kcjenkins

Sounds like the lawyer is hoping to get the client's tax professional to give him a free tutorial, IMHO.

I learned years ago that a neat professional looking client copy in a nice folder impresses clients. To my thinking, it's a small cost that can be seen as an advertising expense.

I think what Tabby means is, consider filing without the new child, and then amending to add that child when the SSN comes through. Makes sense, if, for example, they would have a $2000 refund without him, , and $3500 with him.

And greatly enhanced by the Congress [all of them, all parties] using the tax code to try to administer welfare programs, social engineering, even environmental programs.

A group of women were at a seminar on how to live in a loving relationship with their husband. The women were asked, "How many of you love your husband?" All the women raised their hands. Then they were asked, "When was the last time you told your husband you loved him?" Some women answered today, a few yesterday, and some couldn't remember. The women were then told to take out their cell phones and text to their husband: "I love you, Sweetheart." The women were then instructed to exchange phones with another person, and to read aloud the text message they received, in response. Below are 11 replies; some are hilarious. If you have been married for quite a while -- a sign of true love -- who else would reply in such a succinct and honest way? 1. Who the heck is this? 2. Eh, mother of my children, are you sick or what? 3. Yeah, and I love you, too. What's up with you? 4. What now? Did you crash the car again? 5. I don't understand what you mean. 6. What the heck did you do now? 7. Don't beat about the bush, just tell me how much you need? 8. Am I dreaming? 9. If you don't tell me who this message is actually for, someone will die. 10. I thought we agreed you wouldn't drink during the day. 11. Your mother is coming to stay with us, isn't she?

Yes, but it may not speed anything up, since you would have to paper file, and it might well delay things longer than waiting for the SSN. If they have a local SSA office, they might be able to take their paperwork there and get someone there to look up the number for them. At least, several [10-12?] years ago that worked for a client of mine.

Marco, don't confuse the IRS. If you file based on best current knowledge, just file it as normal. If it turns out you do need to amend, then you amend.

Tom is spot on. So make sure that, regardless of which way he decides to go, he gets, and keeps a detailed breakdown from his insurance co of what he gets for what. You don't need just a total, he should get a breakdown of how much is for what, landscaping [clean up replacing plants and/or paving, etc, damage to trees, etc] building, possibly loss of rental income, depending on his coverage.

Yes, the Hess case. But remember that one reason she won in Tax Court was that the extreme degree of those implants made the Judge agree that they were NOT a personal benefit. She went under the knife twice, that enlarged her bust size -- first to 56FF and then to 56N. (No, those numbers aren't misprints.) The IRS contended that the Tax Court should characterize the outlays as nondeductible personal expenses. Get real, responded Special Trial Judge Joan Seitz Pate, who reasoned that for someone like Cynthia, top-heavy breasts are business assets and implants are a necessary "stage prop." Hence, no personal benefit derived by Cynthia from those particular implants, which, Judge Pate pointedly noted, aren't the type usually sought by women seeking to enhance their personal appearance. Instead, it was Cynthia's financial desires that motivated the dancer to undergo the surgery. Cynthia helped her case by testifying that because she and her husband routinely endured off-color, vituperative comments from people they encountered, she had decided to have the implants permanently removed when her exotic-dancing career ended. This bolstered her contention that the surgery was just for business purposes. The judge compared the implants to work clothes and uniforms, which are allowable only if they satisfy a two-step test: (1) required as a condition of employment and (2) unsuitable for everyday use. It was a cinch for Cynthia to get over the first hurdle; her large, cumbersome breasts are a "costume," needed to retain her employment as a professional exotic dancer. As for the second stipulation, the court cited Cynthia's testimony that she would remove the implants each day, were that possible. As they cause bacterial infections and other serious medical problems, her understandable preference would be not to "wear" them while offstage. The decision was that implants so extraordinarily large are "useful only in her business" and, therefore, deductible.

You are right, The IRS almost acts like it's just a nuisance having to fool with sorting out who is the 'good guy' and who is the crook.

Yes, that's a perfect example of why con artists are never out of business for long.

Yes, some schools are getting better, BUT, because there is no rule that requires a calender year, the IRS does not rely on those forms as 'proof'. If a calender year was required, they would all be consistent, and thus, reliable.

Totally agree, Tom. They would do it if the IRS required it, and the IRS has to waste time on checking these credits. Why require them to do a 1098T at all, if they don't make it provide usable info?

Yes, almost all of us can learn something about insurance that we did not know, since it's a whole different set of rules. Most of what I know about how insurance works I learned on here.

Yes, but all we can do is TRY.

March 18, 2015 By Seymour Goldberg A limited liability company has become the entity of choice for many businesses throughout the United States for tax and liability purposes, but many of the operating agreements governing LLCs could have significant defects. According to the Uniform Law Commission, which recommends proposed legislation that can be adopted in whole or in part by states and other jurisdictions, there are more LLCs being formed than corporations throughout the United States. The ULC found that every state has adopted some type of LLC legislation. However, the existing state LLC statutes are far from uniform, according to the ULC. Many state LLC statutes have been amended on a patchwork basis and have not kept up with LLC cases and other legal developments. One of the most important documents governing the rules involving the operations of an LLC is the operating agreement. An operating agreement is a written agreement of the members of the LLC that covers the rules regarding the operation of the LLC. It includes many items, including the rights, limitations and responsibilities of members and managers. An operating agreement should be as specific as possible. To the extent agreed upon by the LLC members, it should cover issues such as: 1. What happens when a member dies; 2. What happens when a member becomes permanently disabled; 3. What happens when a member becomes legally incompetent; 4. What happens when a member voluntarily withdraws; 5. What happens when there is an involuntary withdrawal of a member; 6. Whether or not a member may transfer his/her membership interest by gift, assignment or bequest; 7. Whether or not a member may transfer his/her economic interest by gift, assignment or bequest; and 8. Whether or not a member may sell his/her membership interest. If the operating agreement does not cover a particular issue, then the limited liability law of the particular jurisdiction is triggered. In essence the limited liability statute is for the most part a default statute. A member’s interest in an LLC has two parts: 1. Economic interest: the right to receive distributions from the LLC and allocations of profits and losses. 2. Management interest: the right to vote and participate in the management of the LLC. LLC Problem Areas Many operating agreements for LLCs were done many years ago and may not have been amended to bring them up to date. I have reviewed over 100 operating agreements for New York LLCs in the last four years and found that most of them have serious defects. The accountants who were involved in the estate planning for their clients who were members of these New York LLCs assumed that the operating agreements were well constructed. In fact the operating agreements were a disaster. The accountants failed to read the operating agreements for their substantial clients who were members of these New York LLCs. The operating agreements in many cases either precluded bequests of membership interests to spouses or did not provide for bequests of membership interests to heirs or trusts for heirs. In the event that an operating agreement is silent on what happens when a member dies, then the LLC statute of the jurisdiction must be looked at. For example, if a New York operating agreement is silent on what happens if a member dies, then legal headaches are triggered under the New York Limited Liability Act. Under New York law, the default statute is Section 608 of the New York LLC Act. Section 608 covers powers of estate of a deceased or incompetent member and provides as follows: “If a member who is a natural person dies or a court of competent jurisdiction adjudges him or her to be incompetent to manage his or her property, the member’s executor, administrator, guardian, conservator or other legal representative may exercise all of the member’s rights for purposes of settling his or her estate or administering his or her property, including any power under the operating agreement of an assignee to become a member. If a member is a corporation, trust or other entity and is dissolved or terminated, the powers of that member may be exercised by its legal representative or successor.” On the death of a member of a New York LLC, he or she is no longer a member. The legal representative of his or her estate must then settle his or her estate regarding the disposition of the decedent’s former membership interest in the New York LLC. If the operating agreement does not permit a bequest of the deceased member’s economic interest or the decedent’s membership interest, then the legal representative must look to the estate’s rights under the operating agreement regarding the value of the deceased member’s interest. If no provisions are provided for regarding the estate’s rights, then Section 608 is applicable. In that case, the legal representative of the estate of the deceased member would attempt to work out a settlement with the LLC. In any event the economic rights of the decedent’s membership interest should survive the death of the deceased member in the absence of any contrary provisions in the operating agreement. The management interests do not generally survive the deceased member’s interest unless the operating agreement permits it. If the surviving LLC members initially held minority membership interests, then they would now control the LLC after the death of the majority member. This would happen if the operating agreement failed to adequately protect the deceased member’s interest. Revised Laws The Uniform Law Commission drafted a Revised Uniform Limited Liability Company Act in 2006 to help clarify many open issues including fiduciary issues involving LLCs. Further amendments were made by the ULC in 2011 and 2013. The ULC recommends that all jurisdictions consider adopting the suggested changes. A number of jurisdictions have enacted some version of the Revised Uniform Limited Liability Company Act. These include: Alabama, California, District of Columbia, Florida, Iowa, Minnesota, Nebraska, New Jersey, South Dakota, Utah and Wyoming. Other states are considering adopting a Revised Limited Liability Company Act as well. A number of the New York LLCs have problems with their articles of organization as well. An article of organization is the document that is filed with the department of state in order to form a limited liability company. Unfortunately I have found that the articles of organization for a few LLCs had specific dates of dissolution. In essence, once that date hits, then technically the LLC protection for that LLC may become an issue. This issue can be fixed by amending the articles of organization to provide for the LLC to continue for the maximum period permitted by law or such other words to that effect. Accountant’s Role The accountant for an LLC is in a perfect position to review the operating agreement and articles of organization and to bring any obvious defects in the operating agreement and articles of organization to the attention of the LLC members. This is especially important since the operating agreements of an LLC client and articles of organization may have been prepared many years ago. This could be a significant value-added benefit to the client as well as increase the accountant’s status as a trusted advisor to the LLC client.

If it's a "partial tear down" I would include the remaining building basis in the total building basis and continue depreciating it.

Automatic, if you elect not to carry back, forward is the only way left. You are tired, and 'over-worrying' [new term I made up for what we all tend to do as 4/15 grows close.]

I agree with Margaret, your original efile is already "in the system", so the amendment can go anytime.

I would paper file the 943s and include a check, with the YEAR clearly stated on the check. Don't worry about the penalties, IRS will bill for those.

Great feeling is when you allow yourself to fire one of the clients that complains about the fee. I say "allow yourself" because we all tend to bite our tongues and put up with them, knowing that most of them don't really mean it the way it sounds to us. But every year, if you allow yourself to fire your worst offender, tho, you will get a great lift from it.

Remember, no matter how bad your day is going, at least you're not in a fence being laughed at by a cow.

Tell me, Judy, do you not consider the dollar value of the TIME spent on the studying? I'm pretty sure that's what Jack is adding to the cost of the materials he's invested in.