Lee B

Wasn't aware you could do this Good discussion in The Tax Advisor: https://www.thetaxadviser.com/issues/2020/sep/private-equity-f-reorganizations-s-corporations.html

Here is a good discussion in The Tax Advisor: https://www.thetaxadviser.com/issues/2009/apr/scorporationtaxyearrules.html

Depending on the details on what was included in the second closing for $700,000 will probably be amortized.

Then these are the values that will be used to set up your depreciation schedule

Perhaps someone else can be more helpful than I can.

(Building and assets were done on one closing) Does the first purchase agreement include a detailing listing of the Bldg, Land, furniture and fixtures with $ values for each listed item?

(the actual business purchase on a different sale) If the building,land and assets had already been sold on the first closing, what was left to be sold? Please be more specific Thanks,

Did your client form a new corporation and buy the assets from the previous owner or did your client buy the stock of the previous corporation? Is your client's corporation a regular corporation or did your client did elect S status in a timely manner? Did the purchase agreement included a detailed valuation list of the Building, Land and the various fixtures and equipment? Was the non compete agreement included in the purchase agreement or was it a separate agreement?

Yeah, sometimes reading a post or a discussion thread will trigger a memory about which I will post. I am an introvert so I can keep those thoughts to myself

I received an email from FinCen so this link is to their website announcement of the session: https://www.fincen.gov/news/news-releases/september-25-fincen-virtual-info-session-beneficial-ownership-reporting

Not all smaller contractors accept credit cards, so it could become an issue. The times that I have had business cards and business licensing come up is during Unemployment Tax Audits and Workers Compensation Audits, when the Auditor is looking for workers being treated as contractors when they really should on the payroll as employees.

WHAT: Info session on beneficial ownership reporting WHEN: Wednesday, Sept. 25, 2024, at 2 p.m. ET WHERE: www.youtube.com/@fincentreasury

"A federal judge in Portland Friday declined to block the enforcement of a federal law that Congress passed in 2021 to combat money laundering, financing of terrorism or tax evasion. U.S. District Judge Michael H. Simon denied a motion for a preliminary injunction filed by seven people who argued that the federal Corporate Transparency Act’s requirements to report sensitive personal identifying information violated their constitutional rights."

I'm confused. Who is "you" and what "deductions"???

Yes, I signed up yesterday. As I have posted before, a few of their webinars are good, a few of their webinars are terrible. I have taken a number of their webinars and a scale of 1 to 10, I would rate most of their webinars about a 5, but hey they're free. They can be annoying because they spend too much time on administrative stuff.

This reminds of an interview with some prospective clients who wanted to deduct their Million $ Motor Home as a business expense. The IRS position will be that all second home expenses are personal. Your clients will have to document all of their business related deductions.

See Page 31 & 32 of Pub 590 B https://www.irs.gov/pub/irs-pdf/p590b.pdf I wonder who advised him that this was a good idea?

Unfortunately our tax software is going to make choices for us.

Well the FTC and the IRS apparently think that we aren't intelligent enough to do these things.

I totally agree, I rarely write a check for either business or personal bills unless there is no other option and then I use my banks bill paying service.

Just curious, if it's an inheritance tax on the beneficiaries receipt of the property, why is it deductible on the form 706?

https://www.darslaw.com/news/what-is-maryland-inheritance-tax-and-who-pays-it/ This is not my area of expertise, but I did some online searches since the topic is still unresolved. Based on my reading, it's an inheritance tax not an estate tax. It probably should be added to each beneficiaries basis.

I am using Google's authenticator app. No code required. Entering a code or PIN is considered to be lower level of security which according to Google is not allowed.

I have read several articles that say Gmail will require MFA effective September 30th. That means that password only login to Gmail will stop working. I have already switched. Most of the time it works quickly. Sometimes on weekends, I have had to wait more than 5 minutes before I can access Gmail.

You will need to check with ATX as to how they will meet the 2FA requirements for the coming tax season. It looks like Drake will be requiring the use of an authenticator app.