michaelmars

I JUST wrote them that this lack of notice-1 day is just another reason i haven't reupped yet. i am off since wed and not checking emails - but fortuneately i did check here! - thanks guys

the discount was for the time value of money, the hospital had it early and the patient was out the use of that money prior to actually being obligated to pay it. That is what the discount if for. As for defrauding the ins co, i just don't see it. The Insurance pays based on damages and a contractual payment plan. if the patient didn't get the discount, the ins co would be paying the same amount. when you have a collison claim, you get a check from the company whether youspend it fixing your car or at Vagas.

"we don't want to do that" are you speaking for all of us- big assumption there KC <s>. i am done, 200+ returns in 10 days or so, 1/2 a liter of scotch done too. Have a good weekend everyone!

ON SCH e right below the k-1 entitiy as unreimbursed partner exp. the k-1 imput has a line for it and it flows properly or you can do a statement if you choose to itemize them.

anyone know how late we can send an efile and be considered timely?

even though it doesn't print in govt copy i think it prints in yours and clients if you select it or you can print out the depr schedules. Something i just noticed on depr. if you have a short year the calculation is correct but if you look at asset history, it will show the whole years depr for year one, thus the history sch is incorrect. WE ARE DOWN TO 24 MORE RETURNS, 8-9 REAL THE REST ARE KIDS OR SIMPLE K-1 FLOW THROUGHS

you shouldn't have given away the answer, btw wasn't the packaged upped to 800 bil to cover the earmarks!

THEY do offer it but i will not be the beta tester for something that is fairly new, and with muni interest in many states and the client in many states, i doubt the scan-in will do it right, by the time i check it can do it. perhaps in a few years i'll give it a try-at least on prosystem if we do the s corp or 1065 the k-1 will flow to the individual, thats a real timesaver and something cch as gotten fairly correct. [stress fairly]

i have clients that buy/sell ferrari cars, he has some just for trade shows to promote his business, i have no problem deducting those as promotion, he does usually trailer them but thats because they are not road authorized vehicles. but he does take them to tracks to show off [customers] the reacing ability of a ferrari

thanks for the idea but i don't do those big returns in ATX, i use prosystem, most of the returns i do these last few weeks will have 5 or more states and prosystem is just so automated with that.

my last one had 110 1099's int and div and 8 k-1's plus many sales, these all take a few hours to imput. See my ad that is pinned, still looking for tax help.

i purchased 3 practices over the years, i've done a down payment against the calculated cost of purchase, then seller gets somewhere between 20-25% of my collections over the next 4-5 years [depends on negotiated terms] This gives the seller incentive to help me retain the clients [especially the business clients-they like to know that they can still call the seller or at least know he is still involved somehow] and also if i lose the client i stop paying on them. The downpayment gets credited in any formula we decide upon. Get a non-compete so the seller can't steal back the client. With over 800 returns purchased on the last one turning files over one by one is impossible. the seller sent out a letter that he is retiring and i am going to be taking over the practice and they have a specific amount of time to request their records back be they get turned over to me.. We give them a month [or so] to object and ask for their records back. if the seller stays involved and must jointly meet with you and some of the larger clients and all business clients then you can have a great retention. I averaged over 95% of the sellers billings stayed.

i agree but lets keep the board working for the rest of us with only 15 days left to file i am sure many people will need the forum to lean on.

I'M HAPPY FOR YOU -MICHAEL

nope the program isn't working right

I just entered a few k-1's on the imput screen and the foreign tax info isn't flowing to form 1116. I believe it used to work properly. Anyone else experiencing this.

if possible i try and have the clients clear the loans on 12/31. they can reloan the money mid january. Of course it depends on cash flow and dollar amounts but if my clients delay paying A/P etc for a few weeks they can usually do it or bring it way down to make the interest an insignificant amount.

you have to otherwise you have imputed interest. i do on any loan thats lasts more than a year.

paid a few creditors but remember he did that and closed the corp 2 years before the irs made this assessment. At the time he paid the calculated taxes per the return. He did take aprox 30k from the company and some equipment. The assessment is for over 100k.

Which brings me back to original issue, do we have to bother with appeals etc or is the shareholder judgement proof and we can let the irs assess all they want?

actually we didn't try to reconstruct anything, the agent understood that the company was closed and the only shareholder figured he was off the hook. the only item we really discussed and agreed on was the accounting error made in the %of completion computations. Travel was never discussed beyond him asking once if we had any documentation available.

gotta defend the poor guy, not often i really think a client is being honest. he ended business then 2 yrs later the irs decides to audit. He moved to Hawaii, didn't keep much in records from Ny, previous cpa died, blah blah blah. His business requires travel around the world and his portfolio [photography] proves he did his shoots there, most other exact records just aren't available bu obviously he had to go to japan to shoot scenes of japan, right?. anyway thats where we stand. company ended when he moved, with just some cash and his camers, etc. going to him.

i have been researching transferee liability and i find court cases both ways but i am honestly don'tunderstand all that i am reading. Some say they are liable up to any assets they took out at dissolution and some say no. There was no fraud here. the company honestly closed. On audit an accounting error was found and also the agent questioned some travel expenses. The client didn't really cooperate since he felt there was no liability - we will most likely appeal if we can because the travel is legit but we need grounds to appeal and the fact that the client now wants to cooperate and produce record isn't good enough. Also we are inNY and the client moved to Hawaii so that makes it harder too.

Corp out of business for a few years got audited and received an assessment of $100,000. I am wondering if they can go after officer/stockholder under a constructive receipt theory or any other reason. Corp has no assets left. We didn't prepare the return but got stuck handling the audit. We agree with 1/3 of the assessment but we aren't sure if the client has any exposure for anything. The tax attorney we use for these off the cuff questions is on vacation and i don't want to have to retain one yet if i don't have to.

ah-got it thanks, i figured it would work more like sec 179 and all be input on the asset entry somehow. - thanks