Estimated Corporate Taxes Are Due Soon!

Estimated corporate taxes for the 3rd payment of the 2015 tax year are due on September 15th. ¬†This also applies at the state and local level. These taxes must be paid by the due date to avoid interest & penalties. Below are the specific details. Requirement: Deposit the third installment of your estimated corporate income […]

How To Depreciate Foreign Rental Property

Question: We purchased personal use foreign property in July 2012 for $300,000. On 1/1/14, the property was converted to rental use. It was rented out for three months in 2014. For purposes of setting up this rental property to calculate depreciation, should I use the exchange rate as of July 2012 or 1/1/14? Also, can […]

How Can We Pay No Capital Gains Tax?

Question: I’m 52 years old and my spouse is 42 and we have $100,000 in annual income. We have a $120,000 in publicly traded stock that we would like to sell that have been held over 1 year. If we sold it all today, our capital gain would be $96,000. If they maxed out their […]

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? Answer: In […]

How To Dissolve a NYC S-Corporation in 2015

Question: I need to dissolve a NYC S corporation during 2015. I think there are additional steps that need to be taken into consideration. Please advise. Answer: New York lawmakers recently implemented the most significant tax reform since the 1940s. What’s more, many of these changes go into effect starting in the 2015 tax year. […]

Should I Exercise My Stock Options?

Question: I have some stock options and I’m trying to figure out the best plan of action in exercising. Answer: Do you know what type of options you have (i.e. Non-Qualified Stock Options “NQSO” or Incentive Stock Options “ISO”)? Your strategy depends on quite a few factors, but perhaps the below information can get you […]

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 […]