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Accountant number one: Had a single member LLC which he
Accountant number one: Had a single member LLC which he determined would be better to elect to file as an S-corp. The accounting was done as such with the single member receiving a W-2. … read more
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Tax Question.... I have a tax client that I generated a
Tax Question.... I have a tax client that I generated a corporation for his business as an LLC. What happen is that he got a letter from the IRS saying that he did not file the appropriate forms in ti… read more
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Lev Question on an LLC that hold real estate only, not taxes
Hello LevQuestion on an LLC that hold real estate only, not taxes as an S-Corp or Partnership. Owner of the Real Estate Purchased the property to start a business in it. The property was renovated and… read more
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Question concerning two businesses....Owned by same person.
Question concerning two businesses....Owned by same person. 2016 CPA grouped the two businesses - Statement filed in accordance with Rev Pro 2010-13 & Election to group activities Pursuant to Reg 1.46… read more
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Lev
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I have a single member LLC and want to make a S-Corp
I have a single member LLC and want to make a S-Corp election. The LLC was formed August 2016 but no return was filed for that year due to no business activity. Business activity started in 2017 and a… read more
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This is a question re section 469 grouping, what are the
This is a question re section 469 grouping, what are the pros and cons? Also what tax year do you need to make the statement in? I fear I may have losses both in my rental income (which is my only bus… read more
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I have LLC partnership with 3 partners and have been filing
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Lane, I have a client who formed an LLC in 2013 and was
Hi Lane, I have a client who formed an LLC in 2013 and was planning to do an S corp in 2016. Can he still do a late election and get it approved??? His reasonable cause will be that he did not underst… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I bought an LLC back in May and I would like to elect to
Hi, I bought an LLC back in May and I would like to elect to file as a C Corp. I haven't filed the taxes yet not applied for a EIN account.What would be the best course of action to elect the C Corp? … read more
Lev
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I have a client that set up a single member LLC but wants to
I have a client that set up a single member LLC but wants to file for treatment as an S-Corp what do I need to do to correct the 1120-S filing? Amend as an LLC or file a form 2553?… read more
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I am a cpa in florida. I have filed a late s election for
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Still reviewing the form 2553 for a current LLC taxed as a
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We are real estate professional and own some rental properties.
We are real estate professional and own some rental properties. We did not made election to group these properties during 2011 tax year for rental lose. Can We file an amendment to IRC 469(c)(7)(A) to… read more
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Background: My client is being audited for 2010: 1. Simple
Background: My client is being audited for 2010: 1. Simple facts:The auditor is going after section 469. She will win on this point, and I will not pursue this with him because he is correct. However … read more
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I want to file an LLC as a S corp for tax purposes, we did
I want to file an LLC as a S corp for tax purposes, we did not elect within time, so I am assuming out of the 4 Rev Proc's that can be used for late filing, I use Rev Proc 2004-48, which is for entiti… read more
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Lev
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After deducting the full amount through section 179, what counts
After deducting the full amount through section 179, what counts as income? Any proceeds earned from the equipment? How about the sale ofmthe equipment? E.g. Buy an equipment for $500,000, deduct the … read more
RD
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ON TAX FORM 1120S PAGE 1 LINE G. IS THE CORPORATION ELECTING
ON TAX FORM 1120S PAGE 1 LINE G. IS THE CORPORATION ELECTING TO BE AN S CORPORATION BEGINING WITH THIS TAX YEAR. ANSWER IS YES. CAN I FILE FORM 2553 AT THE END OF THE YEAR PURSUANT TO REV. PROC. 2007 … read more
Stephen G.
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Hi [I am willing to pay as much as needed to get PRECEDENCE ...
Hi:[I am willing to pay as much as needed to get PRECEDENCE rulings.] I am being audited by IRS for Tax Year 2006 (I have not filed my return for tax year 2007). IRS auditor has accepted my hours for … read more
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