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veritas

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  1. That's what I've been missing! :)
  2. Hey Oldjack! Been missing your oneryness self much. Ther original question was difficult to understand. My point was if an entity started another business of the same type at a new location, I don't believe they have start-up costs. EXAMPLE: Allen is a wholesaler who started a retail business for his merchandise. Any start up expenses incurred with regard to the opening of the first retail outlet may be deducted and amortized. On the other hand, the start up expenditures to open additional outlets are considered expansion costs of an existing business, deductible under as trade or business expenses, if they do not have to be capitalized. If a separate entity is formed, whether in connection with the expansion in the same line of business or an expansion into a new line of business, the costs are eligible for treatment as start-up expenses. Specialty Restaurants Corporation v. Commissioner, T.C. Memo. 1992-221.
  3. If the operating company is the same for both locations, I don't believe you have any startup expenses.
  4. Question? If the contribution was made by the corporation, who is on the receipt that they must have?
  5. lol getting a little dig in Oldjack?
  6. Your bass guitar looks just like my son's. Ibanez?
  7. My big dream is to get a dentist for a client.
  8. http://www.thetaxbook.com/forums/forumdisplay.php?f=2
  9. Wait till he finds out what the car insurance will be if he titles it in the Corp. I find there is usually three resaons autos are not titled properly. First low or no interest for personal auto loans are not available for business loans. Secondly the insurance agent tell you that it's going to cost you twice as much. Three the owners of corporations think like a sole proprietors.
  10. Oldjack Take a look on the other board at the one called "Our Cpa misled us". It's a good one.
  11. Hey Oldjack, What happened to the $5000 death benefit exclusion? I don't remember anymore. By the way are you looking in on the old board? You namr is still coming up.
  12. We have audits like this all the time. Yes they are going to look at contract labor. Secondly they are going to look at distributions. If the shareholder has a small salary they will gross the distributions up to the max which is 28k here. They also will reclassify distributions early in the year to get the max as soon as possible which will add more interest and penalties. They will then report to the feds so you will have to pay the futa tax. They also look at amounts paid to corporations for services and if the corportaion is a sub only of our client they will reclassify as wages and collect suta and futa.
  13. Some years back the service was running a project for non-filers. We dealt with several who had returns assessed by the IRS. These are not returns for statute of limitations. The instructions were file an original return and write "SFR" at the top of page one of the tax return. They don't have to accept it but most likely they will.
  14. So you will soon be going paperless right Oldjack?
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