All Forum Posts by: Lance Lvovsky

Have you tried asking professional colleagues for a referral? Investors in your network may have someone they really like to work with.

If an asset meets the definition of placed in service, then yes.

try searching the forums or ask other investors. there are a dozen + CPAs on here as well. good luck

I can refer you to an accountant that specifically specializes in working with H1B visa holders. Not sure I am allowed to post recommendations to service providers on the forums directly.

Have you tried searching online or asking others for referrals? You will need to find someone that truly specializes in expat taxation, or a regional/middle market firm that has the expertise in house.

Another option could be utilizing a loan from S corp to LLC if the S corp has significant cash on hand.

Just make sure you speak with a tax advisor on how to create and manage tax basis in an LLC, the difference between recourse and nonrecourse loans when it comes to basis and at-risk rules.

There are a dozen + CPAs on the forums for you to reach out to.

There are different types of trusts that accomplish differing objectives.

A few examples of trusts:

- asset protection

- land trusts for privacy

- estate planning trusts

- sheltering wealth transfer taxes

- trusts that can shelter or reduce state income tax exposure

- trusts that can hold membership or limited partnership interests and provide income, estate, gift, and GST tax protection

- etc.

There are a dozen plus tax advisors here. Select a few and speak to them. You will need someone familiar with state income tax laws for CA and PA. 

Top things in no particular order:

1. Provide clean set of books and records. Depending on size of business, this may include the following financials:

General ledger, balance sheet, profit and loss, trial balance

2. Provide bank and cc statements so CPA can tie out your ending balance sheet for cash and cc liability.

3. For any real estate purchases/sales, provide closing documents. Your CPA may need to make adjusting journal entries after analyzing the HUD settlement statement.

4. For any rental properties, provide leases. Why? Because this has valuable data, such as security deposits, which need to be recorded as a liability on your balance sheet. Also advises CPA as to built in rent increases, who is responsible for taxes/insurance/etc., amongst other items.

5. Pay expenses out of the correct account. Do not commingle funds.

6. Call your CPA before entering a transaction. Tell them what you are contemplating. There may be something to consider from a tax perspective before proceeding.

7. Respond to open items and emails from your CPA promptly. 

8. The list can go on, but it has been a long day for me. :)