A company is acquiring another company (with NOL) as of December 25th, 2019. Can the acquirer use the NOL from the acquired company for the 2019 tax return, and what is your advice on how to use up all NOL of the acquired company?

November 28th, 2023

I own an S-corp service business and want to learn more about ways to save in taxes. I receive a single 1099 for the services I provide, and my primary expense is wages. Additionally, I am developing a new business and want to know the best structure. I also have questions about retirement plans, reasonable compensation, liability protection, business vehicles, borrowing from the corporation, QBI eligibility, home office deductions, and setting up a family management to pay my kids.

May 20th, 2023

I have a single-person LLC and am considering filing taxes as an S Corp for 2020. I live in KC, MO, work as an IT Consultant, and expect to make about $350K next year in MO, IA, and MN. I'm thinking of setting a salary around $160K to $170K and plan to max out a SEP IRA. I'm also interested in setting up a Defined Benefit Plan to shelter more income. What are the tax implications, potential savings, and administrative overhead of electing S Corp status, and can I set up a Defined Benefit Plan with my current LLC structure?

January 7th, 2023

If my mom sells her mixed-use commercial property for $1.7 million after owning it for 50 years, and she is currently retired with social security and some rental income totaling approximately $40k, what would be the approximate federal and state tax liabilities on the sale?

July 19th, 2023

As a furniture reseller from Texas, what do I need to receive from my client in Florida to ensure that my wholesale orders to them are tax-exempt from Florida sales taxes?

April 4th, 2024