article thumbnail

Making Informed Entity Selection for Real Estate Ownership

Cherry Bekaert

Making Informed Entity Selection Decisions The life cycle of your real estate venture or property management company should be planned with the end in mind. The following types of business entities are options to own real estate or operate a related business: Sole Proprietorship : Many single owners of real estate are an individual.

article thumbnail

Top Remote Accountants of the Week | May 23, 2024

Going Concern

FTE Senior Tax and Accounting | Candidate ID #20455103 Certifications: CPA in progress Education: BA, Accounting & Business Administration Experience (years): 4+ years in public accounting Work experience (highlight): Staff Accountant at a CPA firm Full client care including accounting, bookkeeping, tax and audit In 2024 completed 100+ returns, (..)

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

LLC vs. S Corp: Which Offers Better Tax Savings?

Cherry Bekaert

This salary is subject to payroll taxes. However, S corps are less frequently used to own rental real estate because they inhibit flexibility when distributing property to the owners. It is recommended that you consult your legal and tax advisor before selecting your choice of entity. Contact Us The post LLC vs.

article thumbnail

IRS Appeals 2022 Ruling in $11.5 Million Tax Dispute with Mayo Clinic

CPA Practice

million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. Universities are exempt from paying taxes on that type of real estate revenue. That type of revenue is not taxed for nonprofit educational institutions or schools.

article thumbnail

Congress Passes ARPA With Many COVID-19 Payroll-Related Provisions

ThomsonReuters

. “Applicable employment taxes” are defined as the employer’s share of Medicare or Tier 1 RRTA tax. Allows for the credits for paid sick and family leave to be structured as a refundable payroll tax credit against Medicare tax only (1.45%), beginning after March 31, 2021. Unemployment Provisions.

payroll 105
article thumbnail

Tax Credits & Incentives Advisory Services

Cherry Bekaert

Cost Segregation Plus Services Conducting a cost segregation analysis can help your organization implement a tax planning strategy that could accelerate substantial depreciation deductions, reduce tax liability and defer tax payments. utilizing energy-efficient technologies, LEED® certification, etc.)

Tax 75
article thumbnail

Commingling Funds: How to Address the Problem and Avoid It in the Future

inDinero Tax Tips

In the legal, real estate, or financial services industries, commingling client funds with personal is illegal. Fringe Benefits The most straightforward practice is to amend your payroll reports and recategorize the commingled purchase as fringe benefit compensation. This process will result in taxable income to the shareholder.