Tax Law (Questions About Taxes)/Expert Profile

Adam Shay, CPA

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returns 06/30/2017

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I have an expertise in individual income tax and income tax planning. I also have experience working with small businesses (variety of entities) on both income tax and accounting needs.

Experience in the area

I have spent 5 years managing 15 franchised tax locations. For the past 6 months I have owned my own tax preparation and accounting firm the specializes in assisting small business and more complex individuals. Accountant Wilmington NC




MBA from the University of Maryland BS from the University of Virginia

What do you like about this subject?

I like the combination of taking the time to understanding a person's situation and then applying the tax code to that situation.

What do you still hope to achieve/learn in this field?

I hope to continue to learn as I work in the field. My goal is to partner up with my clients and develop life long relationships.

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Recent Reviews from Users

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    K = Knowledgeability    C = Clarity of Response    P = Politeness
Michael02/02/13101010Thank you so much for your advice .....
Greg01/19/13101010Thank you.
gw12/11/12101010Thanks for the prompt response!
David12/05/12101010Thanks Adam I appreciate the fast response .....

Recent Answers from Adam Shay, CPA

2013-02-02 Depreciation of Rental Property:

I would consider it a structural part of the building and therefore 27.5 straightline depreciation for component of a residential rental.  If a commercial rental it would be 39 years.  The other factor

2012-12-11 determining number of personal exemptions:

I am sorry to hear that.  Exemptions are always a tough question because there are so many factors @ play.  Your taxes @ $70K as single vs married are going to be more.  I would adjust your withholdings

2012-12-05 1120-S Estimated Taxes or 941:

If you have a profitable S Corp the active shareholder is required by IRS code to take part of their compensation via a "reasonable" salary.  That involves placing you on payroll (like any other employee

2012-11-13 Incorporating at the end of 2012:

There is not a legal way, that I am aware of, to make it retroactive.  If things look like they are going to continue to look good you may want to consider setting up an S Corp for the start of 2013 and

2012-10-12 Giving post-tax money to family:

If you want to give more thank $13K to an individual in a year then you (the giver) need to file a gift tax return.  It won't necessarily involve taxes but reduces the amount of future $ that is exempt


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