We have an LLC that had no income or expenses for 2015 and 2016. Is a Form 1065 return required to be filed for 2016, and do we need to file a KY 765 for Kentucky state taxes?

June 30th, 2024

In a commercial building business operating as a C-Corp, the A/C system was changed out in 2018. I heard that the cost of the A/C system can be fully deductible. This is usually depreciated over time. What is the new law on this and where can I find it? Does it have to be reported on form 4562?

October 6th, 2023

I am looking for advice on how to handle some stock sales for tax purposes. I purchased a large number of shares in a Broadcast company some years ago, and the company went under. The stock value went to a small value and no trading but remained on the exchange for a long time. In 2007, the stock was exchanged for stock in another company at a low value. I sold this new stock on 12/31/2007. How should I enter this on my tax forms?

June 4th, 2024

We are planning a high school reunion and need to set up a bank account to sell tickets and pay a deposit for the location. We are advised to get an EIN, articles of incorporation, and file as a non-profit, which could take months. We want to set up the bank account next week. Do we have to set up as a non-profit, and where can we find the Articles of Incorporation to file?

February 4th, 2023

Can the cost of a personal seat license (PSL) be depreciated under Section 179 of the IRS tax code if I'm selling all the seats as a broker, and if I have multiple side businesses doing different things, do I submit multiple Schedule C forms?

April 1st, 2023