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Gary Bode, CPA: there's lot of resources to answer Form 8825 issues. For a free phone consult call (910) 399-2705. Form 8825 uses the number of Personal Use Days to calculate the percentage of rental property expenses that are deductible. The personal use portion of real estate taxes and mortgage interest then flows to the . . . → Read More: Form 8825 CPA discusses Personal Use Days | Rental Property 2012 Gary Bode, CPA: an S Corporation can avoid the 2013 additional Medicare Tax. For a free phone consult, call (910) 399-2705. Any S Corporation CPA will tell you distributions circumvent employment taxes all together. S Corporation distributions are the profit taken after paying the shareholders “reasonable compensation” (formal wages subject to employee and employer payroll . . . → Read More: S Corporation CPA discusses 2013 Medicare Tax Avoidance | Form 1120-S Gary Bode, CPA: the ROBS technique deserves prudence. For a free phone consult call (910) 399-2705. ROBS allows your personal self-directed pension plan to invest in a new business structured as a C Corporation. It’s a way for folks to start their own company with retirement funds that would otherwise incur immediate (25%+) tax upon distribution. . . . → Read More: ROBS CPA discusses Pros and Cons of the Rollovers as Business Start-Up Technique Gary Bode, CPA: moves are still available, even in the end game of IRS collections. For a free phone consult call (910) 399-2705. If you received Form 668(Y), you probably didn’t have a tax lien CPA. And the IRS is probably demanding too much tax. There are still some moves left during the end game of . . . → Read More: Tax Lien CPA discusses Form 668(Y), Form 12277 and Form 10916(c) | tax lien release and withdrawal Amended business tax returns are a fact of life; required information arrives late, errors occur. Amending a return probably doesn’t raise IRS or State suspicion per se. Still, accuracy is prudent. While most web chatter focuses on the IRS, most CPAs would say the State return is usually more complex. General rules include preparing and . . . → Read More: CPA discusses Amended Business Tax Returns | 1120-X, 1120-S, 1065 and 1040-X Gary Bode, CPA: It's ironic that a C Corporation CPA firm would be so silly. For a free phone consult please call (910) 399-2705. C Corporation CPAs should look at restructuring these clients into some other type of business entity. Sometimes there’s a better way to go. Read below to see why. The only . . . → Read More: C Corporation CPA discuses 2012 Tax Court case | Form 1120 Gary Bode, CPA: What do you think about the Tax Court case? For a free phone consult, please call (910) 399-2705. Any real estate CPA knows that valuation is an issue with the IRS, whether you’re buying, selling, trading or giving. As with gifts of art, you’re required to get an appraisal for donations of real . . . → Read More: Real Estate CPA discusses a 2012 Tax Court Case on Charitable Giving | Form 8283 Gary Bode, CPA: the IRS offers a lower threshold to qualify for an Offer in Compromise. For a free phone consult call (910) 399-2705. Through Form 656, taxpayers can pitch an Offer in Compromise to the IRS to pay less tax than actually owed. The Offer in Compromise is the infamous technique that used . . . → Read More: Offer in Compromise CPA discusses 2012 IRS changes to Form 656 LLCs can elect how they’re taxed. In this post, the LLC chooses to be taxed as a Partnership and files Form 1065 with the IRS. The following example illustrates a common trap for LLC Members; the IRS treats a reduction in a Member’s share of LLC debt as a cash distribution. The following example is not comprehensive. . . . → Read More: LLC CPA gives an example of Partnership Distributions | Form 1065 In a Partnership LLC, Members pool their assets to increase profit. The IRS encourages this. So, a member doesn’t generally have gain or loss when contributing an asset to the LLC. Conversely, LLC distributions to a Member usually have no immediate tax consequences either. Why? Distributions generally return the partner’s capital or guaranteed payments. Note that . . . → Read More: LLC CPA discusses Disguised Sales in Partnerships | Form 1065 |
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Copyright by Gary Bode, CPA © 2012 Gary L. Bode, MSA, CPA, pc -Disclaimers -Privacy Policy -All Rights Reserved |
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