michaelmars

THERE IS a separate NYC return for entities, including Sch C's. Send me the details! there are also separate credits available for NYC residents that will flow to the NY "IT" returns

ARE IGLOO'S CONSIDERED PERMANANT STRUCTURES?

{OFF THE TOP OF MY HEAD RESPONSE} IF THIS IS A FINAL YEAR FOR THE TRUST EXCESS DEDUCTIONS WILL FLOW TO BENEFICIARIES - [i HAVE NO IDEA IF CARRIED OVER CONTRIBUTIONS IS CONSIDERED EXCESS DEDUCTIONS]

i have used 3 since sometime last year, its great

Be carefull, just because its allowed it doesn't mean its the best for the client. Example, real estate can be a sch e but everyone will tell you to put it into a llc for so many good reasons. Also what about state and local taxes? You have to consider the local effect too.

there are advantages to a 1065 and Marilyn is right. it gets the info off of the personal return which is key. irs audits sch c the most and having 2 sch c's with the same numbers looks suspicious to me and remember the irs says if you have a partnership, even a defacto one, you should file a partnership return. the only real cost involved would me the accounting fees

Clever, Thanks alot HEY I JUST REALIZED I REACHED ATXOHOLICS ANONYMOUS!!

thanks kc, but do i just wipe out the old assets and reset them up for going forward purposes with the new life and new prior accumulated depr? i don't see a way to change the life or method of depr of an existing asset in the program btw i am doing 1120S's and 1065's

can someone give me guidance for reporting the new depreciation in the program? is there a way to work around the program of do i have to override? -thanks

JUST LISTENED, GREAT JOB, SOUNDED GREAT AND INFORMATIVE TOO. You sold yourself and talked with just the right amount of technicality for the lay person to understand. And the topic never sounded dry.

in any case if you want asset protection then 12 properties need 12 llc's

there is no income limit for a sch c-agreed but high sch c's have the greatest risk of audit. have you client give 1% to wife, child, mom or dad, then its still a partnership

i just close the program a few times each day and also reboot my puter at least once a day and everything is faster after i do this. during tax season, rebooting at least forces me to take a mini break to stretch

taxpayer gave away $300,000 3 years and 2 weeks prior to death. No gift tax return was filed. the 706 requires any gifts within 3 years of death to be added back for estate tax purposes but this is outside the look-back period by 2 weeks. But since the gift return for the $300,000 was never filed does this gift have any effect on the estate?

AGREE with joanmcq, send a check for tax and interest and request penalty abatement do to either the eror was yours or client messed up but has a great record for prior year of full compliance. If the error was yours i'd pay the penalty but never the interest, in theory the client earned interest on the 5400 still being in his bank.

the key word here is "citizens" if you subtract all the illegals [many of which come here for the free med care they get at hospitals] then the uninsured amount is greatly reduced and you must also subtract those that can afford it but decied they don't want the heath care. thats a life style choice which the government shouldn't take on as a problem for which the other 90-95% percent of the population should pay for.

when i go to create efile, the federal 1065 box is clear [extensions were accepted] but the program will not let me put a check mark in the box. anyone experience anything like this?

is he active or a real estate professional, that makes a difference and what is his agi, the losses may be phased out.

i agree with everyone who says the program isn't a substitute for a preparer but i think this should roll over, afterall the program does roll over the prior year overpayment as taxable in the current year, yet we still have to decide to leave it in as a taxable refund or take it out. I am in Ny and the rollovered amount is wrong because atx doesn't adjust if for the sales tax portion of the prior years tax or other certain non-taxable credits but seeing the number on page one of 1040 is a great reminder to make sure i include the correct,adjusted, amount. in more cases than less, the taxes due are paid by the client and should be included on sch A but as KC stated, a warning diagnostic ie state estimated payments would be great.

I RECENTLY purchased a practice from a deseased cpa but there were a lot of business clients and i paid 25% of collections over 5 years. this bought, not only the old records but the goodwill of the family who new many of the clients and made personal introductions to each client on our behalf. if you refuse to entertain a purchase then i would advertise heavily in the area so that the clients seeking a new cpa will see your name often.

LETS get back to the original question. i would always do the 1065. high sch c filers are at the greatest risk of audit and i want the income to be a flow in and not reported on the personal returns. also if applying for credit i'd rather just give the entities tax returns than give personal ones. any lawsuits down the road would mostlikely have to go through the partnership first and again sort of shelter the personal returns. if you set it up as an llc then each spouse is protected against the other ones actions. [very general rule]. from an estate planning or even business planing posiitions a partnership can easily be passed to kids or allow new partners to enter, if a sch c them you would have to convert at that time, much easier to convert in the very beginning. i have many who owned peoperty in a SMLLC and i had them give 1% or so to a spouse and/or kids just to make the partnership from the onset. and of course with the high rate of divorses, this might come in handy. and lets not forget the most important reason, another return another fee for us!

the date on the invoice should lock to the date on the return. if you go today to reprint a january invoice for example the date on the invoice will be todays even if the return is locked.

1] due dates should roll over correctly to the current years due date, and should be automatically updated once an extension is created for the return.

i gave my staff thurs and friday off and for the 3 going away, there are baskets and champagne waiting in their room. now who feels bad? (s).