Tyler Willis, CPA and I had a zoom chat where we discussed various issues that are unusual in 2020 due to COVID-19 shutdowns, successful pivots, and the PPP program. And if that wasn’t enough, many wineries had lower production due to the fires. All of these issues are affecting your tax return in a way that you might not have anticipated.

A year like this year is a good year for a deep dive and to make sure that you’re taking advantage of everything you can. TW

Remember, Tyler is a CPA, but he is not your CPA. Our conversation is intended to highlight some topics for you to discuss with your tax preparer.

Topics and time stamp for part 1

• PPP Impacts at 2:00
• EIDL Grant at 7:00
• Higher net income in 2020 than prior year at 9:00
• Crop insurance at 11:00
• Lower production at 13:00
• New barrels but not all in use at 14:00
• Cash vs Accrual on Tax Return at 15:00

Topics and time stamp for part 2

• Loss Carryback Opportunity at 0:00
• Section 139 Deduction at 3:00
• Impact of the election at 6:00
• Key things needed to do a tax return quickly at 9:00
• Adjustment from Book to Cash at 12:00