On Form 6251, line 6, it seems that taxes are added if your income is lower. I'm reading the instructions as entering taxes from line 9 of Schedule A as a negative amount with lower income and as zero with higher income. What am I missing?

May 29th, 2023

I have an S Corp that owns 100% of an LLC. Where do I enter the income and expenses of the LLC on my 1120S? I have filled out Schedule B, but I need to know how the LLC's P&L affects the 1120S.

October 21st, 2023

Person owns an Irrevocable Trust that owns 100% of Company A, and person owns 67% of Company B. Are Company A and Company B part of a "controlled group"?

January 22nd, 2024

I have clients who set up an SCorp in 2015. I didn't know until today when I received their computer printouts that neither of them took salary in 2015; everything is shown as "draw." Where should this be reported on Form 1120S/K-1? I advised them that from here on out they must take reasonable salary.

September 14th, 2024

I have a question regarding the sale of a property, specifically a vacant lot currently rented/leased by a nursery. The offer is for $750,000.00. I want to use the proceeds for paying off my children's education loans and expenses, acquiring a larger primary residence to accommodate an ailing mother-in-law, and saving for retirement. How can I reduce my tax liability on the sale proceeds and what are the typical tax implications for capital gains on rental property?

April 20th, 2023