I have an SMLLC in Florida that owns a boat and another SMLLC in Delaware that owns a boat. I am transferring both boats to an SMLLC in Connecticut. Upon transfer, is there any sales tax due?

October 6th, 2023

My father receives a Commonwealth Superannuation Corporation pension paid fortnightly. He is paid $3174.03 gross per fortnight and pays $443.00 per fortnight in tax. Is this correct? Should he be paying tax on this money?

May 10th, 2024

I have an oil well production question: Do you think there's any magic limit or number that would raise a red flag as a loss on a small producer's Schedule C? I have a client who had revenue around $250k, expenses (mostly Intangible Drilling Costs) around $750k. The numbers are completely legitimate, but to show a half million dollar loss makes me a little nervous. Additionally, he sold approximately $680k of leases (to cover the costs of the improvements to the remaining wells), and there is very little basis in those wells. So I'd be showing a Schedule C loss of around $500k against a Capital Gain of around $500k. Thoughts?

June 24th, 2024

A married couple files jointly. The husband has $275,000 in wages for 2013, and the wife has $20,000 in wages for the first quarter of 2013 before resigning. The wife, as a sole member of an LLC disregarded for tax purposes, earns $17,000 in profit from wedding planning. Is a SEP-IRA the best way for her to defer federal income on this $17,000 profit, and do the same income limits that apply to a traditional IRA apply to a SEP-IRA so that she is prohibited from contributing to a SEP-IRA?

February 10th, 2024

I am selling an inherited property to my cousin. He gave me a substantial down payment, but the transaction will not close this year. What do I need to show/tell the IRS when I do the taxes to avoid tax consequences, especially since I am selling the property for much less than its inherited value?

August 1st, 2024