As an accountant for a public company, we have salespeople who give large gifts (up to $2,500) to major customers. What are the tax consequences for both the company and the recipient of these gifts, and how should the reporting be handled?

March 10th, 2023

I have many clients with over $10 million equity in commercial real estate, generating more than $500,000 annual rental passive income. I want to set up a retirement plan (like a Defined Benefit Plan) after converting some of the passive income into earned income by issuing W-2s or Form 1099. What are the implications of IRS tax laws on this matter? Clients usually have not paid any compensation for management services in prior years and typically withdrew funds from real estate LLCs. What will be the proper level of management services as owners?

April 17th, 2024

I would like to claim my Earned Income Credit for tax years 2017 and 2018. I previously filed my tax returns using an ITIN, but now I have a Social Security number. How do I claim that credit?

April 27th, 2024

Do I need to file a return for a dissolved company that sold a rental property, and how should I report the income and deductions related to the sale?

May 25th, 2024

I claimed the Earned Income Tax Credit (EIC) for the year 2017 using Form 1040-X and was denied because my credit is not retroactive according to the letter from the IRS. What are the requirements for claiming the EIC, and why was my claim denied?

February 19th, 2023