GeneInAlabama

I have a C Corporation (automotive parts store) owned entirely by one person. He is thinking about retiring and wants to turn the business over to his son. His son has been working for the corporation for a number of years and is basically managing the business. What is the best way for him to transfer the business to his son. The books show $1,000 capital stock and $157,000 as additional paid in capital. Can he divide the business up and give him $13,000 of it each year? Can he transfer part of it to his wife and she also give $13,000? Alabama is not a community property state. Any help would be appreciated.

I,m one of the owls. The hardest thing I do every day is get up in the morning. Once I accomplish that, the rest of the day isn't too bad.

I don't have enough confidence that those little electrons can remember where they are supposed to be, so I have a paper copy of EVERYTHING for the last ten years. I may drown in paperwork but I do feel confident right now.

Mine came through today too.

Good point!

I also e-filed some 1099s on 2-19-10 and they still show transmitted. I don't think it is anything to worry about.

John, maybe we can take up a collection so that you can pay your electric bill, then maybe you can start e-filing.

Go to options and then to customize fields. Check whichever columns you want to show.

I too am a little hard of hearing and it is more difficult to understand when a person is using a speaker phone. I also have a problem understanding a person if they are speaking a little fast.

Sounds interesting. Since it doesn't melt until July, could you send me a box full of it by UPS?

What is this thing called snow that you keep talking about?

I have one that is accepted by the state but the federal shows transmitted to agency. This is the first time I have ever had this happen. Usually the state is accepted a day after the federal. If the federal isn't accepted by tomorrow, I'll check on it.

I did a return today where one of the forms didn't print the watermark. I just let it go because most of the forms did have the watermark and I figured no one would have any trouble in recognizing which was the client copy.

Thanks everyone. You have cleared everything up for this befuddled mind.

I am confused. I was expecting the $250 social security payment to be shown on the SSA-1999 but apparently it's not. How can we find out if they received it and if they did, are we to show it on the sch M? I think maybe it is not included in the figure in box 5 and does not need to be reported anywhere. I know we can ASSUME that the $250 was received if they were receiving SS in Nov or Dec of 08, but is there a website that we can check to confirm this. I can't expect my clients to remember if they received it because I don't even remember myself if I received it although I am sure I did. Thanks for your help.

In Alabama, a common law marriage is the same as a regular marriage. They are considered married until a divorce is filed and it becomes final.

Actually, I think he IS smart enough to know what he is doing. I think he is doing it on purpose. That's what makes it so bad.

I would like to Efile my W2s but I have my payroll clients on Medlin Accounting and they are not set up for efiling. Since I can use plain paper for W2s I just paper file rather than retype all the info to ATX. I really do like being able to efile my 1099s through ATX so that I don't have to fool with the red forms.

If the mother had sold the house to a complete stranger, and then the son later bought the house from the stranger, he would not be buying from a related party. Since a trust is a separate entity, would that not be the same as buying from a stranger? Since the answer is not clear cut, I think I would advise the client to claim the credit and put the money in the bank for 3 years in case the IRS determined that it was claimed in error.

Instead of fooling with fee collect, I just have the client write me a post dated check. So far, I haven't had any problem with that.

>>In order to prepare taxes, you need to be able to pass a test and you need to be able to apply what you learn in school or courses. If you cannot do both, sorry, you shouldn't be in tax preparation business. This is no longer a profession for the semi-smart, semi-prepared person because too many changes happen every year<<. Then shouldn't ALL preparers be tested, including attorneys, CPAs, and enrolled agents?

I can't help but wonder how this testing requirement is going to affect the IRS pet, H&R Block. Also, if the tests are difficult enough to put a large number of preparers out of business it will help other preparers by allowing them to charge more, but will hurt the general public in increasing their costs which will hurt even more during these economic hard times. I agree that there are a lot of preparers that should not be in business and the public would be much better off without them. The problem is eliminating the bad ones without getting rid of those who do a good job. To clarify matters, I am not an attorney, CPA, or enrolled agent. I am an unlicensed preparer with 30 years experience and much yet to be learned. I believe the degree of difficulty of the test will determine whether it will be a good thing or a bad thing. Personally, I do not fear the test but would really rather not have to go through the hassel, especially at age 73. I think the important thing is how it is going to affect the general public.

So TP WASN'T working while drawing unemployment!

How could TP legally be drawing unemployment while working?

>>Am curious as to why you would want to delete the files in the first place. They take up such a small portion of the harddrive<< I agree. Rather than delete the file, rename it something like "zdelte - name of client". The "z" at the beginning of the name will put all the deleted files at the end of the program manager and not clutter up the program manager. I name my sample files "zsample - name". That keeps all the sample files at the end of the list. I name all my files something like TR - Name of client, Sales Tax - Name of client, Payroll - Name of client, Misc - Name of client, etc. I also name extensions Ext - Name of client. This keeps everything in groups and makes it easier to find what I am looking for. When I prepare a return that I have filed an extension for, I simply rename it TR - Name of client. Works for me.