kcjenkins

LARGE DOLLAR UNIT CHECKLIST OF DOCUMENTS TO HELP RESOLVE DELINQUENT TAX ISSUES Practitioner Check Sheet To expedite the resolution on accounts in the Large Dollar Unit, please have the following information available when contacting ACS. Valid F2848 covering all tax periods Explain in detail why the taxpayer is not able to full pay or borrow to full pay Completed Form 433- A, B or F Copies of delinquent tax returns and /or ASFR returns Three months of current pay stubs for both TP/TPW Three months of current bank statements (all accounts) Value of all property and/or available equity Investment income Value of 401K/Retirement Year make of vehicles, value, equity, balance owed, and monthly payments Employer’s information including work number Number of individual’s living in the house hold Secured loan(s) - amount of loan and remaining balance(s) Life insurance policies, (whole or term), any borrowing ability? And/or value of policy Profit and Loss statements for self-employed taxpayers Commission statement Substantiation of Court ordered payments Substantiation of payments being made Spouse’s income and source with name/address/phone number Out-of-pocket medical expenses Pension income and/or Social Security income Rental income Additional information and /or documentation may be needed to determine disposition of the account.

That is where the problem is, then. You have to tell the program how much of the income is 'exempt' income of the limited partners. You do that on that worksheet.

Yes, you can mark those you want it added to, then select the 'print organizers for marked returns' option on the main menu.

Am I the only one who thinks it is ridiculous that we should have to use certified mail for routine daily mailings, just to protect ourselves from being abused by a tax system that blames us for everything, and uses such extreme punishments without letting us correct the error, whether made by us or by the PO or by the IRS themselves?

Actually, if we are splitting hairs here, why just assume that the new entity is an LLC? Or, if it is, that it is a SMLLC? Just because Adam used 'he' does not mean that it could not be an S corp, or that the 'he' involved is the managing partner in a group.

According to the 1099R, that 17K is NOT return of capital, it is the percentage that is income. Does not sound right, but clearly that is what it is saying. I'd contact the issuer, and ask for a clarification as to how the earnings could be that high in such a short time. They might have reversed the amounts in box 2a and box 5, perhaps?

Did you make any entry on the worksheet for line 14a, Sch K, line 4b? That is where you 'except' the limited partners share.

But what about the times you do mail it, but the PO loses it, or the IRS loses it? Back when I still used them routinely, I mailed a package every single day. Out of the 50+ envelopes I mailed to them in my second year of efiling, two got 'lost', and the forms in them, [a total, if I remember correctly, of around 8] had to be resent. Not a big deal, but I KNOW that they were mailed on time, and I have no idea what happened to them. Still, I'm not going to just assume, as you are doing, that it is always the preparer who was in the wrong.

Since the new location is a seperate entity, I see no problem with taking those as startup costs.

It was interesting that for all the sound and fury, so few ATX respondents planned to change programs. I guess, like a lot of us here, they got over it, if the end of the community was even noticed by them. Or, they just looked at the rest of the choices, and then said that, for them, ATX fitted their needs best, anyway. I know that was my route.

I'm wondering if the problem could have been that you rolled over the original return, rather than the amended one? I did that one time, then wondered where the asset that I remembered adding was. Then I realized that I'd rolled over the original, and that asset was only on the amended return. Thankfully it was significant enough that I remembered it, so noticed that it was missing.

I don't want a 'new' taxbilly, I like the old version just fine!

http://www.treas.gov/tigta/auditreports/20...0114fr.html#toc

Just read this on the TaxTalk list. Anyone get one of these notices? SURPRISE!!!!!!!! IRS sent out notices at the end of July if you had any problems with efiling. The notices were received around the middle of august. 30 days to respond. efile help desk told responders they had until the end of September to respond to the first notice. and that a warning notice would be sent out. even if you did respond, the IRS hasn't even looked at it. suspension notices were just sent out dated September 24, suspension is for two years. all this just before the 10-15 deadline. be kind to the efile help people, they were only told last Friday that the suspension letters went out. and that the warning letter wasn't sent. If this is true, it's going to be a major pain for anyone affected, no matter how innocent you are.

Just read this on the TaxTalk list. Anyone get one of these? SURPRISE!!!!!!!! IRS sent out notices at the end of July if you had any problems with efiling. The notices were received around the middle of august. 30 days to respond. efile help desk told responders they had until the end of September to respond to the first notice. and that a warning notice would be sent out. even if you did respond, the IRS hasn't even looked at it. suspension notices were just sent out dated September 24, suspension is for two years. all this just before the 10-15 deadline. be kind to the efile help people, they were only told last Friday that the suspension letters went out. and that the warning letter wasn't sent. If this is true, it's going to be a major pain for anyone affected, no matter how innocent you are.

You left out one crucial item, is this LLC a single member LLC, or is it family members only? And is the rent expected to be collected later, or was it just a gift to the son? Also, is this situation expected to continue? If it was a family LLC, and the rent was forgiven, then I'd consider showing the full rent in the LLC, then a distribution to the parent of the 'gifted' amount. They risk piercing the veil, treating this property as if it were their personal property rather than as business property owned by the separate entity. I'd advise them to collect full rent even if they have to gift the son money to pay his rent. This mixing and mingling of personal and business is not a good idea at all.

Thank you.

Might be worth the money just for the fun of pulling out that phone in McDonald's. Or wherever.

http://it.slashdot.org/it/07/09/24/2339203.shtml

Sounds like this might have been a 'land contract' sort of deal, where the 'buyer' just made payments on contract until such point that an actual deed was transfered, perhaps at a specified number of payments. This is often done where the buyer is not credit-worthy enough to get normal financing until he has enough 'down' to satisfy the lenders. Until the closing, if he defaults, the payments made are treated as rent, usually, and that is the end of it. No need to foreclose, etc. It that is the case, you could treat the payments as rent in 06, or you could set up an installment sale in 06, which would be my choice since you know that the deal did go through. On the 07 return, you can note the sale on Sch D, if you wish, zeroing it out and referencing the installment sale.

Well, I have always thought it was just basic good policy to always update every day, and to always review any return before efiling it, just in case, so I've never had a problem with getting them rejected for that reason. I personally like that ATX keeps on refining and improving the forms and the program, right through the season. I know that bugs some people, but to me it just seems like it shows that they were giving us their very best. And often those changes were due to input from us, the users, about how something could be improved. My previous program, which cost almost 4 times what MAX cost, never paid a bit of attention to user input until the end of season, if then.

Well, if I had never heard of the person reccomending it, I'd be suspicious. But since it is you, I will look into it. I've never heard of it before. Any other users here? How did you learn of it, Mike?

We all worry about the future, but for now ATX is still the best all-around option IMHO. That could change, if TaxWise ends up pushing out ATX, as is a possibility. But buying one program that lets you do all those things sure beats having to deal with multiple programs, in my book. ATX lets me easily handle those clients who come in wanting to start a new business, as it has all the forms to apply for sales tax number, all the employment related forms, even the I9, and most state forms as well. Nothing I have seen works so well for my office. I'll stick with it at least for one more year.

Thanks for the laugh, Jainen. Of course, had that joke been a 'true' story, then their filing status would have just become a 'major issue', once you told them it's not THEIR choice how to file, except MFJ or MFS. LOL.

I hope you will stay active on the board, Kenneth. We can use more longtime users here, to balance and to guide the newbies.