QUESTION from Joseph:
We are creating a investment syndication for buying and working out non-performing mortgages in an LLC entity.
Each member will require a capital account for their investment dollars and be able to receive pro-rata shares of profits, return of capital and losses (if any).
Will the Investor Books software support the bookkeeping for the syndication?
Thanks,
Joseph
QUESTION:
We have 2 people who will be using the Investor Books / Tenant Tracking system.
Do we need to purchase QB multi-user and network our computers so that the data will sync ? How does that work?
An S corporation may own an interest in another business entity.
An S corporation can be a member of an affiliated group by owning 80 percent or more of the stock of a C corporation. The group then can elect to file on a consolidated basis, if other affiliated group rules are met. But the S corporation itself cannot join the consolidated group.
with LIVE Q&A following
How Do I? Follow the new-for-2015 one-IRA rollover-per-year limit?
As most people know, a taxpayer can take a distribution from an IRA without being taxed if the taxpayer rolls over (contributes) the amount received into an IRA within 60 days. This tax-free treatment does not apply if the individual rolled over another distribution from an IRA within the one-year period ending on the day of the second distribution.
POST Election Congress Grapples with Extenders as Lawmakers Plan for 2015
The results of the mid-term elections create a new dynamic in Congress with Republicans poised to take control of both the House and Senate in January. Prospects for tax reform may have brightened for 2015. In the meantime, the lame-duck Congress must deal with some urgent tax bills, most notably the tax extenders.
QUESTION from William:
Hello Mike,
My name is William and I am Jim’s bookkeeper since February. Since that time, I have updated the QuickBooks company files for his three companies and have been processing invoice payments through the QB accounts payable system and maintaining the cash balances, but we have some catching up to do on the accounts receivable side. I have several months worth of invoices to post and receipts to receive against these invoices (right now the receipts are just booked as deposits hitting Cash and Rental Income, A/R account is not being used yet). With regards to QuickBooks Pro, should I enter the invoices for the tenants using QuickBooks and process the payments using the normal A/R process, or do I need to enter the invoices using QuickBooks Pro (basically a chicken or the egg question, does QB feed from QB Pro or visa versa)?
Thank you,
William
-Pennsylvania
Here is short 20 minute video showing you how to properly handle the final settlement when you have a tenant turnover. This example shows the tenant moving out is due a check from you because the damages from the move out inspection was only $200 and your tenant had an $800 security deposit.
23 min video
QUESTION from Stephen:
Stephen asks:
“Mike, I am selling a property for $123,000 and unfortunately I have to bring a check for $3,000+ to the closing.
I am pulling my hair out trying to enter this HUD 1 Settlement Statement into Investor Books. Please Help Me, Stephen”