Can I convert my C Corp to an LLC?
The conversion of a C corporation into an LLC is treated as a complete liquidation of the corporation for tax. The liquidation of a C corporation with app...
Category: General
Where do IRS audits take place?
How will the IRS conduct my audit? The IRS manages audits either by mail or through an in-person interview to review your records. The interview may be at...
What are the 5 entities?
States recognize several business entities, but most business owners will choose one of five: corporations, general partnerships, limited liability compan...
How is tentative minimum tax calculated?
Taxpayers first calculate their “normal” adjusted gross income, then add back in certain items. Next, they subtract the applicable AMT exemption amount, m...
How do I set up a trust for my son?
Here are the steps to follow. Select a trustee. As stated above, when a grantor creates a trust, they must name a trustee. Decide the terms of the trust. ...
Can you lose your citizenship if you marry a foreigner?
The Act states that an American woman who marries an alien would lose her citizenship and take on her husband’s nationality. If she had resided in the Uni...
What is a beneficiary type trust?
What Is a Beneficiary of Trust? A beneficiary of trust is the individual or group of individuals for whom a trust is created. The trust creator or grantor...
How do you ask someone for a loan?
We’ve got your back! Look at all your borrowing options. Consider the financial and social risks. Ask the right person. Discuss all the loan details. Crea...
Do 501c3 pay sales tax in Texas?
Certain nonprofit and government organizations are eligible for exemption from paying Texas taxes on their purchases. Federal and Texas government entitie...
What is excellent in FICO?
The FICO model categorizes credit scores as poor (300-579), fair (580-669), good (670-739), very good (740-799), and excellent (800-850). Is mints credit ...
