by CPA | Sep 7, 2016 | Rental Real Estate CPA
The amount realized from a sale or other property disposition includes liabilities “discharged” in the sale or disposition (Reg. §1.1001-2(a)). This rule applies to nonrecourse debt regardless of the fair market value of the property transferred. Thus, even if the...
by CPA | Sep 1, 2016 | Rental Real Estate CPA
Maybe it starts with a leaky ceiling. Or perhaps a leaky faucet. Sometimes, you simply notice that the walls could use a another coat of paint. Home improvement for your rental real estate investment is inevitable. At some point, your property will require...
by CPA | Aug 28, 2016 | Rental Real Estate CPA
Although there are more than 5 reasons to not own real estate in an S Corporation, we’ve included our top five below: 1 The allocation of income and losses and distributions of cash and property must be made in accordance with the percentage of shares owned...
by CPA | Aug 25, 2016 | Rental Real Estate CPA
There are many entity types to choose from when you’re ready to start purchasing real estate. However, beware, some are much worse than others. In our Real Estate blog series we’ll begin with why it’s not a good idea to set up a corporation in which...
by CPA | Aug 22, 2016 | CPA Services
If you started a business and dabbled in Quickbooks, you probably realize that it is has very useful features. The ability to keep tracks of income and expenses, pay vendors and employees, and accept payments from customers are just the starting point...
by CPA | Aug 11, 2016 | Nonprofits & 990s
Unrelated Business Income Tax (UBIT) is a critical issue to understand when starting a non profit organization. According to the IRS website, even though an organization is recognized as tax exempt, it still may be liable for tax on its unrelated business income. For...
by CPA | Aug 3, 2016 | Self-directed IRA
** This is not an endorsement for any of the companies in the video. This is just for informational purposes for clients that have or want to use debt in a Self-Directed IRA real estate transaction.**
by CPA | Jul 31, 2016 | Nonprofits & 990s
There are many benefits to being registered under Section 501(c)(3) of the Internal Revenue Code. Chief among them is the ability to increase financial support from a charitable donor base. Individuals and businesses are much more likely to donate to a given charity...
by CPA | Jul 22, 2016 | CPA Services
The first thing to remember is not to panic. Individuals and businesses receive notices and letters from the IRS all the time. Mail is the most common form of IRS correspondence and millions of letters are mailed out every year. That being said, you definitely do not...
by CPA | Jul 11, 2016 | CPA Services
If your business made payments to an independent contractor of $600 or more during the course of the year, you are required to issue a form 1099. Much like a W-2 is issued for an employee, a 1099 is sent to an independent contractor. Contractors can be individuals or...
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