Archived
Can a S Corp invest in a separate LLC? Treating investment as current year expense, and deferring tax until LLC k-1?
Phillip's answer
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Answered on June 07, 2014
The purchase of the interest in the LLC is a capital contribution and not a business expense. Capital contributions and purchases of capital...
Archived
If you were my lawyer, and baby's dad did not disclose his second job, works with 2 different SS Numbers, what forms, actions?
Phillip's answer
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Answered on June 07, 2014
I have chabned this post to Family Law because it is not a tax question.
Archived
The EDD is hounding my company because it believes that contractors that we are using should be employees.
Phillip's answer
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Answered on June 06, 2014
This sounds like a case where you represented yourself. You need to retain experienced tax counsel to review your case. This is a very serious...
Archived
Have a LLC and would like to know In the even of being sued or any financial issues,will my personal assets and wealth affected?
Phillip's answer
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Answered on June 03, 2014
Attorney Doland is correct. I would have attorney who is experienced in asset protection review your operating agreement to be safe side, and have...
Archived
Owner of corporation for workers compensation. I and my partner own all of the shares in our corporation. We are contractors and
Phillip's answer
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Answered on June 02, 2014
Every California employer using employee labor, including family members,
must purchase Workers’ Compensation Insurance (Labor Code Section...
Archived
My husband had several yrs unpaid taxes from before we married. I was only one with income for the year. Can irs take refund?
Phillip's answer
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Answered on May 29, 2014
This is occurring you are filing joint tax returns. File separate in the future.
Phil
Archived
What terms should be used in a Term Sheet for an LLC where I have an equity stake for a technology product?
Phillip's answer
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Answered on May 27, 2014
Present your prospective "partner" with a written counter offer with the terms and provisions that you believe should be in the agreement.
Also...
Archived
Would it be more financially advantageous for the properties I manage to be incorporated as an S Corp or left as an Individual?
Phillip's answer
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Answered on May 27, 2014
This is my response to a similar question; "This is a REALLY BAD IDEA unless you are a business like a hotel, shopping center, or commercial office...
Archived
Does a non-active member of a LLC pay taxes on income that is not distributed?
Phillip's answer
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Answered on May 27, 2014
Your belief that you don't pay income tax in a LLC is incorrect. Passive income is taxable for income tax but not self-employment tax. You have...
Archived
I'm filing form 2553, w/ the IRS. What is Part II (Selection of Fiscal Tax Year), Section O-R asking me in lehmans terms?
Phillip's answer
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Answered on May 27, 2014
You need to hire a professional to make our election because there another form to be file before you file form 2553. This a complicated process...
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