What are the differences between filing Form 1023 and Form 1023-EZ for a tax-exempt non-profit charity startup, and what are the requirements and restrictions for each form?

November 4th, 2023

A dental practice, an 'S' Corporation with two equal stockholder/employees, wants to allow another dentist, who is also an employee, to purchase a 20% interest in the Corporation for $400,000. The book value of a 20% interest is $200,000. The two existing stockholders own 50 shares each. Would it be tax advantageous for the sellers to each sell 20% of their stock to the third dentist personally or for the Corporation to issue an additional 25 shares to the 3rd dentist for $400,000? If the Corp issues new shares, would a step up in basis have to be recorded? If the 'S' Corp finances $175k of the $400k purchase price over 3 years, would this be treated as an installment sale or does the Corp simply record the receivable & offset it as the payments are received?

July 17th, 2023

As a permanent resident of Spain, will my UK NatWest account remain open after Brexit? My UK pensions are paid into this account, and I have had it for more than 50 years.

April 26th, 2023

Can a previously filed partnership return be amended to elect qualified joint venture (QJV) treatment for a married couple who jointly own and operate a trade or business?

December 18th, 2023

How can I access my 2018 tax return filed by my husband who passed away in March of that year, as I am trying to buy a house and need a copy of the taxes?

February 24th, 2024