All Forum Posts by: Lance Lvovsky

@Juan T.

You can distribute profits.

@Alec Pinchak

You should be sharing with your CPA your employment agreements and the equity agreements that govern your position in the company. Tax elections should not be done until you and your CPA fully understand what the tax implications are and what type of equity you are being awarded. State tax implications should also be reviewed.

@Juan T.

You need to understand how to administrate an LLC. The entity must be treated as separate from your personal accounts and from you as an individual. Maintaining business formalities is critical. You need to have business banking done and manage the financial affairs of the LLC. A good CPA could help you. The problem I see with most initial investors is they don't understand how to administer the business. The tax filings are important as well but you need to first understand how to properly administer your company.

@Gloria Lucia

If you are looking for local CPAs there are a few on here in the ny area.

@Rhea Riffle

I have seen lawyers draft operating agreements in FL with husband and wife owning membership interest as tenancy by the entirety and legal counsel taking position this is a disregarded entity in FL. I have also seen other legal counsel counter this position...

@Enoch Fredericks

There are quite a few CPAs on here who post regularly and work with remote clients. I don’t recall from memory if any are in Denver. Good luck.

@Darryl I.

You need to file a CA return. The amounts you are referring refer to worldwide income. In other words you need to file CA nonresident return if you have state sourced income.

@Timothy Lewis

You need a real estate attorney to close transactions on the legal side, prepare for you legal docs, some states they do title work, and handle potentially any issues with tenants.

CPA who specializes in tax law and understands real estate taxation for tax matters.

@Erik Yesayan

It depends. There are many different types of taxes and trusts. Certain transfers to trust may be a gift subject to gift tax. Gift tax does not mean you will owe money, however. There is a lifetime exemption where you can gift about $11.7MM without paying gift tax. There may also be local transfer taxes depending on local ordinance. You should be asking this question to your CPA as they would have all the facts relevant to this transaction.

@Timothy Lewis

I believe the forum rules forbid CPAs discussing their businesses. You can read about me (and others for that matter) by googling or clicking my bio link.