Incorporating in Georgia: Strategic Tax Issues: LLC for Rental Properties, Reasonable Salary and County Property Tax Report
While Serving as a CPA during the tax preparation process, we take the time to look to the broader picture of business management while also seeking to provide insight of a Virtual Controller. The below is a sample letter we might send to a client offering strategic financial insight to their business, its operation and being sensitive to protecting their personal assets from potential liabilities:
I suggest that your put all of your rental properties in a separate LLC to protect your personal assets from potential legal liabilities associated with them. After you get this set up, please forward to me a copy of the incorporation papers as well as its EIN/Federal ID #. To see how Limited Liability Companies are taxes visit http://www.hiscpa.com./article6.html
Please be advised that it is necessary for you as an S Corporation given position and profit. At present I believe you salary should be at least doubled. Please be reminded that the best indication of a fair and reasonable salary is what you would have to pay an independent individual to perform you duties/job. To read more about S Corporations you can do so at http://www.hiscpa.com./incorporating-articles.html
This is to confirm that you are handling your county property tax report and your business license.
His CPA PC Tailoring tax services for individuals and small businesses in metro Atlanta for more than thirty years, while serving as an Atlanta Virtual CFO/Chief Financial Officer. To learn more about our firm http://www.hiscpa.com./
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