When the company provides a dwelling as a fringe benefit and reports it as fair rental value and wages, can the company purchase furniture such as a desk, TV, and refrigerator for the dwelling and depreciate it? Additionally, what are the requirements for the type of housing, and how should the rental activity be evaluated if the company is a C corporation?

January 16th, 2023

For a 2016 401k, if I have earned income from a job and business income from an LLC I own, and I want to make the maximum $24k contribution as I will be 50 in January 2016, would it be to my advantage to contribute through a Solo 401k to save self-employment tax on the $24k versus contributing through my employer? This question assumes disregarding employer match and the ability to contribute business profits through a Solo 401k. Just an apples-to-apples comparison of $24k, through employer or Solo 401k?

January 23rd, 2023

If my corporation's fiscal year ends on March 31, do I file taxes using the previous year or the current year forms? For example, in 2016, is my tax return due for filing by June 15, 2016, using the 2015 1120 forms?

October 2nd, 2023

I have been trying to file Form 1045 for loss carryback to 2012. I believe I have all the answers, except for Form 6251, line 11, which is the alternative tax Net Operating Loss Deduction. I am confused about how to adjust the NOL to the alternative tax NOL. Can you help?

February 10th, 2024

A tax lien has been filed, and a payment plan has been set up. Payments are being made, but the lien is stopping the loan process for company expansion. How can the lien be removed once the payment plan starts? Are there any hardship causes that could lead to the lien being removed? What are the steps to achieve this?

June 11th, 2023