Question on calendar year tax treatment.

5 minutes response needed to address a concern of whether I will or won't have to pay tax.


LLC has calendar year cash method of taxes for IRS

If the LLC signs a partnership R&D agreement Dec 1st and

a) gets 10k cash signing bonus

b) gets 60k cash R&D expense payment for the next 12 months of expenses (5k paid monthly by us to 3rd parties companies and 1099)

c) gets 60k cash for internal overhead (5k spent monthly on salaries/rent)

(a) should be the only income? (may try and push this payment to jan 1st)

will (b) and (c) get taxable income treatment from the IRS given the LLC will have 110k (120-5-5) cash for 2018 expenses on Dec 31st?

ideally I should pay approx 3-4k in taxes for 2017? are there are any way I would have to pay tax on b & c? Any other concerns?


Skills: Tax

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