All Forum Posts by: Lance Lvovsky

@Michelle Castaneda

I have someone I can maybe refer you too.

@Arron Barnes

That is not an easy form to complete. One must have an understanding of the tax law. Read the instructions but you are going to have a difficult time doing yourself. Even tax professionals prepare it incorrectly.

@Manu Bhardwaj

State?

@Claude Diehl

There are a number of accountants on here. Also consider @Eamonn McElroy who is in your state, not sure how far though.

@Nikki Bahash

Have you considered the income tax implications? Need to review shareholder agreement and you need to have shareholders basis schedules prepared if not done yet. Will it be a sale or a gift? Good topic to ask your CPA.

@Sushil Sureka

Yes you need a balance sheet. And as mentioned above you should be tracking it. Problems with financials almost always stem from the balance sheet.

CA requires disregarded LLC (SMLLC) to file. Without filing, the statutes of limitations have never started. I know the Federal statute laws, and I am going to assume CA follows Federal (ordinary I would look this up, but you are not my client). Assuming CA follows Federal statute laws, they can go after you anytime. Penalties are accruing from 2015.

I strongly suggest to have a conversation with your CPA. If they did not inform you of this filing obligation, well then there may be some monetary burden to shift on them...

I will give you a real example based on a client. Client has a Land Trust that owns a condo in Colorado. It is a CO Trust too. Purchased the real estate in name of Land Trust. The Trustee is an LLC. With the LLC Trustee, the client's name does not show up on the deed to the property.

From a tax perspective, the Land Trust can be drafted such that all income gets reported on the individual income tax return (Form 1040). One must consider whether the LLC itself has to file, but that is another conversation, and one you should have with your tax advisor.

@Matt Ridenour

Check if there is a court appointed personal representative. They would be the one selling to you.

@George Chung

Depends on number of factors such as how good are your financial records (balance sheet, income statement), how many state returns there are, just to name a couple of the factors in play.