I invested in a company that is developing land/resort in
I invested in a company that is developing land/resort in Costa Rica. The company is a US Corporation (not publicly traded) that was formed in Delaware. They are soon going to issue me shares in the corporation that represents my ownership. Then in the future the corporation is going to merge with a company that is currently publicly traded with the purpose of becoming publicly traded.Questions:1. When I receive shares from the Corporation (prior to becoming public), will I immediately have any tax liability related to those shares? If so, please explain.2. When the corporation does go public and my shares become publicly traded, what will my tax liability be at that point?3. I have been advised to form a corporation in Costa Rica, and have the shares issued to this Costa Rica corporation instead of me personally. This was recommended as a way to reduce tax liability. Does this make any sense? If I did this would my tax liability be reduced or eliminated?
23 year old full time student, parents divorced no
23 year old full time student, parents divorced no specification in divorce agreement. Is there anyway they can both claim as head of household and also get the exemption amount. I actually believe not but another tax pro is saying yes.
Bachelor's Degree Equivalent
Looking for a quick help from a CPA around building a trust
Hi, My name is***** for a quick help from a CPA around building a trust and CA Beneficiary Taxation rulesJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Okay, I live in CA. I am working on my will and trust formation. I have given 3 people as successor trustees after my days and 2 of them live outside of CA. My lawer asked me to get clarification from a CPA about the CA Beneficiary Taxation Rules that will effect teh CA taxation of my trust in light of 2 out of state person designated as successor trusteesJA: Is there anything else important you think the Accountant should know?Customer: nope
Sr Financial & Tax Consultant
A BUSINESS CLIENT OF MINE WILL BE PURCHASING A LATHE FROM A
A BUSINESS CLIENT OF MINE WILL BE PURCHASING A LATHE FROM A COMPANY IN CANADA TO BE USED IN CONJUNCTION WITH HIS BUSINESS.THE QUESTION IS REGARDING IMPORTATION OR DUTY TAX. IS THE IMPORT TAX FREE AS PART OF NAFTA? PLEASE ADVISE ON ANY DUTIES, TAXES, OR FEES ASSOCIATED WITH BRINGING IN TO THE USA.
Thank you reply. The situation I am in is that I have been
Thank you for your reply. The situation I am in is that I have been laid off. I have little in my 401K A & B parts, around 22K. Wondering if I should move it to an IRA and then donate portion of it? Or Donate it right from the 401K I know I will be hit with taxes pulling it out of the 401K. and can use the itemization from the charitable donation. However trying to figure it out what is best. I am only 50. So waiting is until 70.5 is not an option. I also want to pull some as well for living expense right now.
JD, MBA, CFP, CRPS
I would like to legally get my AGI as low as possible when I
I would like to legally get my AGI as low as possible when I file my 2015 tax return to maximize health care insurance premiums etc. I use Turbo Tax to prepare my own taxes. The two main ways I can get my AGI down is by contributing to my HSA and Sep IRA. I need to find out how much to contribute to either or both of those before say Dec 20th to give me time to make the contributions by 12/31. Two questions:1) Do you know how soon prior to 12/31 Turbo Tax would sell the 2015 me the federal software so I can plug in all the known and projected numbers?2) If I contribute to Sep IRA and / or HSA by 12/31 when will they send me the 1099's?
Tax advisor and Enrolled Agent
I have carryover losses from an S corporation and I have
I have carryover losses from an S corporation and I have gains from an LLC, commercial building for rent. The carryover losses would more than cover the gains. Can I deduct this? According to my previous returns, the S corporations losses are not passive.Are the LLC commercial building gains passive or non passive?
I have a company in Florida with a very nice retail space
I have a company in Florida with a very nice retail space and I would like to transition my inventory to more of a high end souveneer category with the introduction of embroidered shirts and other monogrammed/embroidered clothing items I have a supplierfor in Panama. I would like to better understand the perks/pitfalls with importing good from panama for resale in the U.S. Specifically, I need to know how products that are made in China (t-shirts) but that are embroidered/assembled in Panama in some instancesby indegenous indian tribes which double the value of the item before it is shipped to the US for retail sale are considered for taxation and whether they can legally be considered made in Panama with a certain percentage of assembly having occurred there.I know there is a FTA between Panama and the US that allows for products to be rebranded to change their import taxation when they have a certain percentage of work or assembly completed in Panama. Additionally, It would help me to know about any problemsor delays attributed to customs I may encounter importing clothing items from Panama for resale in the US.
Vocational, Technical or Trade School