Tax Law (Questions About Taxes)/Expert Profile

Adam Shay, CPA

U.S.
On Vacation
returns 06/30/2017

Follow me on:
      

Expertise

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

Organizations

AICPA NCACPA

Education/Credentials

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.


This expert accepts donations:      

Average Ratings

Recent Reviews from Users

Read More Comments

    K = Knowledgeability    C = Clarity of Response    P = Politeness
UserDateKCPComments
Michael02/02/13101010Thank you so much for your advice .....
Jennifer02/01/13101010 
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

 

Ask A Question

Tax Law (Questions About Taxes)

All Answers


Answers by Expert:


Ask Experts

Volunteer


©2016 About.com. All rights reserved.