My client owns an apartment complex, and recently did renovations with such renovations he was able to increase monthly rent on new tenants. He upgraded the whole complex including already rented apartments. Since he has leases that have not expired ...
  1. Theladycpa
    Hi, your client has a few issues that should be addressed separately. First, the renovations should be capitalized as they add to the basis (value) of the build ... Read more

I have a client who owns a small apartment complex. He wants to hire on a full time on campus landlord and wants to include an apartment in the salary. Does he need to withhold taxes from the new landlord's ...
  1. Theladycpa
    Hi, as a resident manager or landlord living in the apartment is a condition of employment. As a result, the rent amount that would normally be collected for su ... Read more

What are the tax considerations of distributions when a company is formed in the US but has foreign shareholders? Is it possible to have a US formed company with foreign operations?
  1. Theladycpa
    Hi, when a US corporation makes distributions to foreign shareholders the distributions are subject to withholding taxes based on if the US has an income tax tr ... Read more

I have clients that eat meals with clients, buy food for all of the employees, and also eat out while traveling or on the go. The rules have gotten very unclear in this area. Can you help me ...
  1. Liz King, CPA
    Pursuant to IRS notice 2018-76, taxpayers may deduct 50% of an otherwise allowable business meal expense if: 1) The expense is an ordinary and necessary expense ... Read more