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michaelmars

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  • Website URL
    http://www.mmargoliscpa.com
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  • State
    NY
  • Gender
    Male
  • Interests
    Partner in 15 person firm, specialties are Real Estate and Jewelry. Uses Lacerte.

    Maintains prior practice outside of partnership, uses proseries.

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  1. We are forming at least 10 entities a week here and I would say 90% are LLC's taxed as partnerships. This is for real estate and investment ventures. Some retail or wholesale businesses will go with an S corp. Yes they cost more to set up in NY but a year or two of paying us to prepare payroll taxes negates that.
  2. NY has a state registry of CPA's with addresses on line
  3. Can someone tell me why do people create a LLC then elect S corp when they can just create a corp to start? Also what are the advantages of an S corp? I know some people like to avoid fica tax with distributions but by you also have to now have quarterly payroll taxes, workers comp and DBL insurance etc.
  4. Be aware of who the W-2 is from. Some qualify for unlimited exclusion.
  5. You just treat it as any withholding and claim it on the return. This is to force non-residents to file returns when they have income within the state. Many states are also doing this for K-1 income.
  6. IRS just cancelled an assessment against me that also when to collection - From 2014! 8 years of letters. You can just tell the collection agency in writing that you want to deal directly with the IRS on the issue and they are required to send it back to them and cancel their contact with you.
  7. if you don't file you lose the cap loss carryover
  8. depends if you ask NY or NJ tax department. NY is pretty aggressive going after people that are working temporarily out of the state due to covid. If the w-2 is showing NY wages there isn't much harm in putting it on the NY return. The rates between the 2 states isn't that much in the long run. Your situation though is a bit different since he isn't working out of a NJ shore beach house but out of an other company office. Could be considered that they transferred him and it should all be NJ.
  9. Not 121 but does get the step-up.
  10. Its not an IRS issue, proseries rolls over most states but not NY
  11. They announced about 2 weeks ago that they are suspending these forms 1 year for entities without foreign income items to report. Some exceptions so do your research.
  12. its NY that doesn't allow this to rollover. Other states do.
  13. Not how door dash works. you turn on your app as soon as you get in your car and then you pick a delivery you want to make. The above is correct, you are working as soon as you get in your car. There is no commuting.
  14. HI SON/DAUGHTER, My name is Mike and haven't heard from your parent in a while. We usually talk every once in a while. Just wondering if they are ok? no need to mention taxes, business relationship, etc.
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