Jun 29
Welcome to TaxView with Chris Moss CPA Attorney For those of you married couples who earn substantial income in the entertainment industry, the 2019 best estate plan in my view is to have your Loan-Out LLC owned by a Family LLC or what I refer to as a Holding LLC. Why? If your retired …
May 27
Chris Moss CPA Tax Attorney Welcome to TaxView with Chris Moss CPA Tax Attorney If you are still an S Corporation and for whatever reason have not converted to an Limited Liability Company, and are getting ready to hand your business over to the next generation still operating as an S Corporation, why not consider …
Oct 07
Welcome to TaxView with Chris Moss CPA Tax Attorney Have any of you wives out there perhaps sometimes not quite understood the tax strategy your husband has used to prepare your income tax return? Any husbands out there traveling so much for work that your wife pays all the bills and files all tax returns? …
Jun 21
Welcome to TaxView with Chris Moss CPA Tax Attorney Are any of you battling the IRS over a Federal IRS Tax Lien or Levy? If you are in this unfortunate situation it would appear that for you have ignored countless IRS bills, letters and certified letters over a period of perhaps many years. You may …
Jun 04
Welcome to TaxView with Chris Moss CPA Tax Attorney Remember the cash for clunkers program Congress created in 2009 for your old beat up car. You brought in your clunker car to the dealer and got cash to buy a new car to stimulate the economy? It seems that the 100 year old income tax …
May 09
Welcome to TaxView with Chris Moss CPA Many of you small business owners out there will at some point or another will be audited by the IRS. If your audit concludes with what you believe to be an incorrect application of the law to the facts in your specific case you should have the professional …
May 01
Welcome to TaxView with Chris Moss CPA If you all are entering or coming out of a 1031 tax free exchange this year, whether it be forward or reverse, you may want to consider selling your relinquished investment property or purchasing your replacement investment property from a trusted member of your family. Sounds good right? …
Dec 26
Welcome to TaxView with Chris Moss CPA. Back in the 60s if you wanted to “gamble” you went to Las Vegas. Then Atlantic City opened up shop in the 70s as did many State Lottery games. After President Reagan signed the Indian Gaming Regulatory Act (IGRA) you even had more choices in the 80s. More …
Dec 15
Welcome to TaxView with Chris Moss CPA Are you self-employed? Do you ever wonder how much of your earnings is subject to self-employment tax? (SET) If you are self-employed you should be paying the correct amount of social security but not be overpaying. Employees are subject to payroll withholding and W2 year-end reporting as per …
Nov 07
Welcome to TaxView with Chris Moss CPA The IRS defines a “whipsaw case” as a settlement in one case that can have a contrary tax effect in another case.” IRS Manual 8.2.3.13 All of you at some point will most likely experience a whipsaw case during an IRS audit of a partnership, ex-spouse, related beneficiary …
Oct 31
Welcome to TaxView with Chris Moss CPA Cost Segregation of Structural Components is a tax savings strategy that in my view defies logic, yet nevertheless is a brilliant absolutely legal way to save taxes. What is Cost Segregation of Structural Components you ask? In essence, Cost Segregation separates out costs in a building into structural …
Oct 12
Welcome to TaxView with Chris Moss CPA Are you an entrepreneur with family business? Have you thought about your children and grandchildren being more involved in your business? Perhaps a Family Limited Liability Company (Family LLC) is just what you need. Properly structured for your unique situation, the Family LLC is a 21st century way …
Sep 03
Welcome to TaxView with Chris Moss CPA If you have investment gains to offset business losses this year, you may be in store for a direct head on collision with the IRS and the Tax Reform Act of 1986. The journey to disaster starts off innocently enough. You sell some stocks for a $10M gain …
Aug 23
Welcome to TaxView with Chris Moss CPA If you are a minister of the Gospel you most likely have heard of the Parsonage Allowance Exclusion or the tax free housing allowance for clergy under Section 107 of the IRS Code. First enacted in 1921 the Allowance excludes the rental value of a dwelling house furnished …
Oct 01
“Restructure Analysis” comes into play during routine individual income tax planning throughout the year. It could involve review of a specific tax position or may include review of multiple tax positions involving interrelated returns over a period of many years. The goal of Restructure Analysis is to rebuild or restructure a tax position to legally …