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Business & farm
Sorry Bill, but I AM a tax professional--guess I didn't actually state that. Possibly you think I'm a mess because I summarized the issues I am having, instead of asking the other questions you expect from a non-pro...?
I am working on my own starting just this year, so sometimes some specifics come up that I can't recall how they were handled when I worked at a firm. This specific item has been hard to track down in my research; typically these days most of my conversion clients do not try to depreciate items as a SMLLC, so this issue hasn't come up yet under my new book of biz. There are workarounds I'm doing (like the FICA taxable wages on Sch C) that I know from experience and talking with MANY CPAs I've worked with, who have worked in taxes for decades, that are tried and true. The ONLY thing I'm concerned about here is what to do with the mostly-depreciated assets, and whether I have to transfer them into the S-corp and continue depreciating them as they were on the Sch C, or do I just expense the remaining depreciable value as FMV/owner contribution under the S-corp, and also whether I HAVE to do that with the vehicle or can now take mileage under the S-corp if we dispose of it 1/1 under Sch C. As a SMLLC, we are continuing to use the same EIN for the S-corp that was used on Sch C.
Sorry but I don't know if having a tax pro ask a Q on here is considered taboo. I don't normally post on such message boards.
I am working on my own starting just this year, so sometimes some specifics come up that I can't recall how they were handled when I worked at a firm. This specific item has been hard to track down in my research; typically these days most of my conversion clients do not try to depreciate items as a SMLLC, so this issue hasn't come up yet under my new book of biz. There are workarounds I'm doing (like the FICA taxable wages on Sch C) that I know from experience and talking with MANY CPAs I've worked with, who have worked in taxes for decades, that are tried and true. The ONLY thing I'm concerned about here is what to do with the mostly-depreciated assets, and whether I have to transfer them into the S-corp and continue depreciating them as they were on the Sch C, or do I just expense the remaining depreciable value as FMV/owner contribution under the S-corp, and also whether I HAVE to do that with the vehicle or can now take mileage under the S-corp if we dispose of it 1/1 under Sch C. As a SMLLC, we are continuing to use the same EIN for the S-corp that was used on Sch C.
Sorry but I don't know if having a tax pro ask a Q on here is considered taboo. I don't normally post on such message boards.
‎June 6, 2019
9:57 AM