TAXES owed for our RFC

Description of your first forum.

TAXES owed for our RFC

Postby ttuel1.9069 » Tue Jul 05, 2016 5:39 pm

This is our first full year of operation for our RFC and upon having our CPA complete our books for 2015, we were stunned to learn of our tax owed !!! We naivly must have assumed that an RFC would help in that area. Our CPA is telling us that we owe 50% of ALL interest collected, and another 50 % of ALL discount collected, less expenses. And that interest collected cannot be adjusted for `expenses` incurred, that the number due is 50% of interest collected, regardless of losses incurred etc.!!.....can somebody please help or advise..??...is this NORMAL.???.....A LITTLE INSIGHT..We collected a little over 800,000 in total payments,,,,our CPA is calculating our tax liability to be approx 300,000 ...please advise us HELP .!!!
ttuel1.9069
 
Posts: 2
Joined: Tue Apr 19, 2016 9:53 pm

Re: TAXES owed for our RFC

Postby combs.3602 » Wed Jul 20, 2016 10:06 pm

Hi guys - It's very sad but true. With the current administration and tax code us BHPH dealers are being beat up badly. If you look at some of my posts on this site I make reference to the tax issues we face. We just had a meeting with a Re-Insurance company to try to save some tax dollars. I will let everyone know my thoughts on that. Good luck ! Dennis Combs combscarcorral.com Boise/Nampa, Idaho
combs.3602
 
Posts: 75
Joined: Sat Aug 25, 2012 4:31 pm
Location: Nampa and Boise,Idaho

Re: TAXES owed for our RFC

Postby ttuel1.9069 » Tue Jul 26, 2016 8:13 pm

combs.3602 wrote:Hi guys - It's very sad but true. With the current administration and tax code us BHPH dealers are being beat up badly. If you look at some of my posts on this site I make reference to the tax issues we face. We just had a meeting with a Re-Insurance company to try to save some tax dollars. I will let everyone know my thoughts on that. Good luck ! Dennis Combs combscarcorral.com Boise/Nampa, Idaho

THANKS KEEP me posted appreciate any advise or info
ttuel1.9069
 
Posts: 2
Joined: Tue Apr 19, 2016 9:53 pm

Re: TAXES owed for our RFC

Postby Bgillis.8878 » Wed Aug 17, 2016 3:17 pm

Hey Guys, We are considering creating a RFC and read a article this moring about re-insurance companies. Is it really a great benefit to do a RFC and do you suggest and good info on re-insurance ? Thanks. Boyce Gillis
Bgillis.8878
 
Posts: 1
Joined: Wed Aug 17, 2016 3:08 pm


Return to Your first forum

Who is online

Users browsing this forum: No registered users and 5 guests

cron