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Do Most States Currently Offer Movie Production Tax Incentives?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, most states currently offer Movie Production Incentives (hereinafter “MPIs”). MPIs are tax benefits offered on a state-by-state basis throughout the United States to entice, as applicable, in-state film...   Read More
Please Explain How To Quantitatively Compute Start-up Companies "Fixed Base Percentages" In Connection To The R&D Tax Credit.
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

For a start-up company, I.R.C. § 41(c)(3)(B) establishes a fixed-base percentage calculation for companies that incorporated after December 31, 1983, or had fewer than 3 years with qualified research expenditures...   Read More
Can Someone Please Provide An Overview Of The Scope Of A Construction Tax Planning Engagement?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

A Construction Tax Planning Engagement utilizes a proactive "Pre-Design Phase" approach to identifying additional tax benefits related to new and planned construction projects whether in connection to constructing...   Read More
Please Discuss The Scope And Application Of The Solar Investment Tax Credit (ITC)?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

The Investment Tax Credit (hereinafter "ITC") is a 30% federal tax credit for solar systems on residential properties under Sec. 25D of the Code, and for commercial properties under Sec. 48 of the Code that remains...   Read More
Can Someone Please Discuss The Status Of The Empire State Music Production Tax Credit?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

As of April 7th of 2015, New York State’s Excelsior Jobs Program is highly anticipated to be expanded to include music production through a Empire State Music Production Tax Credit. Administered by the Empire...   Read More
How To Amortize LLC Startup Expenses?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The home improvements must be capitalized as you said. You must,dispose of everything on the Sch C and then move it to the 1065. The basis in the items moved to the 1065 (assuming she was depreciating at lest the...   Read More
How Do I Determine The Cost Basis And Then Enter It Correctly Into My Tax Software Program
User Photo Daniel Bosler
Tax Professional Level: Tax Enthusiast

Your situation is relatively common, and relatively commonly gives people fits! However it is not really that complicated. The gain from the exercise of your stock options was reported on your W2 and you had...   Read More
We Want To Gift Our Adult Child $14,000. Where Would We Report This On Our Tax Return? What Would Be The Benefit To Us?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Gifts have no effect on income taxes. You don't show it on your return, and your child does not show it on his/her return. The only time the child would pay any tax was if you gave them property and they later...   Read More
New LLC, Qualified Joint Venture With One Spouse On A Green Card. Tax Implications? Also, LLC Has An EIN, Does That Require A 1065?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Several issues here. First, as a qualified joint venture formed as an LLC, they cannot file two schedule C's. The must file a 1065 or elect S corp status. I don't know enough about the organization to advise you...   Read More
I Am A Greencard Holder Living In Nyc Divorcing A Greencard Holder Also In Nyc; I Need To Know My Tax Consequence For A Large Sum Of Money.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Basically, no. If the money was placed directly into a trust or a corporation, it would still be subject to tax and the rate would probably exceed your personal rate. Depending on the source of the money, you may...   Read More


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