I have a real estate company that owns a few properties. The owners of the company are myself and one other owner, each owning 50%. This year, the company sold a property for a profit. I would like to have each owner charge the real estate company a management fee from our own individual companies in order to move the tax responsibility from the real estate holding company over to my management company. My questions are: 1) Is there any reason tax-wise a real estate holding company couldn’t be charged a management fee? 2) Is it okay for one real estate company to charge another real estate company a management fee?

October 23rd, 2023

For truck drivers, I understand that the per diem is $63 a day. Do I take that or 80% of that? Please provide IRS references.

March 15th, 2024

If $14K is the limit per gift to a son, does giving his wife the same amount show up as 28K on their joint IRS form? What state is he in? What steps has he taken so far?

August 17th, 2023

Setting up an accountable plan for employees of an S-Corp. What is the best way to do this for mileage, home office, etc.? What does an agreement look like? Should this be done through payroll or can it be separate? How would you implement it? Through the W-2? Just cut a check? How would you document and pay and create an accountable plan? Do you have any examples or templates?

May 15th, 2024

A husband and wife formed a Family LLC to pass wealth to their descendants in anticipation of an estate tax liability. Their real estate properties were contributed to the LLC, and they gifted a percentage of shares to various descendants over the years. Upon their passing, the value of the properties held by the LLC did not exceed the current estate tax exemption amount. Now, if the LLC sells property at a gain, they will have to pay capital gains tax. How can the family cash out without having to pay capital gains tax? What options do they have to minimize their exposure in this situation?

October 11th, 2023