michaelmars

I have clients with multiple ein's for multiple schedule C businesses. Especially if employees are involved, you need to keep it all separate. Not an issue anymore since everyone operates as a LLC and even disregarded ones get their own ein.

Square works well and even though they say it takes a few day, the money is in my account the next business day.

why make it your problem? tell him to check his bank statements

get the appraisal, $300 well spent money.

I went overboard with a netgear for over $300 but got it with points, no cash. Really sped up the response for my Ring Doorbell and camera's. As others stated, especially with kids, you have your phones, kindles, Xboxes, printers, laptops, etc all on Wi-Fi at the same time.

id fraud or someone did a typo

we only have 67 left whooo hooo!

I think that NY implemented this so late into the programing season that the providers didn't have time to fine tune the programs. It was announced after the season began and then they had to backpedal and say that they won't enforce any penalties this year. And reading those little alphanumeric numbers is nearly impossible in person. Emailed or faxed licenses are impossible to read.

don't forget to allocate part of the fmv to land. and now would be the perfect time for a cost seg.

lacerte doesn't require the dl info for extensions, proseries does. I have been entering that they don't have one for the extensions with no money due [since I don't need authorizations nor any other reason for client contact at this time] as soon as I file the extensions unclick the not box so I don't forget to enter when I do the return.

You really can't tell from the Casino win/loss statements unless its slots. Table games not every play gets recorded and its easy to "game" the system. An ex-client of mine comes in with a few thousand of winnings and hundreds of thousands of losses. He was a school teacher. Here is how he does it. He has a line of credit established at many different casino's. So lets say he goes down for the weekend and borrows $2000 from casino A, He doesn't settle up till the following week when he goes to casino B, borrows $2000 and pays back casino A. Casino A records him as losing $2000 on the first week since he left without paying back his line. Now the 3rd week he goes to casino C and borrows to payback casino B. This was many years ago and I doubt it would work now because the casino's share information. It was hilarious to see someone making about $90k a year come in with $5-6k of winnings and $200k of losses.

no

we have about 100 clients using our address, not a problem at all from the irs point of view.

brokers get huge commissions on these, and Merril Lynch brokers seem to love them. I too charge per k-1 for these.

The nice thing is that the catch up depreciation is at regular rates and while it does increase your capital gain, you come out ahead on the spread. I know this is an old post but the op could have gone back the 3 open years and amended those returns so that the 3115 wouldn't be in the last year of the business. However, I have filed 3115's for final years and so far it hasn't been an issue.

loans or capital infusions are not income. I think your assessment seems correct, that they boosted income to get the eic, or to get a loan. this is not a return I would have done either.

If the sale takes place within 6 or 9 [I forget] months of date of death the sales price is automatically assumed to be the FMV. unless you can show improvements made during that time. In fact if you file with another amount then you have to amend the 706 if the difference would change the tax. How do I know this? well here in the gold coast of Nassau County. The IRS often does title searches on taxable estates to see what the property sold for. Aren't we special. Twice we got notified that a 706 had to me amended. Don't forget that closing costs should give you a loss on the sale and any sale of inherited property is considered long term.

nope, the giver might have a tax to pay depending on facts and circumstances but the receiver, never. Don't know VA rules though.

Hmm my college kid home for summer, I will charge him rent and get to deduct part of my house and depreciation, sweet. If they break up does the girlfriend get to stay there and share his bedroom anymore? Is there a lease? Is there a profit motive?

client just emailed me to tell me that he will be sending his info next week. I guess he thought I was sitting around wondering when I will get his stuff.

don't have to allocate to each property, set up an extra property called admin building and put them all there. same results less hassle and we do about 1000 returns like this per year, no issues with irs.

I get $650-800 for inactive business returns. that's my starting range. I'm with B Hoffman, you are all too cheap. Of course your location and clients ability to pay will affect what you can charge.

new scam going around. email comes from a person who says that he was recommended by one of your clients and you if you could glance at the attached copy of last years return and give an estimate of cost.

Not sure why the land is important to the calculation of g/l. Pacon has it right. Cost 400,000 [doesn't matter why the basis for depr of 222,750 was picked] Depr taken 70,000 leaving a basis of 330,000. Sold for 325,000. No gain. The only issue open is if there is any part of the loss that is deductible.

its way too important to be down this time of year, for $500 or less I would buy a new machine [maybe with win7] and this way you can still work and have a back up. Whenever I upgrade I keep the previous machine handy "just in case"