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5 March 2020 | 4 replies
More relevant is what Kory mentioned and also if the 1065 has tax-exempt partners and a UTBI/UDFI calculation is required, how many state returns need to be filed, if forward and/or reverse 704(c) allocations are involved, a 754 election is made and 743(b) and/or 734(b) adjustments follow, etc.There is a fine line between a professional who knows what they're doing and someone who does not in the tax world.I've seen taxpayers price shop their business returns and go with the lowest cost provider only to find themselves in the middle of a train-wreck 2-3 years down the road.
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5 March 2020 | 5 replies
My PM company issued a 1099 in my name and because of this my CPA is telling me my LLC's earned ZERO dollar.Here's the statement he wrote me, "If for 2019 nothing was earned in the LLC, we can certainly prepare “zero returns”, but you cannot ignore the filing."
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5 March 2020 | 0 replies
Homeownership may be one step closer than you think if you spend your dollars wisely this year.Based on data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,962 when filing their taxes this year.According to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down.
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5 March 2020 | 0 replies
I was quoted $300 including filing fees plus another $400 to transfer the paid off condo to the LLC.Please advise.Thanks
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6 March 2020 | 4 replies
If it says SFR then you need to figure out what the requirements are to make deconvert to a duplex i.e, number entrances/exits, ceiling height, etc.It may be as easy as filing some paperwork, but you need to do some more research first.
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5 March 2020 | 4 replies
Zillow adds preforeclosures when a lis pendens is filed on a property, however, rarely do these come to market as the majority of them are worked out.
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6 March 2020 | 10 replies
Your strongest position is to bill your Tenant as you normally do in addition to base rent and then file a 'Notice to Quit for Non-payment of Rent' this will be the most enforceable and quickest way to remove the tenant in most, if not all, states.
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7 March 2020 | 12 replies
IE I have companies that file in North of 30 states, but I am only licensed in NH.
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7 March 2020 | 5 replies
You may wish to confirm that the new 401k provider will handle the ongoing compliance support such as any required 5500 filing (e.g. 5500-ez for a one-participant plan with assets in excess of $250,000), any required tax reporting (e.g. 1099-r in the event of a distribution or in-plan Roth conversion), mandatory plan updates and amendments, etc.4.
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5 March 2020 | 2 replies
Generally, if you have lived in the place for 2 years of any 5 year period you don't pay capital gains on the first $250k if single or $500k if married filing jointly.