michaelmars

Catherine's FileinTime looks like it will do the job, $300 first year then $100 renewals and I can import the tax items from my tax software and just have to add the other stuff manually.

its not really taxes that I need to track, software does that. its payroll, sales, llc fees, certiori's, financial statements, bank submissions, etc. And just having a due date on a calendar isn't good enough if I want to track progress, which info is in, which clients owe me more info, who in staff is working on it, etc.

another post 10/15 project to look into

Catherine, this product looks pretty good but the online info is light. Can you print out reports on a calendar? I like to see the whole month with holidays and weekends visable?

I HAVE used the rev proc 84-35 in the past even though its for 1065's and was successful. Did they come out with an official position to no longer accept it?

why would he buy the corp and then assume liablility for prior work? he should buy the client list, assets and name. The standing S corp, changes its name and registers the old name as a dba that he sells to the new guy. Or old and new form a partnership with both names. Once the seller is paid off then the buyer changes name dropping sellers [or keeps it if he wants] We have bought many practices but would never buy a corp and have the preparer penalties hang over our head.

I am an S corp for the past 27 years

unrelated, but what services did they do? at least here in NY they are too young to do such work, no machinery can be used. Need working papers which you can get at 14 for many jobs but nothing with machinery.

What if the back pay was for a year out of the statute and the withholding created a refund. He wouldn't get it by amending. I think it should go all in the year received.

You aren't considering Depreciation, on E this doesn't affect SE tax but on C it would. It isn't a passive activity so the losses would not be limited but you can't use the income to free up other passive losses. We have had a few audits on this. Self rental to your own business is NOT a passive activity. Even if the property was in a partnership with spouse. It is a nonpassive activity.

First thing to note is self rental, whether like this or through an entity is NOT considered a passive activity. Assuming the rent paid covers the expenses then by not claiming the depreciation on C the taxpayer is paying higher se tax.

yep and you can give print outs to support your items. Most agents will accept this and move on. I would never give up the electronic file on a basic request. It can get subpoena'd but how many agents would go through this for a small business as long as you support your records in other ways. Also it depend if you or your client did the write-up.

also, its expected to be replaced within 10 years

do this all the time, line 21 in and out.

DON'T give a copy of quickbooks. give a printout of the g/l tb etc.

if the trust is ending then I believe the final year its always considered a simple trust and all income will flow to the bene's.

why is the trust dissolving. was that the intent? And if so wouldn't the kids basis be 150? $100 dad and $50 from trust?

if the decedent would have qualified for the $20,000 exclusion based on age then the beneficiary can claim the exclusion.

the suspended losses will show up on schedule E so you get the benefit at ordinary rates. Depending on when the condo was put in service [more info needed] the amount claimed as depreciation will be unrecaptured capital gain taxed at 25%.

WHEN I travel I bring a flash drive of my clients pdf returns and can view on the kindle if I have to answer a question while on vacation.

you can add to basis any gift taxes that were paid on the gift

UNTIL the court filings are done, how can you be sure of who the beneficiaries are? I read this as being a 1041 for an estate, not a trust. Income earned on estate assets until distributed go on a 1041 but often the bene's aren't know. My recent one the court had us searching for possible relatives in 3 countries and it took almost 4 years to settle. The Estate paid all taxes on the income for those 4 years.

obviously I don't know details but its unusual for an estate to pass through the income until final year. Most estates pay the tax then distribute tax free. And you can't make a distribution from an estate with out the courts permission.

if you are worried about it, paper file and move on.

as someone with many pizzeria clients, the restaurant would rather give more soda than ice since it cost more to either buy or make the ice than the soda costs.