All Forum Posts by: Lance Lvovsky

2021 federal first quarter estimated taxes are still due April 15 absent further guidance. States may not conform to federal and continue to be due April 15th. Further, other federal tax forms such as fiduciary income tax returns and gift tax returns continue to be due April 15th absent further guidance.

@Jessica Howard

You are collecting interest income on the notes, and these notes are in an IRA or your name? At any rate, there are a dozen plus CPAs on these forums.

@Simon Obas

Are you recording the house flipping as inventory. You need to understand the proper classification on the balance sheet.

From a federal gift tax perspective, your uncle can do that. 

@Tim Hoffman

The EIDL grant is not for federal tax law. You need to clarify which grant you are referring to. State tax laws may not conform to federal. Check with your CPA.

@River Luce

You could try contacting CPAs on here. Good luck.

@Leon G.

If you are make a completed gift to irrevocable trust you need to consider gift tax implications. Not a black and white answer. If you are concerned about future wife, pre nup is strongly recommended. At a minimum you should have a revocable living trust to protect yourself from probate. Speak to legal counsel and CPA who specializes in trust and estate tax work.

@Christian D.

I know a CPA in PA.

Presumably your SMLLC has a Tax ID with the IRS.

No need to get another tax ID. The LLC becomes a multi-member LLC once the other two members are admitted and become partners for tax purposes. You have an initial year return from that period thru 12/31. For example, if the LLC admits partners on July 1st, you have to file a partnership return from that period forward. Good accounting records are critical.

As mentioned by @Eamonn McElroy it is difficult to provide fee guidance without reviewing tax documents and accounting records. Nevertheless, the fee you mentioned for 3 returns with 5-6 rentals is "cheap".