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Business Tax

Fund and Investment Accounting in Excel

Excel is a powerful tool used by accountants to summarize financial information. Join accountant Greg Freyman as he reveals the steps involved in summarizing financial information accounting in excel. If you have any questions, please contact us.

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04 / 08 / 2015 by Greg Freyman, CPA in Business Tax

Tax Treatment for A Forgiven Partnership Loan To A Partner

Question:
We borrowed $100,00 from our LLC, which is taxed as a partnership. We now have a new partner and we have forgiven the loan. How is a forgiven partnership loan treated from a tax perspective on the 1065 and 1040?

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28 / 07 / 2015 by Greg Freyman, CPA in Business Tax

Can S Corporation Shareholders Take Unequal Distributions

Question:
We are an S Corporation with a fiscal year end of September 30th. Is there a way that the existing S Corporation shareholders can take distributions to pay the estimated income taxes, and the new shareholders would not take distributions until next year? Can this be done without breaking the S election?

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27 / 07 / 2015 by Greg Freyman, CPA in Business Tax

How To Dissolve a NYC S-Corporation

Question:
I need to dissolve a NYC S corporation. I think there are additional steps that need to be taken into consideration. Please advise.

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14 / 07 / 2015 by Greg Freyman, CPA in Business Tax

How Commuter Benefit Programs Lower Taxes

Commuter passes are generally an IRC Section 132(f) fringe benefit. This means that they’re treated as a pre-tax contribution and excluded from income on the W-2 Form. These commuter programs can provide a great tax saving benefit to both the employee and the employer. If your company is interested in learning how commuter benefit programs work, there are a few points to keep in mind.

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06 / 07 / 2015 by Greg Freyman, CPA in Business Tax

Are Suspended Passive Activity Losses Deductible?

We have suspended passive activity losses associated with our rental property. If we sell one of the rental properties, can we claim those losses?

The short answer is that it depends on a few factors. However, it’s likely that the suspended passive activity losses can be claimed as there will be a complete liquidation of the taxpayer’s entire interest in that single rental activity.

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22 / 06 / 2015 by Greg Freyman, CPA in Business Tax

How Should The Self Employed Think About Payroll Taxes?

So you took that leap of faith, and started your own business! What does this mean to the typical entrepreneur? For most of us, running your own business means that you are responsible for paying your own individual income tax liability throughout the entire year in quarterly installments. Moreover, payroll taxes aren’t always automatically withheld from a W-2 form as is the case for most traditional employees.

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How Long Should You Save Receipts For Taxes?

Technically, it does not hurt to save every single receipt and there are tools available to easily convert hard copies to digital. However, that doesn’t mean you need to save receipts for taxes in every instance.

 

Should I save my receipts?

The answer is yes if you need to justify an expense on your tax return. However, those that file a simple tax return and elect the standard deduction usually do not need to save their receipts for everyday purchases. Typically, you will not need a receipt for groceries as that’s not an item you can itemize on your tax return, unless sales tax is involved. It’s a different story for receipts related to charitable donations and mortgage interest payments as that can generally be claimed on your tax return.

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21 / 05 / 2015 by Greg Freyman, CPA in Business Tax

Transferring C Corporation Stock Ownership To A Foreign Entity

Question:
Our US based C corporation is 100% owned by a US resident. The owner needs to transfer 100% of their shares to a foreign related corporation in another country. What would be the tax implications of transferring C corporation stock to a foreign entity?

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19 / 05 / 2015 by Greg Freyman, CPA in Business Tax

Real Estate Tax Reporting For Single Member LLCs

Question:
If a real estate partnership has a partner that is a single member LLC, and the LLC has an EIN, should the K-1 be reported on Schedule E page 1 of our Form 1040? Should we simply use the ending P&L rate to reflect the income on the schedule E page 1, or just pick up the income on the 1040 schedule E page 2?

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