What is the net worth of a corporation that has $145,000 in the bank, $300,000 in a Profit Sharing Plan (to be divided between the 2 owners), and $110,000 in accounts receivable expected to be collected in full? Is it fair to assume that a corporation can borrow against or use a percentage of the Profit Sharing Plan funds without breaching fiduciary responsibilities?

April 1st, 2023

I have a partnership and the only asset we have is our client list. If we sell that, how is it reported on the form 1065?

January 5th, 2023

I won a trip to Disney Land last year and received a 1099 misc for 2016, but I am just going on the trip in 2017. Should I declare it as income for 2016 or this year?

April 28th, 2023

How should a 1099 MISC for a lump sum payment from a non-qualified retirement benefit that was rolled over into an IRA be reported on a 1040, and is there a specific IRS form for this? Additionally, can the lump sum payment be eligible for a 10-year tax deferral?

May 20th, 2024

In 2013, I bought a new house and moved into it but did not sell my old house, which I planned to rent out. The rental house has been advertised since December 2013, but it has not yet been rented. I spent money refinancing the rental house and fixing it up for rent. Are these expenses deductible, and can they be counted as a business loss for the year? Additionally, are the points paid for financing the new house deductible as mortgage interest?

July 29th, 2023