Randall

If a client said that to me (never filed, never will), or her new husband, she would no longer be my client.

I'm not sure I understand the whole situation. TP 'worked' for babysitter. Babysitter borrowed money from TP. Babysitter paid TP back (not with money) but with free babysitting. What is this work TP did for babysitter? You said TP worked in exchange for babysitting, but you also said babysitter owed TP money and paid back with free babysitting. Was it a job with a W2? Then did boss borrow from employee? And boss pay back loan with free babysitting? I'm wondering if boss (babysitter) issued a 1099 to try to run through expenses on his/her business? Like others said, maybe it is a barter. But it doesn't sound like the 1099 should have been issued. If it was just a loan, what's the difference in paying loan back with money or free babysitting. No 1099, just a loan payback.

Client says his health insurance agent insists that his LTC premiums are deductible on his S Corp return. Am I missing something? Unless there's some kind of benefit plan set up (and I would think it would have to include other employees), I'm thinking this is just his personal LTC insurance policy. 1040 Sch A. Ky does give a direct deduction.

Send me some popcorn. Not the cheese or caramel. Just the regular.

I see now I have to select either Long Term or Short Term, then the link becomes available.

Once I select installment sale and bulk disposition, I get a drop down to 'add new'. On this input screen near the bottom, there is a grayed out link that says 'Assign or edit assets to included in this bulk disposition'. But apparently this link is grayed out and doesn't work. I was thinking this might be a shortcut to get all the assets inputted.

I see the option under disposition of asset to select installment sale. Can I do the bulk disposition and generate only one Form 6252? I don't want to have 10-15 Forms 6252.

Client closed business. Sold equipment on an installment basis. I can enter the total on Form 6252. I need to dispose of the assets in the Fixed Asset system to close the assets and depreciation. I have allocated the selling price to each asset. This carries the gain to Form 4797. How do I override this so the 4797 and the 6252 gains aren't duplicated?

I don't go back more than one year. Don't want to bother with it.

I updated my stand alone right away. I haven't noticed any problems. I don't update thru the program. I go to the website, download from there and install. I don't know if that makes a difference.

Good news. They responded faster than I thought.

At the least, I would contact a lawyer and see what options are available.

There are no documents other than a boiler plate Articles of Organization which is fairly useless. Nothing stating what they are actually doing, intention of purchase, lease or anything. Just a verbal agreement among members that the LLC (really just my client who is the managing member) will take care of the rental (collect rent, pay bills, etc).

Everybody move in with him. Make him take the couch.

Pacun, I would think differently if there was only one owner of the tractor who was the sole owner of the business. But if a partner, member, shareholder owned the tractor (or other asset), and wanted the business to have it, I would think there should be some formal transfer of the asset to the business.

I have a similar situation but a little different. Four people (one is my client) formed an LLC to rent a property. The property is owned by one of the four (not my client). They never transferred title of the property to the LLC. The mortgage is in the name of the owner. They are under the impression the LLC is conducting the rental activity. I was thinking that the LLC is doing nothing but managing the property (collecting rent, making payments, etc.). I was thinking that the LLC would have to give the owner a summary of activity and the owner would have to report the rental activity on his personal return.

Thanks.

Whew. Is this correct? Client, 26, Income $15,800. Single, no dependents. Worked at a job first 3 months that provided health insurance. No insurance the rest of the year. For her age, the lowest bronze and the 2nd lowest silver plans are low. Calculating a penalty of $71. 9/12 of the flat $95. Is this correct? Someone making that little to be subject to the penalty? The national average bronze is the $204/mo. For some reason, I thought that was the cost number we were going to use. But walking thru the form, worksheets and instructions, it appears that these lower premiums will kick in the penalty for much lower premium amounts.

I think there is also language in the new rules that larger amounts of repairs may still be considered repairs. Just because it's a higher dollar amount doesn't preclude it from being a repair. I don't have the reference handy but something about if the repair is expected to be incurred again within the life of the asset. And if the 2nd repair event does not actually occur, that doesn't mean the original repair was not a repair.

I have my settings to notify me but not to automatic install.

I don't think the AICPA can do any more now. Just wait like the rest of us.

Not really an answer to your question. But why is beneficiary lending money to the trust to pay for all this? How much is the home worth? How much is the mortgage? If trust owns the home but has no other assets or income, let the bank foreclose, evict the person. Hire a lawyer and see what their options are? How about the beneficiaries move in with him and crowd his lifestyle. Maybe he'll move then. Just wondering about the bizarre situation.

rfassett, I was thinking along those lines too. Unless something comes to my attention about the past, I'm assuming I did things correctly. I'll worry about a 3115 then. Going forward, I'll do the safe harbor election. Just did one before it got out the door.

Does anyone have a simple boiler plate 'policy' we can just print and give to the client to file and use as written documented procedures?

And you thought ACA was a pain. Rev Proc 2015-13 is 103 pages Rev Proc 2015-14 is 393 pages