Elective deferrals generally may not be distributed including processing a transfer to an IRA before one of the following triggering events occurs:attainment of age 59½,plan termination Employer profit sharing contributions can be distributed/transferred to an IRA after a 2 year holding period has met even if the participant is under age 59 1/2.

It might be worth waiting until after the election to see if the feds will ramp up enforcement. 

I would wait and see what new tax laws are going to be as a result of Biden being elected.

Make sure to elect on your return to expense rather than capitalize for this (make the deminimus election) and then have a written capitalization policy for the business (stating that any thing above and beyond $2,500 will be capitalized in accordance) and most of your furniture, tools, computers ect can be expenses and not need to be added to the Balance sheet. 

I've been reading up on the De Mimimis Safe Harbor Election and it seemed pretty straight forward.  

Technically you're supposed to have it in place before the beginning of the year in which you're using the new deminimus election. 

I think there is still a video online of a police officer watching an HOA board president remove a sticky notice instead of being arrested for vandalizing a car.Did you have your tenant sign a copy of the complete set of HOA rules you gave them when they signed their lease? 

Dear bp family,I just formed my llc that i want to hold my rental property in..My next step is to get an EIN number for the company..I need it to start the bank account for the business aka my rental propertyMy options are to file as a single member llc (smllc) or to elect and be taxed as an s-corp or c-corp I need help deciding before i do before i elect .. how does this work ??

Based on this I would have to make a special election to capitalize property taxes, interest, carrying costs for 2016 and would depreciate them with the property once in service in 2017."

I elected to do the yearly plan as I was pretty confident in the product after the demo, but they have monthly plans too so you can choose to cancel if it's not for you.