the other 50% due in 2022)
Companies can pay off up to $5,250 of employee student loans annually without the amount being considered taxable income to the employee
Business net operating losses from 2018, 2019 or 2020 can be carried back up to five years to reclaim taxes paid in a prior year
SBA loan funding increased to allow for more businesses to qualify and receive loans

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