I am seeing this more frequently and am wondering if I am doing things correctly.
Each LLC has its own EIN and each taxpayer has their own SSN as their Tax ID. This makes a bit of sense on Schedule C where there is a Taxpayer ID and also a place for an EIN. I have always assumed that this was a way for the IRS to tie the EIN with the taxpayer...
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Completing Schedule E for SMLLC as a disregarded entity
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MN Chap 322C impacts to LLCs
Does anyone have a simple, clear brief in layman's terms that explains the upcoming changes going into effect in Jan 2018 relating to MN Chapter 322C? This statute affects how LLCs that
were formed pre-2015 will be operated/managed going forward. My LLC clients will most likely not understand the new wording as published by the MN Secretary... -
Entity conversion C to S corp
Does anyone have an excel template to project/compare whether it makes sense to convert from C to S corporation?
I want to be able to show a tax projection to my clients but have the time to create the template right now.
Any ideas?
Thanks,
Hector -
Help with new RE investor client!
I have a new LLC client which purchased a mortgage note (value: $207,998) for a home in Connecticut. The note became non-performing, and the LLC proceeded to foreclose on the property. As of 12/31/15, the LLC was the owner of record for the property. Since then, the home has been sold (at $42,500, a substantial loss: approximately 20% of the value... -
Proseries Partnership return
I just completed a 1065 for an LLC with two partners. I see that the guaranteed payments to partners will correctly be subject to Self-Employment tax. However, the Ordinary Business Income is only on line 1. The CPA last year also put each partner's amount as subject to Self-employment. I went through the forms etc., and would need to override... -
Partnership Return - Special Allocation of Depreciation
Okay, the operating agreement for a partnership-taxed LLC allocates all depreciation associated with property financed by a recourse loan to the member who cosigned for the loan. I can see from IRS Audit Guide for partnerships that this arrangement is perfectly reasonable (it's cited in Example 6-1 of the 2007 edition), but I want to be sure that... -
Can a partner opt out of a partnership's 401(k) plan?
Multi-member LLC taxed as a partnership had two members at the start of 2014 and agreed to establish a solo 401(k) plan to which the company would make a maximum non-elective contribution (20% of net income from self-employment). They added a new member in September, and the new member says he would prefer to forego his 401(k) contribution to keep... -
How many LLC's?
I have a client who wants to start an LLC to invest in real-estate... flip houses. This seems easy enough but I don't know how to set it up.
Questions:
1. Should each house have it's own LLC?
If so... does each house need its own checking account to keep from co-mingling funds?
If so... how does the... -
Llc elected c 1120 tax method questions
ALL INVESTMENT WAS MADE BY A PASSIVE OWNER. THEY RESIDE IN ANOTHER STATE WITH NO OPERATION, NOR OTHER SERVICE PROVIDED TO THE ENTITY.
IF OWNER ONLY PROVIDES CAPITAL INVESTMENT AND HIRES EMPLOYEE MANAGER, IS THAT WAGE ENTERED IN SCHEDULE E? OFFICER STATUS OF MANAGER?
CAPITAL ACCOUNT IN LLC GENERAL LEDGER EQUAL TO RETAINED... -
Modifying Tax Treatment of LLC
A client who is the owner and sole member of an established, single member LLC wants his company to be treated as an S Corporation for tax purposes. The LLC is properly set up with the state where he conducts business. It uses the cash method of accounting and is set up in accordance with the calendar year. How long will it take if the client acts...