12 Jul Tax Implications of Converting an LLC to a Corporation
Seeking clarity in the US Tax Code on Behalf of US Taxpayers EVERYWHERE...
Corporation
09 Feb Business Entity Selection and the Tax Consequences of Converting
Business Entity Selection and the Tax Consequences of Converting...
18 May Defining Small Employer with Regards to Offering Health Insurance
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in Affordable Care Act, Business Expense, Corporation, Employee Business Expense, ObamaCare, SHOP, Small Business, Sub-chapter S, Tax Credit, Tax Deductible Expenses
Many business owners of all sizes have been posting to this blog lately with concerns about offering minimum essential health insurance coverage for their employees. It is indeed a complex topic full of both pitfalls and opportunities. When you drill down into the nuances of what it really...
11 Mar Business Taxes Due Next Week – AVOID PENALIZATION – File An Automatic Extension Request TODAY – IRS Form 7004
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in Basis, Business Expense, Business Income, Colorado Department of Revenue, Corporation, Cost Basis, Extension, Partnership, Penalty, Sub-chapter S, Tax Deductible Expenses, Tax Guidance & Preparation, Taxable Income
The Business and Partnership Tax deadline is coming up fast! Don’t sweat it! File IRS Form 7004 to apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled, feel welcome to check out the instructions for IRS Form 7004. If you...
05 May Reporting Investments In Certain Foreign Corporations for U.S. Tax Purposes
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in CFC, Corporation, FBAR, Foreign Income, International Tax, IRS Enforcement, IRS Examination, Tax Guidance & Preparation
As we increasingly become more connected on this planet US Taxpayers are compelled more than ever before to hold investments in multiple countries. As a direct result timely filing IRS Form 5471 is becoming profoundly significant. I've been involved with enough international tax matters to appreciate this...
23 Oct General Rules for S-Corporation Distributions A Random Walk Down IRC 1368
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in Asset Classification, Capital Gain, Corporation, Income, Self Employ, Small Business, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests
Unless you elect different treatment, for shareholder income tax purposes S corporation distributions are applied in the following order: 1. To reduce the Accumulated Adjustment Account (AAA) determined without regard to any net negative adjustment for the tax year but not below zero. According to IRC 1368Â if...
25 Sep Accumulated Adjustment Accounts and the Subchapter S Corp
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in Accumulated Adjustment Account, Capital Gain, Corporation, Partnership, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests
This post represents some of my codified thoughts on Accumulated Adjustment Accounts and the Sub-chapter S Corp: IRS Form 1120-S Schedule M-3 Column (a), or in tax speak the AAA. Yes AAA could also be an acronym for Advanced Alcoholics Anonymous and maybe that is relevant...
03 Jun Requirements for Nonrecognition of Gain (or Loss) on Transfer of Property to a Corporation IRC 351
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in 351, Capital Gain, Capital Loss, Corporation, Like/Kind Exchange, Tax Guidance & Preparation
If property is transferred to a corporation by one or more people solely in exchange for stock in the corporation and immediately after the exchange the person or people engaged in the exchange are in control of the corporation then generally speaking subject of course...
12 Mar IRS Form 7004 Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.
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in Corporation, Estate Tax, Estimated Taxes, Excise Tax, Extension, Paying Taxes, Penalty, Sub-chapter S, Tax Guidance & Preparation, Tax Relief, Trusts
If your corporation, partnership or estate operates on a calendar year basis the tax return is due March 15th which is coming up! If you need additional time to file tax returns for these entities file IRS Form 7004 which is an application for Automatic Extension...
08 Mar IRS Notice 2008-1 Health Insurance Costs of 2% Shareholder-Employees
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in Corporation, Health Insurance, Small Business, Social Security Tax, Sub-chapter S, Tax Guidance & Preparation
Under IRS Notice 2008-1, if you are an owner of more than 2% of an S corporation and you have a health insurance policy in your name with premiums paid by the corporation basically a plan has been established by the corporation for you the shareholder. This is not a self insured...
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