For an S corp involved in flipping houses and owning/renting houses, how do we determine when to report rental activity on Form 8825 versus page 1 of Form 1120S, and does reporting under trade or business (page 1) affect the ability to claim capital gains on the sale of rental properties?

March 7th, 2024

For a S corporation with a single shareholder, what are the pros and cons of the corporation purchasing an auto for the shareholder to drive versus the shareholder buying the auto and submitting auto expense worksheets to the corporation for reimbursement?

March 31st, 2024

How should an uncollectible Note Receivable from a deceased shareholder in an S-Corp be handled, especially when the note lacks valid terms and interest, and the S-Corp has missed the deadline to file a claim with the estate?

October 5th, 2023

I'm trying to set up an EIN number for my single member LLC, which is owned by an S Corp. The LLC will have employees and act as a full service restaurant. The IRS system is not allowing the EIN to go through, and the LLC is showing me individually as the sole member, which is not the case. How should I proceed?

April 24th, 2024

Is it considered negligence or fraud to not report changes in income to exchanges for individual insurance subsidies, and what penalties might I face if my subsidy was supposed to be smaller or non-existent? Additionally, how would the IRS treat the situation if I don't change my income for the next ACA individual insurance year, even if I know my income is likely to be higher?

June 3rd, 2023