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Can you distribute shares in an LLC?

In strictly technical terms, no LLC can sell shares. Ownership in an LLC, or limited liability company, is based on a percentage of the company not by the...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Does a gift from your parents have to be reported to the IRS as income?

The IRS basically ignores gifts that don’t breach the annual gift tax exclusion. For tax years 2020 and 2021, the annual gift tax exclusion stands at $15,...

What index do ARM mortgages use?

Acceptable index options on FHA insured ARM loan transactions are 1) the Constant Maturity Treasury (CMT) index (weekly average yield of U.S. Treasury sec...

Where to find if a person has died?

Check Online Obituaries. The first way to see if someone has passed away is by searching for online obituary. Search Social Media. Use a Genealogy or Hist...

How does one spouse pay taxes on a business?

Both spouses are liable for paying the income tax due on their total taxable income shown in their Form 1040, including the owner-spouse’s business income...

How do you account for casualty losses?

Reporting Casualty Losses to Personal-Use Property Generally, after calculating the amount of your loss and subtracting any reimbursements, you must subtr...

What are the steps to buying a home for the first-time?

First-Time Home Buyer Steps: A Guide on How to Buy a House Step 1: Start gathering a down payment. Step 2: Check your credit score. Step 3: Get pre-approv...

Can I claim mother in law as a dependent?

Your mother-in-law’s income may disqualify her from being considered your Qualifying Relative on your tax return. You may claim your mother-in-law as a de...

Which accounts would require a closing entry?

Only revenue, expense, and dividend accounts are closed—not asset, liability, Common Stock, or Retained Earnings accounts. The four basic steps in the clo...

What do you call sisters husband brother?

co-brother-in-law (plural co-brothers-in-law) (uncommon) One’s wife’s sister’s husband; or more generally one’s spouse’s brother-in-law, the brother of on...