Fields marked with * are required.

Share on Social Media

1099-C Cancellation of Debt Issue

Posted 1/4/2019

https://www.forbes.com/sites/peterjreilly/2018/09/20/do-not-ignore-irs-form-1099-c-it-will-not-end-well/#8b939262890d

Real Estate Review

Posted 1/3/2019

How Real Estate rules work 

https://www.forbes.com/sites/anthonynitti/2019/01/02/the-top-tax-court-cases-of-2018-who-qualifies-as-a-real-estate-professional/#6014f32a5bd6

Good S-Corp Basis Example

Posted 3/1/2017

The S-Corp Stock Basis issue is not only a situation of losses, but an issue with the Code Section 179 write-off of up to $500,000 of equipment purchase,  If the Corporation borrows $500,000 to purchase assets and then elects to write-off the full amount in order to reduce a $500,000 profit, then the Corporate bank account can be cash rich yet no tax profit in which to declare a dividend.  A distribution then translates into a return of capital until exhausted and then a gain on the stock.  At this point should the corporation have a loss, the shareholder has no stock basis to declare the loss as described in the article below.  The S-Corp can not be managed solely by the bank balance.  

https://www.forbes.com/sites/peterjreilly/2017/03/01/florida-man-runs-afoul-of-irs-basis-rules-for-s-corporations/#5b67c17c795e

Good Article on Constructive Receipt

Interesting Read

IRS Audit Window Could be 6 Years

Please Excuse Our Dust

Posted 2/3/2017

We were just told that the house next to our office will be removed in the next two weeks.  We realize this may cause a few days of parking congestion (more than normal).  We had hoped to have had the house gone before tax season, but the schedule didn't work for the contractor.  We apologize for any inconvenience this may cause.   

Good 1099 Article

Average Tax Preparation Rates Released

Claiming Parents As Dependents Is Missed More Than We Would Like.