If you have a pass-through LLC it’s time to dissolve
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Family business was a subchapter S corp. Glad we sold it.
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According to TheCatch, the action will be on past years. I'm not sure how closing or selling a company makes any difference.Sledog said:Family business was a subchapter S corp. Glad we sold it.
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There is a three year statute of limitations, so at least you can start the clock running. The problem is that you need legal protection which you get with an LLC or S corporation. The IRS also hates Schedule C small businesses which is where your single member LLCs and unincorporated small business income gets reported on your 1040. Your going to get raped either way. You will have bottom feeder new IRS agents who have no common sense and have will hate "rich" small businesses and time will have no meaning to their work, but they will issue document requests with tight time limits for the taxpayer. Like supply a copy of all your contracts for all business conducted for the past three years. They will want all your banking records, both business and personal. Manchin deserves a special room in hell for his vote on this. There is no way they will collect the projected $20 billion from small business, but they will cause a multiple of that figure on the strangulation of small businesses.MikeDamone said:
According to TheCatch, the action will be on past years. I'm not sure how closing or selling a company makes any difference.Sledog said:Family business was a subchapter S corp. Glad we sold it.
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Too far in the past.MikeDamone said:
According to TheCatch, the action will be on past years. I'm not sure how closing or selling a company makes any difference.Sledog said:Family business was a subchapter S corp. Glad we sold it.
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We are out of all our LLC's and S corp's we have had over the years so for that I am grateful.
The ones who are going to get hurt are the family run businesses. The one's that show income to one individual but had numerous family members/dependents working in the company but not officially an employee. Farmers, small business owners, husband & wife type companies.
If you and your wife own an corp but only you are getting a pay check to support your whole family while your wife was basically a full time employee who "didn't get paid", they will fuck you three ways from Sunday and there isn't a damn thing you will be able to do about it.
Anyone who, for even one moment, thinks 87,000 additional agents aren't going to go after middle class to upper middle class families, is an idiot.
There are 1.8 million in this country making over $400K. If each new agent (not even counting the 40K current agents) takes on 10 cases a year which is nothing, what the hell are they going to do in year 3? Are they going to be expected to just quit? -
It's mostly not about the money, but the control. Especially control of conservatives. Like with Trump, New York audited the sh*t out of Rush until Rush told them to phuck off and moved to Florida. Even then, New York made him submit all the days he was in New York trying to get a share of his Florida income.Bendintheriver said:We are out of all our LLC's and S corp's we have had over the years so for that I am grateful.
The ones who are going to get hurt are the family run businesses. The one's that show income to one individual but had numerous family members/dependents working in the company but not officially an employee. Farmers, small business owners, husband & wife type companies.
If you and your wife own an corp but only you are getting a pay check to support your whole family while your wife was basically a full time employee who "didn't get paid", they will fuck you three ways from Sunday and there isn't a damn thing you will be able to do about it.
Anyone who, for even one moment, thinks 87,000 additional agents aren't going to go after middle class to upper middle class families, is an idiot.
There are 1.8 million in this country making over $400K. If each new agent (not even counting the 40K current agents) takes on 10 cases a year which is nothing, what the hell are they going to do in year 3? Are they going to be expected to just quit? -
The poor folks like Mello and Kobe have nothing to hide because they literally have nothing.DerekJohnson said:
Race was utilizing one of HCH's expressions, which originated from @TheKobeStopperthechatch said:
I don’t think I/we do either, but we have a little bit of unnecessary work ahead of us, in terms of organizing receipts against prior filings.RaceBannon said:I have nothing to hide
The amendments will be on legitimate equipment purchases with some cross-utilization between a couple of pass throughs and our primary corp and that’s it, is my understanding.
This just seems like a potential huge headache for sole proprietors and independent contractors -
They are also coming after us Uber and lyft drivers we have a ton of deductions, I make 100k but with mileage and other deductions show a 30K profit.... they want that to end or to make sure you have your records... dems party of the people my arse.
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You don’t “make $100k”Goduckies said:They are also coming after us Uber and lyft drivers we have a ton of deductions, I make 100k but with mileage and other deductions show a 30K profit.... they want that to end or to make sure you have your records... dems party of the people my arse.
