jklcpa

Filing 1065s for the LLCs also removes a great amount of detail from the 1040 and gives the appearance of being separate from the individual return, no comingling of assets, etc.

Determining whether or not a husband-wife LLC is a disregarded entity is a matter of state law. If the LLC is formed in a state that is NOT a community property state, the LLC defaults to a partnership unless an election is made to be treated as a corporation. The exception is where the LLC is set up in a community property state and meets the exceptions in Rev Proc 2002-69. If it meets the criteria, it is considered a "qualified entity" and may be treated as a disregarded entity for federal tax purposes. The IRS will accept this position for federal tax purposes. Likewise, LLC may file as a partnership for federal tax purposes and the IRS will accept that position also. Consistency in filing from year to year is key, otherwise a change in filing is considered a conversion of the entity. The requirements under 2002-69 for the LLC to be a "qualified entity" are: The business entity is wholly owned by a husband and wife as community property under the laws of a state, a foreign country, or a possession of the United States; No person other than one or both spouses would be considered an owner for federal tax purposes; and The business entity is not treated as a corporation under the applicable Treasury Regulations. None of the above addresses state reporting. Please check your state's law to verify that filing as a disregarded entity is acceptable.

Thank you, Dan. That was my conclusion but wanted another set of eyes on this. You are correct that it is a planning question for the project that will most likely be completed in 2025.

Not that exact article but a similar one. Thank you for posting.

No, up to 20% of building's cost.

Different browser may work, or maybe try setting up with login.gov. I'm not sure if you can have a log in with both of those authenticators though.

This particular rebate is from the state for redevelopment of certain designated areas and is paid after project's completion. An actual rebate, not a credit. This will be an apartment complex in an SMLLC. Are these rebates considered taxable income because of the exception under the TCJA sec 118(b)(2), meaning this would be taxable income? Is it correct that these rebates are taxable, or am I misinterpreting that?

Seller and purchaser should both be filing form 8594 with the returns that document the sale, and those must agree. The sales I've been involved with, one accountant prepared the form and sent to the other party for review, acceptance, and inclusion on their return. Remember that any items in the sale that are ordinary income are reported in the year of sale and are not eligible for installment sale reporting.

Agree with Lee. If the taxing agency gave your client credit for the payment being made on 12/31/23, then I'd use that date. Depending on which type of electronic payment and how it is processed can affect the timing of withdrawal.

SS-4, tax returns, and bank account should all match the name as specified in the articles of incorporation. Which is it, with the "LLC" indicated or without? Is the bank account already opened, and did the bank specifically request the SS-4?

Thx

The business also can't use the same wages for the ERC as used for a PPP loan so there is no double dip there either. Paychex wouldn't know how much of the wages may have been used to qualify for the loan.

Here's to health, happiness, and prosperity in 2024!

May your holidays be merry and bright!

The search requires at least 4 letters.

Of course mine has 11.

I also had no difficulties with Login.gov. If you got a confirmation, it should be ok. I suppose you could always log in again to double check the payment history or scheduled payments.

Doesn't sound like Frank at all, and I agree that Freddie was better.

It will depend on the tax reporting type that the LLC will use. Corp, partnership, or disregarded each have their set of rules. This is an older article from The Tax Advisor but may be helpful: https://www.thetaxadviser.com/issues/2009/oct/contributionsofpropertytoanllc.html

Maybe so, but I'd still try file as it stands first before contacting the widow. It's my understanding that in most cases it is the funeral home that notifies the SSA of death, so TP's account may not yet be locked. If the return does get rejected, it is only then to add the DOD and indicate that spouse's signature is as surviving spouse on their joint return. That 8879 doesn't go anywhere but in the preparer's file anyway, and this rejection is easily explained and corrected if necessary.

See what others say, but I think you can file it. TP signed it before his death with intention that it should be filed. If TP had still been alive, signed it, and dropped it in the mail to you and you just received it, you would file the returns when you have the signed form in your possession.

The "Donate" function will provide Eric's address during the checkout process after adding the donation amount to the cart and selecting the method of payment by check instead of plastic.

This annoys me. It has been the same thing for my rare uses of e-services. Each time I'd try to access it, it was starting over with a new process. This last time I finally gave up. I got in and could never get to what I needed and kept getting a message that I wasn't authorized to access the report for that-whatever-it-was that I needed. Useless.

I won't delete Tom's post, but for those of you mentioning security for paying taxes, this isn't that. This is to more secure our financial information that is stored there including banking information, SSNs, EINs, and payment history. Thieves could used all of that in a variety of ways.

I was on around the 3rd or 4th of this month and didn't see any notice either.