asked
I have a question regarding the transfer of inheritance money from abroad and its tax implications. The money is in a Swiss bank, and I'd like to know the best way to get it transferred without being taxed, or at least with minimal tax penalties.
September 19th, 2023
I have a client who, advised by his attorney, set up an LLC where he and his wife have a 7% interest, and their respective SEP IRAs, managed by Provident Trust Group, have 57% and 36% interests. Once I prepare the partnership tax return and issue K-1s to each partner, do these trust groups FBO for the husband and wife require filing any tax returns?
July 19th, 2023
I have purchased a timber farm with no immediate income but significant expenses such as maintenance, equipment, and construction of buildings. How can I offset these expenses if there is no recordable income, and what should I know about potential future crop planting and tax implications?
June 27th, 2024
I am thinking of allowing my friend to run her horse therapy school 501(c) out of my home. Can I write anything off in taxes?
August 4th, 2023
We had an investment with Provident Group, which was rolled over into an investment in a Dominican Republic Resort in 2010, but it was determined to be a Ponzi scheme and closed after one month. Provident has been reaching out for years to close the account, but we never did because they wanted to charge a fee. Now, they are threatening to send a message to the IRS as a write-off, making us responsible for the income, which would be added to our taxable income. Can I use the IRS provision in Rev.Proc 2009-20? If I didn't close the account yet but will now, can I still claim the loss for the Ponzi scheme?
September 8th, 2023
Does personally guaranteeing a loan for an LLC make an LLC member liable for SE tax? What if the loan proceeds were not used for the business? It was instead used by members to pay off a retiring member but the loan was issued in the LLC name.
November 18th, 2023