BigTaxDaddy @FSteinCPA
Tax Director/Shareholder - BQ Tax & Accounting, Ltd. Work to live, don't live to work. #TaxTwitter rocks BQTaxPro.com Northern California Joined August 2009-
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#TaxTwitter - So, the same client who has the 1065LLC to hold $20,000 wroth of land also has a Sch C. He's a realtor who hasn't earned a commission since at least 2018 and yet is deducting Desk Fees and other expenses to the tune of $3,500 every year.
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Ok #TaxTwitter. Can someone explain to me the benefits of two individuals holding $20,000 worth of land in an LLC and filing the 1065? The only expense every year is the tax return fee and RE Taxes of $400. I will be urging them to close the LLC and deem this a joint venture.
BigTaxDaddy retweeted
If you don't have a family code word implement one. It comes in handy.
If you don't have a family code word implement one. It comes in handy.
Let's all wish @taxtherapist505 a very happy birthday. She is looking amazing for being just 34 years of age.
When you're driving for hours listening to true crime podcasts and then at dinner your wife wants to know if you know anyone capable of killing and I'm trying to rank them like a top 10 list.
Sometimes, mansplaining and gaslighting can be so much work and tends to leave one tired.
Up north, about to go hike Mossbrae Falls with @GarrityLea31909 Might be doing a little bit of trespassing to get there tho. It's fine.
Ok, the trip to Chicago for the #TaxTwitter Retreat has been booked. @MikeSyl36625988, I will be ready for that beer soon sir.
Imagine that, Trump is associating and using people convicted of fraudulent filings. finance.yahoo.com/news/trump-fai…
BigTaxDaddy retweeted
The state of Utah put up a web form to rat out people you suspect might be using the wrong bathroom. The form even invites you to upload pictures as evidence. It would be a shame to see it overrun with fake reports. ut-sao-special-prod.web.app/sex_basis_comp…
You don't steal from kids. So wrong.
You don't steal from kids. So wrong.
After a discussion with the esteemed @JWellsTax, I'm curious as to who does what. How do you record fixed assets on the balance sheet?
BigTaxDaddy retweeted
Gen Z is the least religious generation. This trend will likely only continue. Is this a good or a bad thing?
Tell me a story about how we might have gotten arrested together. It could be true or made up. And go....
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@FSteinCPA For only being able to capitalize the $400 the cost of filing a return prepared probably outweighs the benefit. No expenses are deductible under TCJA at the individual level. No business activity, no filing requirement.
@FSteinCPA @HatfieldsMama @rohitjoycpa @TGorcz I am suggesting that you are drawing a conclusion without knowledge of the law in this area. And a Twitter thread will certainly not bring you up to speed. If you have a sincere interest, though, you can DM me with your email and I am happy to send you a list of resources.
@FSteinCPA @rohitjoycpa I think there is a more accurate & reasonable middle ground response between the extremes of ‘easily pierced’ and ‘extremely difficult’.
@FSteinCPA By doing that, you lose all the extra deductions available to an LLC.
@FSteinCPA Seems like a dumb thing to do, but on it's face, it doesn't seem like an issue. Also doesn't seem like he should have a problem adding on some CPA fees too.
@FSteinCPA After seeing all this on their previous returns, you decided to still take them on as a client? I'd have made all these questions that pending satisfactory explanation/resolution I'd agree to proceed, but I wouldn't blindly have taken on without big discussion first.
@FSteinCPA So you’re pretty confident that your client isn’t on Twitter?
@FSteinCPA Wouldn't this be a case of "there is no tax reason in this case for the LLC and partnership filings but consult your attorney to have him advise on the legal reasons for the LLC".?
@FSteinCPA @HatfieldsMama @rohitjoycpa @TGorcz Are they committing fraud and have this LLC set up to protect from legal consequences?
@FSteinCPA Operating control. Liquidation/inheritance controls.
@FSteinCPA Zero commissions makes no sense, real estate sales since 2018 have been through the roof (pun intended)
@FSteinCPA Dead body buried on land Only plausible explanation IMO
@FSteinCPA I think im agreeing with you. Id just have elected to capitalize. Not like it matters much. Personal preference.
@RickMAllison @FSteinCPA This sounds like self dealing to me - which prohibits buying and selling from your IRA and the IRA beneficiary. Maybe I am just too cautious 🤷♂️
@RickMAllison @FSteinCPA This is exactly what my Tax Law brain instantly thought of! Great model overall. Sometimes you have to see the trees beyond the forest! #LongPlay #EstatePlanning
@rohitjoycpa @FSteinCPA That’s what I thought too. Would offer legal protection.
@FSteinCPA No revenue and just the two expenses? I'd say no business there. But the LLC is likely for legal reasons. Liability, ease of transfer, privacy, etc.
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