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Recent Treasury Regulation questions

I own an electrical contracting corporation (s corp) with

I own an electrical contracting corporation (s corp) with the turnover of 8 million in 2016. Right now I use The cash method for my taxes and I am aware that if I go over the 10 million (I assume this figure should remain the same for the next three years)I will have to change to the accrual method.I am now in the process of setting up another (s corp) plumbing contracting Corporation and I estimate that this year I will do 5 million in sales. My question to you is how will I file my taxes for 2017. Will I be able to keep my cash method with both corporations because neither of them went over 10 million.If yes or no can you explain why.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,118 satisfied customers
Handling an estate with a distribution of $500,000. payable

Handling an estate with a distribution of $500,000. payable to the Estate. How do I handle the taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,118 satisfied customers
Can a H1B visa holder be a share holder of a S corporation

Hello, Can a H1B visa holder be a share holder of a S corporation claiming distribution on a K1 ?

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
We'll register a company(LLC) in Delaware soon. You can get

Hello,We'll register a company(LLC) in Delaware soon. You can get all the details about the busines we will do.1. We are Non Resident Alien.2. Our company will have 2 members.3. We will not do any business in Delaware.4. We will not be in US soil for this business.5. We will not employ anyone in US at least 1 year.6. We will do business with some companies(independent agents) in Colorado.7. We will use Amazon's Fullfilment Center in Delaware.Here are the questions;1. What is the taxation rates for Income, State and Federal taxes?2. Are there any other taxes?3 Should we consider other type of companies besides LLC?Last question;If foreign company registers a Single Member LLC, will it have same advantages like non-resident-alien and avoid fed, state and income tax?Thanks alot.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,118 satisfied customers
I have an employment law question. This issue transpired

Hi. I have an employment law question.JA: What state are you in? It matters because laws vary by location.Customer: This issue transpired when I was working in the state of Maryland.JA: Has anything been filed or reported?Customer: Nope. I just had a question.JA: Anything else you want the lawyer to know before I connect you?Customer: I don't think so. But it has to do with tax withholdings if that makes a difference.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,118 satisfied customers
I have the following questions please answer underneath each

Hi,I have the following questions please answer underneath each one.I currently live in a house with $700 K loan amount. I'm planning to rent it out and build a new house.Q. Will the interest on the $700K be still tax deductible?Q. Will I only have $300k left as tax deductible? Or the $1 m cap will be still applicable since the first one will be an investment property?As for the new houseI'm going to buy 11 acres lot, I'm planning to build a house, horse farm, and horse boarding facility(for commercial use). My mom will pay half the price in cash and I'll pay the other half by borrowing on margin with 2.5 % interest rate.Q. Will this interest be tax deductible?As for the development,I have two options to finance the development .Borrow on margin from the brokerage account with a competitive rate of 2.5% for nearly half the cost and finance the rest with a construction loan at 4%Or get a construction loan for the whole amount.Q. Will the 2.5 % interest be tax deductible?Q. Will the interest on the construction loan be tax deductible?Also, should I set up an LLC for the horse business to protect my self?

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PDtax

Owner

Master's Degree

7,710 satisfied customers
We incorporated in 2015, and are a software application

We incorporated in 2015, and are a software application without any appreciated value (we have yet to launch). When I file my 83b election for my unvested share, do I state that the amount to include in my gross income is $0? or is it par value per share x amount of shares in grant?Best

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,118 satisfied customers
I received a 1099 misc line 3 from Enterprise Pipelines as a

I received a 1099 misc line 3 from Enterprise Pipelines for damages as a result of the pipeline installation.The payment was for me to hire someone to fix the damages as their crew had left the area.I believe this should be non taxable as it is not income.What forms do I use to file this and avoid this?

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Robin D.

Vocational, Technical or Trade School

24,142 satisfied customers
Have a partnership LLC where the commercial building is

Have a partnership LLC where the commercial building is titled. That. Building is being rented two to tenets. One of them is a business that the same tow Partners own and the other is rented to a non-related party. On the 1065 return schedule OK, is this considered a non-passive activity even though it's a rental property because it is being rented to a related party?

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Lev

Retired

Bachelor's Degree Equivalent

24,870 satisfied customers
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