Blog Archives

Tax Implications of Converting an LLC to a Corporation

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

Seeking clarity in the US Tax Code on Behalf of US Taxpayers EVERYWHERE

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Posted in Business Structure, Corporation, LLC

Business Entity Selection and the Tax Consequences of Converting

Business Entity Selection and the Tax Consequences of Converting

Business Entity Selection and the Tax Consequences of Converting

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Posted in Business Structure, Corporation, LLC, Sole Proprietor, Sub-chapter S

Reporting Investments In Certain Foreign Corporations for U.S. Tax Purposes

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

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Posted in CFC, Corporation, FBAR, Foreign Income, International Tax, IRS Enforcement, IRS Examination, Tax Guidance & Preparation

General Rules for S-Corporation Distributions A Random Walk Down IRC 1368

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

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Posted in Asset Classification, Capital Gain, Corporation, Income, Self Employ, Small Business, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

Requirements for Nonrecognition of Gain (or Loss) on Transfer of Property to a Corporation IRC 351

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

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Posted in 351, Capital Gain, Capital Loss, Corporation, Like/Kind Exchange, Tax Guidance & Preparation

IRS Form 7004 Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.

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

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Posted in Corporation, Estate Tax, Estimated Taxes, Excise Tax, Extension, Paying Taxes, Penalty, Sub-chapter S, Tax Guidance & Preparation, Tax Relief, Trusts

IRS Notice 2008-1 Health Insurance Costs of 2% Shareholder-Employees

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

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Posted in Corporation, Health Insurance, Small Business, Social Security Tax, Sub-chapter S, Tax Guidance & Preparation

How to calculate stock and loan basis in an S Corp for tax purposes

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

How to calculate stock and loan basis in an S Corp for tax purposes?  Or as my hippie friends call it, "The secret of the Golden Flower."  Seemingly elusive and yet oh so real. If you are a shareholder of

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Posted in Basis, Corporation, Cost Basis, Depreciation, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

Calculating Adjusted Basis in an S-Corporation

Business Entity Selection and the Tax Consequences of Converting

It seems to me that a relatively significant problem for most Sub chapter S Corporations is accounting for the capital accounts of each and every single shareholder. The company must maintain reasonably detailed records of each shareholder's equity investments of

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Posted in Basis, Corporation, Sub-chapter S
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