by George Dimov | Oct 19, 2016 | NYC Accounting
Mint.com is a product by intuit. It is extremely quick and easy to use. The trick is to stay consistent with categorizing your expenses. If you are an accountant and need to put together a schedule C or an S Corp return using Mint.com data, export the data into CSV....
by George Dimov | Oct 7, 2016 | NYC Accounting
For applicants that want to qualify for buildings that have an income bracket, quite a lot of financial materials are necessary to pass through the process if the individual applying is a sole-member LLC (sole proprietorship) or otherwise runs a small business. The...
by George Dimov | Oct 3, 2016 | NYC Accounting
Based on my research below, applying tax refunds to subsequent years will, in fact, be beneficial if there was a revision to a prior tax return resulting in a finding of deficiency. The total amount of interest relief, however, will not exceed one year (provided that...
by George Dimov | Sep 30, 2016 | NYC Accounting
You are a sole proprietor and have a business that has incurred NOLs. You choose to change the structure of the business from a sole proprietorship (filing on schedule C of form 1040) to a partnership (filing a 1065 return). Can the NOLs incurred and carried forward...
by George Dimov | Sep 30, 2016 | NYC Accounting
Yes, you can offset the capital gain on sale of the building against the loss carryover. Hence you may not owe any tax on the gain from the sale of the building. Capital gain is calculated as Sales price less adjusted cost basis (which is cost minus the accumulated...
by George Dimov | Sep 29, 2016 | NYC Accounting
If a partner acquires an interest in a partnership by gift, inheritance, or under any circumstance other than by a contribution of money or property to the partnership, the partner’s basis must be determined using the basis rules described in Publication 551....
by George Dimov | Sep 12, 2016 | NYC Accounting
% Percentage of Clients that Don't Know Their Basis It seems that nobody knows their basis in their S Corp. This is a common phenomenon that I have ran into while in private practice. Basis is talked about and “beaten like a dead horse” throughout...
by George Dimov | Sep 1, 2016 | NYC Accounting
First off, let me point out that this is just a study strategy and, although the PETH exam is known to be an “open book exam” throughout the internet blogging universe, I have not seen authoritative guidance from the state designating it as such. For this...
by George Dimov | Sep 1, 2016 | NYC Accounting
Investors and owners of foreign-based businesses frequently ask about the possibility of using the $100,800 exclusion and/or foreign tax credit against income earned from overseas companies. The typical scenario is this: a taxpayer has a company which is based in the...
by George Dimov | Sep 1, 2016 | NYC Accounting
I have had a similar situation occur several times in my private practice where an individual is a U.S. Citizen, but his spouse and children are not. Naturally, the client will want to claim these dependents on his return. However, in order for the dependents to be...
