All Forum Posts by: Paul Passafiume

So I have a CPA who does my taxes....but you are saying I should pay him to send the quarterly taxes? What do CPAs generally charge for this? Seems a bit overkill but he would need to send federal and state estimated taxes 4 times yearly. I've never had a problem with the feds online, and unlike Kentucky's sloppy online system, the fed online system is pretty good. 

This is what I don't get! I called the number on the notice and the lady was rude as hell. She kept interrupting and said " write a letter." I called a second lady who was nicer but was still trying to rush me off the phone. I explained that Ky HAS the money and has had it for a year. I asked why she couldn't just reassign the money in their computer and she seemed clueless. She was also the one that said Kentucky state law does not allow forgiveness of interest.

I am so mad over this I will probably be moving my business, and my residence, across the bridge to Louisville's S. Indiana suburbs. Indiana is a much more business minded state and these kinds of shenanigans have really hurt KY. 

Here's the skinny...I paid my 2017 Kentucky state income taxes on time and each quarter and correct. (most my income is self employed)

KY has an online payment portal. Apparently there was a glitch or else I selected the wrong year, and the payments got applied to 2016. KY never notified me, and never gave a refund for 2016 overpayment. I have email confirmation of each of the payments I made in 2017. Now a whole year later today, I get a letter saying I owe the same tax I already paid, plus about a grand in interest, and 4 grand in penalties.

I already sent them a letter with the confirmation of payment receipts of the tax they think they are owed and am awaiting to hear back

Here's my question...two reps at the KY Dept of Revenue told me state law doesn't allow refund of interest, but they allow refund of penalties. That seems really off to me.

To the CPAs and any tax attorneys around the boards...can KY charge me interest on money they already had in their bank account, even if it was apparently applied to 2016 (even assuming I clicked 2016 when I paid them online, which I am disputing with them). I assume since I proved to them I already paid the 2017 tax, that part will get waived, and so will the penalty. But the interest thing seems crazy! How can they charge me interest on money that was apparently sitting in their bank account all along, even if it was tagged 2016 although it was paid in every Q of 2017?  (The online portal transfers money to a bank they designate to receive the ACH funds). 

And not to get too far in the weeds, this is a story why so many high income earners would love to be around this beautiful city of Louisville, but so many leave for tax havens like FL or TX where they'd never deal with these taxes in the first place (and still have far superior roads, schools, jails, really, everything!)

My name is Paul and I own a sole proprietorship LLC which we will call "Gold" for this discussion. It is a pass through entity on taxes, and I am the sole member.

How important is it whose name is on the insurance? For example, if Gold LLC is on the deed and Paul is the name on the insurance, could they deny claims? Any attorneys or adjusters here?

Wonder if I have an insurance policy written in the name of Gold LLC, but the owner listed on the deed is Paul?

Basically, anyone seen any claims denied where a sole member LLC and personal name are used interchangeably?

Rob, there is a pent up demand for rentals beyond the Snyder, particularly under 1000 a month. They will do well.

This is the best response I have seen yet, but I respectfully disagree. I don't think Portland will wholesale turn around for another 20 years. However, certain sections are prime, specifically the sections that abut downtown and the river. In fact, the area known as Shippingport has the most potential. Alot of that depends on Louisville's growth, particularly in the tech industry, and that is all coming organically....

Smoketown and Shelby Park are on fire. This is Germantown 10 years ago. Get in now before it is too late....I have been playing monopoly in that area and now own several multifamily. Tough to find deals but they are there. Any of you young wholesalers, bring me a deal and I'll have you paid. I don't have the time to go out and work the streets like I used to, so willing to pay a wholesaler to do the leg work of course.  The crime myth is mostly a myth especially in last 12 months. Honestly just look at Trulia crime data! The ciolent crime rate in Shelby Park is the same as Original Highlands and Paristown. I can think of three homicides in the Highlands this year. Shelby Park hasn't had a single homicide in 2018. Smoketown has maybe one. It's not St Matthews, but this area is not going to stop. Gentrification is marching in from all sides, for better or worse. 

I disagree with the naysayers....Shelby Park and Phoenix Hill are the play now....but then what? Where next? The prices in Nulu, Butchertown, Germantown even are outrageous! Noting left to develop. I can't see it being south Louisville. So the answer is Portland! As long as you stay north of Market, it's fine. Do NOT expect to flip Portland but the area is best for under 45 investors who are planning on a 10 year plus hold, then I think there will be room for flips at the end game.

I was a Portland naysayer but not now. Just wait for Beecher Terrace to go and Waterfront Park West to get built. The Gold rush on Portland will start in 2022 after River Rd gets built into Portland. 

So, to be clear, I have 6 rental properties (totals 9 units). I have a W2, plus two independent contractor jobs SEPARATE of my real estate. But the IC jobs are literally spelled out on one form. It sounds like he got irritated with emails or something and billed me another 526, so now I am going to switch CPAs. I fear he'll charge 2 grand next year, that's an enormous cost and a nice chunk of my after tax income!

My real estate company is a single member LLC in KY, so that requires its own filing in addition to a filing KY income and estimated income taxes.

I though 1000 was high but still in the "ballpark." $1526 is simply highway robbery. 

Thanks to all for their input.

I can dig up return but he put Form 1040 and 1040 ES as part of itemized return. Isn't 1040 a Schedule C? I am a Ky single member LLC so in addition to federal 1040 and 1040ES I have to file Ky state income tax, Ky state estimated income tax, and a Ky single member LLC tax form (as an aside Louisville is booming but could be booming like Nashville in a more tax friendly state)