I am starting a business that will require the use of federal tax credits, specifically the Federal Energy tax credits (ITC). The credits are 30% uncapped and can be used by both businesses and residential customers. We are implementing a lease program where customers assign these credits to us. How can we utilize these credits to generate cash flow for the business at the end of our tax year?

January 10th, 2024

If we invested $30,000 in a friend's company as a loan and it went under, can we deduct the loss?

February 3rd, 2023

Our homeowners association has never filed Form 1120-H or any tax returns, and the IRS has no record of a tax-exempt application. What should I do as the treasurer to address this issue?

August 5th, 2024

I am considering buying a property with my 85-year-old father to rent it out or use as a second home. Who can claim the deductions and income, and how would the rental income affect his social security benefits?

November 4th, 2023

In Rhode Island, must a property owner claim income received from a roommate who is staying in their home month-to-month? There is no rental or any type of written agreement. The roommate is trying to settle issues he alone has with the IRS, and they've asked for household income. He advised them that he's just "renting a room," and that I'd be unwilling to provide financial info. Could they come after me?

January 8th, 2024