Archive for March, 2011

Do-It-Yourselfer Blames Turbo Tax For HUGE Real Estate Professional Penalty

Tax is tricky. Every day I wade through at least a half dozen court cases, memorandums, revenue rulings, revenue proceedings and Treasury Regs. We use expensive tax preparation software at our firm. Our tax preparers have post college education and credentials and an average of 20 years of experience.
So ...

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  1. The IRS Penalty for Real Estate Developers
  2. IRS Audits of Real Estate Professional Status Continue
  3. Safely Using Real Estate Professional Status To Pay Less Tax

The Truth About Double Taxation and C Corporations

Most people have one of two opinions about C Corporations: They love them or they hate them.
If you love them, make sure you’re aware of the potential traps of C Corporations. They work great in the right circumstances and can be disastrous if you use them incorrectly.
But today I want to talk about ...

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  1. Are You Ready For a C Corporation?
  2. Are Corporations Too Old-Fashioned?
  3. Why LLCs are Better than Corporations for Asset Protection

Professional Service Corporation Tax Traps

The IRS considers most professional corporations to also be personal service corporations. If you’re in the medical professional, accounting, legal or engineering, you’re definitely in a professional service. In addition, though, the IRS has recently added actuaries, performing artists, and consulting companies – businesses that generally aren’t required to be professional corporations – to ...

Related posts:

  1. Are You Ready For a C Corporation?
  2. Tricks and Traps of Hiring an Independent Contractor
  3. IRS Audits of Real Estate Professional Status Continue

Are You Ready For a C Corporation?

One of the advantages of being a CPA for a lot of years, is that I’ve had the opportunity to see a lot of trends. Before 1986, most businesses used either a C Corporation or a Limited Partnership (LP). The C Corporation was for business and the LP was for real estate. ...

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  1. Are You Ready For The Big Payroll Tax Deposit Change?
  2. Get Ready for Merchant Card Reporting
  3. A Business Structure Can Save You Thousands

Lawmaker aims to throw out all tax exemptions

Diane Sosne offers one of the best and clearest explanations about tax loopholes in our state and the importance of closing many of them due to the strain that they put on our state’s budget [“Fix state budget mess by closing tax loopholes,” Opin…