Thomas McGovern, MBA, CVATax Expert, Business Appraiser & Business Broker
Bio

Over 24 years Experience in small business tax, Insurance and Financial Consulting. Founder of Advantage Tax Service in 1999 and Advantage Brokerage, Inc in 2003. Theses business have provided accounting, Income tax Preparation, Insurance Brokerage and Business Brokerage services in New York City. Thomas McGovern is Certified by NACVA as a Certified Valuation Analyst credentialed to value businesses, He is a Business Appraiser. He is also a business broker and sold many small businesses, He analyze and performs due diligence before someone buys a business to aid in the prevention of fraud and paying too much for the business. Business Buying and selling Tax Consulting. Experienced in Business licenses and penalties in NYC. Masters Degree in taxation Experience in removing all types of government penalties, NY State Workers Compensation, Non Compliance penalties. Experienced in starting Income Tax Preparation Company and small business financial consulting business. Formed and helped start over 300 small business in New York City. Experience with New York City Home Improvement Contractors Licenses, New York City Restaurant Licenses, New York State Liquor licenses, New York City Cigarette and Tobacco Licenses, Fighting penalties associated with the above licenses. Fighting tax penalties, S-corporation late filing penalties Performing Workers Compensation Audits. Obtains business insurance liability policies. Experienced with IRS and New York State Tax Audits and Sales tax.. Experience advertising, marketing and sales for small service businesses. Masters Degree in Accounting and Taxation, Bachelors Degree in Business Marketing and Sales. Prepared over 5000 tax returns. for individuals and small businesses. How to open a business in New York City and get licenses and permits. Obtaining Individual Tax identification numbers ITIN numbers and helping non residence purchase and do business in America as foreigner with the E-2 Visa which allows non immigrants to purchase a business in the United States and receive a visa. To find out more about me visit my website at W-2Taxes.com



Recent Answers


In the United States there are not restrictions for money to be transfrered into a your corporation. However it should be properly documented within the minutes of the shareholder meeting. The infusion of capital can be either the purchase of stock or an officer's loan. If it is the purhase of stock it should be documented in the stock purchase ledger and stock certificated should be signed and given to you the stock buyer.. A stock purchase ledger comes with a corporate kit which is usually provided by the company or person that set up your corporation. If the infusion of capital is an officers loan, a written promisory note should be created and signed by the lender and borrower and stamped and signed by a notary. The note should charge interest and payments should be made on a monthly basis and interest should be charged. You the lended should receive a 1099 from your company if it pays you more that $600 for the year. The Corporation would expense the interest on the corpororation tax return and the lender (you) would put the interest received on their personal tax return. ***Note this is not legal advise or tax advise this is a general discussion of the topic. You should speak to your attorney or accountant before acting on anything discusses in the forum.


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