Nathan Sosa CPA
@natesosa_CPA
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RE Tax Advisor @ Hall CPA. Runner. MSTax Denver. Oklahoma Next Gen Under 30| | Use this link to work with us!
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Joined February 2012
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Beware of S-Corps owning real estate
Putting properties in one might be your biggest tax blunder
A thread of 5 reasons not to put real estate into an S-Corp🧵
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Beware of S-Corps owning real estate
It might be your biggest tax blunder
Here are 5 reasons not to put real estate into an S-Corp
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Officially finished my MSTax! While I'm the opposite of what the degree describes, I'm thankful for the depths of learning in so many areas. Thankful to my wife, family, profs like Nitti & so many others. Can't wait to keep learning. Onto learning to be a girl dad! 📜
#TaxTwitter
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Well, I’d like to officially say I have passed all 4 sections of my CPA! So glad to be done and so thankful for the Lord’s strength through these past 8 months and the friends and family who supported me through it all!
#100
%OfaCPA
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This is the story of how a taxpayer with a full time job BEAT the IRS and saved
Almost $1,000,000 in taxes + penalties :
In 2020, Padda was pulled into Tax Court.
Padda ran a very successful pain management clinic in St. Louis. He would work at this clinic for about three 8
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#TaxTwitter
Today, TC Memo 2023-105 was not the most exciting, but I found it kind of interesting 🤔 Some Planet Fitness owners thought they'd get creative. They paid themselves rent for home business meetings. 1/
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Did you know a CEO could be seen just as an "investor" in the eyes of the IRS?
It happened recently and cost an entrepreneur:
$200,000+ in taxes
Here's the story (and how SMB owners can avoid the same fate): In December 2023, an entrepreneur named Senty ended up in Tax Court.
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Today in Tax Court
A taxpayer tried to write off a trip to Disney World
(I can’t blame them because a trip to Disney can be the 5 figure cost range…)
How do you think they did?
The taxpayer in question was a self-proclaimed writer who had written 3 or 4 self-published books
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I’m real curious to know who tells his family “We’re moving to Satan’s Kingdom, pack your stuff”
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Feeling the tax burn post 4/15?
Here’s one mistake you shouldn’t make
Electing to be an S-Corporation
Here is a story of a taxpayer’s S-Election costing him $220,000 in taxes:
A taxpayer elected their Corporation from the start to be an S-Corporation
It owned 50 restaurant
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‼️Massive Q for business owners (and tax pros)‼️
How do you know what’s a valid expense
Like why not justify your Ferrari, gym membership, your clothes? (Like some tax finfluencers…🙈)
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About 3 months after my ACL surgery, got to run for the first time since the surgery.... God is good
#blessed
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Massive Q for business owners (and tax pros)
How do you know what’s a valid expense
Like why not justify your Ferrari, gym membership, your clothes? (Like some tax finfluencers…)
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As of now, I’m 50% of a CPA! Passed the 2nd test of the exam and working on the 3rd! Thanks to everyone who has encouraged me through this process
#2down2togo
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Creating an LLC for tax write-offs
Plays out in reality and cost this person
$124,000
In back taxes + penalties
Here’s the story:
Fun side note, this 'investment' brought over 200 people into audits...
TLDR of the case: Check who invest your money with, and if sounds like
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This is the story of how a taxpayer with a full time job BEAT the IRS and saved
Almost $1,000,000 in taxes + penalties :
In 2020, Padda was pulled into Tax Court.
Padda ran a very successful pain management clinic in St. Louis. He would work at this clinic for about three
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I would like to announce that I am 75% of a CPA!!! One more test go✊🏽
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#TaxTwitter
Been AWOL here lately, but it's mostly because
@bhallcpa
has been working me non-stop...
But super excited to announce I've joined
@TheRECPA
as a Senior Tax Advisor! Been amazing to be a part of fast growing, forward-thinking firm! Looking forward to the future!
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@LorilynWilson
Yeah 1.469-5t(f) basically says you combine time for spouses, so both activities are active
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Well, just had my last class ever at OBU.... who knew time could move so fast
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On Thursday last week, the Tax Court dealt with a short term rental case (TC Summary Opinion 2024-13)
And the taxpayer lost. Here's why it happened:
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Last week I posted about Real Estate Professional Status
But there is one other tax election you should always consider making…
And I see this one missed a lot
The -9 Grouping Election
A 🧵 on a few aspects to consider for the -9 election
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Have I not commanded you? Be strong and courageous! Dont tremble or be dismayed for the LORD your God is with you wherever you go Joshua1:9
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A day late and was hoping for a PR, but still a good run! Thanks for hosting and getting
#taxtwitter
on this
@taxgirl
! I’d love to do this yearly!
#virtual5k
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Before we 100% dunk on this guy,
#TaxTwitter
, let’s just help him understand that most CPA/EAs help with tax planning. I know I spoke with a CFP once and he was shocked I would recommend a DAF to clients to maximize donations. Most tax pros he had seen never recommended it
Certified Public Accountant (CPA)/Enrolled Agent (EA) vs. Comprehensive Financial Advisor in Tax Planning
Certified Public Accountant (CPA)/Enrolled Agent (EA) - Short-Term Tax Planning:
- Specialize in tax matters with a short-term focus on minimizing the tax bill for a given
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Hardest thing to ever happen to me... But im so proud of all my brothers. Couldn't have done this without them. Thank you for this season
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@neontaster
It could also be the opposite universe of what Rick said. He claims he’s the Rickest Rick so his Morty is the Mortiest Morty. Could be another universe where theres a Rickest Morty and Mortiest Rick
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Beware of hot assets when selling your business.
Even savvy investors get burned.
Sometimes, buyers want the full package, LLC, and the assets. So as a business owner or a real estate investor, what happens if you sell the legal entity associated with your assets?
It boils
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Super excited to say I passed the first section of my CPA!!! One down🙏🏽
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No place like RGJ! Lucky to be a part of such a great group!
Congratulations to
@natesosa_80
, one of our tax associates, who ran his 1st half Sunday in the
@OKCMarathon
. Nathan not only trained during tax season, but recently passed all four parts of the CPA exam on the first try. We're very proud to have Nathan as a part of our team!
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Biden's 2025 Green Book is out now
Some of the tax provisions could be really.... taxing for real estate investors.
Thread for the details🧵
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Real Estate Professional Status
Is one of most powerful tax tools out there
But it’s tricky and HIGHLY audited
A 🧵on 5 lessons you need to know:
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And when it comes to those meetings? Keep meticulous records! Always remember: while pigs get fed, hogs get slaughtered🐖
#TaxCourt
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6 months ago I had ACL surgery. Been fighting to come back ever since but I'm almost there... Just keep pushin💪🏽
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Hey
#TaxTwitter
young guy here. Love learning from all the great people here! What’s everyone’s take on Airbnb’s being Sch C or Sch E? I know there’s a lot of “depends” but what’s the thought process for it? Providing services?
@adammarkowitzEA
@danchodan
@fintaxdude
@edzollars
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In 1968, Jim Pielsticker purchased Arrow Trucking in Tulsa, Oklahoma.
It was as a small operation that grew to over 900 drivers and grossing $250 million of revenue
Today it no longer exists.
The story on it’s demise
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Only thing I care about this week is sending off the seniors like they deserve
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We've had fog, rain, hail, and sun today. Literally every kind of weather in one day
#oklahomastrong
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@taxgirl
Nathan Sosa! Tax CPA at remote satellite office for Wall, Einhorn, & Chernitzer (WEC). I do tax consulting and compliance for pass-throughs and HNWs. Currently pursuing an MST at
@UofDenver
. Really wanting to learn and potentially do more in the tax writing sphere!
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85%
That's what I kept reminding myself while running my marathon Sunday.
And I was able to PR my marathon to 3:02 from 3:07 (almost Boston, but 60 degrees from start to finish and humidity)
(And this post will apply to tax I promise)
A recent post from
@SahilBloom
talked
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☀️Be careful of solar credits…
Advertised as “no sweat bet” “Immediate ROI”
But can really bite you come tax time🦷
🧵below on why
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The price tag?💸 More than $100k(!!!) per year for their 3 homes, over 3 years, and, of course, they used the Master’s Exception § 280A(g) to exclude the income. The IRS raised an eyebrow, deeming $500 per meeting as a more reasonable figure. 2/
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“Whatever your hand finds to do, do it with all your might; for there is no activity or planning or knowledge or wisdom in Sheol where you are going.”
Ecclesiastes 9:10 NASB
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Wel any day you find out you don't need surgery is a good day
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A taxpayer in tax court
Lost $15,000,000 in deductions
Here’s how it happened:
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Accountants when
@JStaatsCPA
doesn’t do a pod after a streak of 66 and being all over the country
#TaxTwitter
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So my grad professor sent me the wrong final last night.... so I wasted three hours of my life on the wrong test
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Sometimes I forget how powerful prayer can be in life🙏🏽
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When a property (or any asset ) is sold
The taxes could be polarizing
Could be 37% + 15% versus 23.8%
Here is a 🧵thread on 5 lessons🧐 to avoid 37% rates and SE tax rates:
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HBD to this big guy right here, been sucha great friend to me in everything, hope today's awesome bud
@JTKetch
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Rest In Peace Stan.... A great man whose incredible ideas and talent impacted my childhood tremendously
#RIPStanLee
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📚Moral of the story? If you're thinking of a home office rental scheme and try to find ways to reduce taxable income, I’d recommend doing LOTS of homework. (And it’s probably still not going to be worth it) 5/
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@CoFoundersNik
Know someone very close to the industry, the projects that they are seeing (including NVIDIA, Open AI, etc) are seeing look at $1-2 billion of total development
Basically all over Missouri, Oklahoma, Texas, etc
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So proud of all my brothers. They fought hard till the bitter end. Proud of you guys. Thanks for the awesome season
#CHABasketball
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Many S-Corp owners get this wrong
🧵A thread on how to get this right
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I love when you study for 6 hours and still feel like you failed. But that's the beauty of college😊👌🏽🔫
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👇if you're in the right circles, and use it wisely, you can get some knowledge!
New Year’s goal: spend MORE time on X and LinkedIn. Never thought increasing my social media use would make the list, but there are some cool people on these platforms!
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If you’re getting bored at 20M net worth, you were bored before 20M net worth.
Look I’m nowhere near that
But people need purpose. Building families, businesses, communities, athletic achievements, etc
“Everything—a horse, a vine—is created for some duty… For what task,
if you’re rich and sober, how do you not get bored
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👀Super interesting case on the control and timing of taxable income today!
Doc Stead is on optometrist on hard times and looks to be a very honorable business owner
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Definitely gonna need some prayers for this exam tomorrow...
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Business owners are always looking for ways to offset taxes when they sell their biz
Most of these are either just ways to
A. Defer Taxes or
B. Offset them
At some point, you gotta pay the piper
Or hold till you drop but let’s hold as long as we can eh?
A 🧵 on some
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Qualified Opportunity Zones are tax hacks
You get to:
1. Defer capital gains AND
2. You get losses from the real estate (whether passive or not, still benefits) AND
3. You get the step-up in appreciation after a ten year hold
Really think people should be looking more at
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I don't think I've ever seen that many pictures of the Golden Gate Bridge before....
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And the court was on the IRS's side, especially when the owners couldn't produce any records of these meetings. 🗓️No calendars, no meeting invites, nada. But also, the owners also set up C Corps to claim excess marketing deductions 3/
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S-Corps
Are they worth it?
As always, it depends... 😉
What is your industry, service or production?
Do you hold appreciating assets?
What's your long-term plan for the business?
Look, I'm a fan of S-Corps!
But NOT for the reasons social media likes to promote
I like
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And not just on the liability side, but the tax side too
A few Qs that can make a MASSIVE difference:
Did you intend to have a waterfall calc, but is the allocation written in a different way than you intended ?
How are liquidating proceeds distributed?
Do you have a DRO or
Feeling grumpy again about the standard-issue, not-a-hint-of-f*ing-nuance "Put the property in an LLC to avoid lawsuits" advice that gets distributed like junk mail.
Latest stupid mess this over-generalized advice is causing:
When you have more than one member in the LLC, and
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@bhallcpa
Remote employee engagement. How do you stay involved? Teams calls and meetings I imagine, what else?
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Brandon broke down in a VERY digestible way Harris’s tax policy
Not that different from Biden, but some distinguishing factors
Our team reviewed Kamala Harris’s tax policies.
She will raise taxes on:
• Stock traders
• Business owners
• Wealthy individuals
• Real estate investors
• People earning >$100,000 per year
Here’s everything you need to know:
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over the expenses from the advertising companies and 'distribute' earnings at lower tax rate… The court wasn't buying it. They ruled the excess amounts didn't qualify under § 162 and they were purely trying to avoid tax. 4/
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It's not fun watching other people tear their ACLs, especially after having gone thru it all😷
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They say you should get in the room with like minded individuals…
Because if you want to go far, go together, right?
Well just wrapped up our team trip at Hall CPA
Lemme tell you
It was pretty magical….
Spent a few days at Disney World!
While Disney is always a great
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Don't forget Who gives blessings and Who can take them away
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4 months out of surgery, finally started cutting and jumping again.... Nothin gonna hold me back💯✔️🔥
#Comeback
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I'm so glad I'm not alone
No matter how good of shape I am in, walking up a flight of stairs never fails to leave me winded.
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Can you remotely operate your STR while still beating passive loss rules
People call STR Strategy a 'loophole' or 'something that should go away'
But it's been done since the 90s
Here's a 🧵 on a case that gave the thumbs up to STRs
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