mircpa

Hello everyone back again with another question, hope somebody helps me Taxpayer (100% shareholder) took out loan on LLC's name , used those proceeds towards down payment commercial real estate (taxpayer is on title), which in turn renting property to LLC. LLC is paying interest on loan and monthly rent to shareholders, my question, does this interest expense portion becomes interest income on shareholder's schedule B or Schedule E (gross up with rental income and deducted) or form 4952 investment interest expense thanks

Hello friends I am looking for an auditor for one of my not for profit client to do audited financial statements in Chicago, IL. If anybody in forum might be interested and close to my location please email at [email protected] thanks

He bought gas station business and real estate under the corporation's name. He sold off gas station business but not real estate and real estate continues to included under the corporation and depreciated thanks for your response

Hello friends Have a question for one of my client. 4 years back he bought gas station real estate and business under a corporation, last year he sold business and gave his property (building) on lease, tenant pays lease every month. My question due to the fact that he sold business and corporation not deriving income from sales of general merchandize (business income), should i include form 8825 for 2008 to show income from lease. This would be only income for corporation for that year thanks to all who reponds

If you file an amended return to correct social security number in place of TIN, IRS would accept amendment but it would not make them eligible for stimulus payment. I filed 3 amended returns for my clients in previous year, none of them received stimulus payment. This was also written in IRS FAQ's

Looks like Form 8582 is approved. Please update software

I called IRS to find out status of release of this form, they told me scheduled date of release is February 13th 2009

Dear friends I have a client who defaulted in monthly payments on his principal home since last june 2008. He received a 1099-A from his lender with line 2. balance of principal outstanding 152K and line 4 fair market value of property as 176K. Does he has to report this transaction or attach any schedules along with his 1040. Can somebody please share their thoughts on this transaction. Thanks for your help

File citing Rev. Proc 2004-48. IRS is turing down Rev proc 2003-43 relief, it is either scrapped or revised

I printed 8109-B from 2004 ATX MAX before for many clients. I dont know if this is still acceptable. Give it a try

Hello everybody Have a client who is monthly schedule depositor for 941, each month's liability comes around $2,800.00 which gets deposited before 15th of next month. Due to delay in receiving payments from his clients, for December 2008's liability's he wants to deposit $300.00 now i.e. tomorrow 01/05/09 and remaining $2,500.00 along with 941 filing . My question with this situation does IRS charges late deposit penalty from 01/15/09 until 01/31/2009. thanks

Hello Does anybody knows how soon should we be able to print tax forms from ATX. I mean is it going to early next year or late january or february 2009. I see draft watermark on 1120's thanks

Hello friends This is follow up to previous thread which was posted by me. Have a client who floated multi member LLC principally to own/lease commercial real estate. Operating agreement, form 8832 entity classification to be classified as association taxable as a corporation and form 2553 sub chapter s election was prepared by attorney. My question at end of year i would be filing forms 8825/1120S/4562/K1. Correct me if i am wrong. Seller provided a closing statement that shows a lumpsum amount of property, does anybody knows how to allocate sales proceeds between land, building and equipment? One another concern which i have is officers compensation, member/owners are reluctant to pay themselves, any thoughts on this thanks to all who responds

Jainen thanks for your response, you are right, i am defnitely a newbie in context with LLC paperwork, but this inexperience in itself does not warrant any member of fraternity question my ethics. Human beings are in learning phase until we die including me, go back and figure out what stages of professional life have you had to take help from senior/mentors had you been in situations like this. Wish everybody was born perfect thanks again

Joelgilb thanks for your response, your response looks conflicting, it is still unclear for me can i prepare operating agreement or refer to attorney ? thanks again

One of my client floated a LLC which is going to have multi members, purpose of which is owning/leasing commercial real estate. As an accoutant can i help them in preparing custom made operating agreement or should it be referred to an attorney thanks for your help

Hello everybody I have a question for one of my client, His software consulting business is domiciled in IL, sends an employee to california to provide software services for one of his client, do we have a nexus here with California, client received letter from FTB to file 2006 tax return, client does not rent/maintain any office, phone listing in california. If i have to use schedule R to apportion, do we apportion based on combined basis of payroll and revenue generated from employee or one of the other thanks to all who responds

This is what i am trying to find out to narrow out my thinking, of course it is a bonafide transaction/stockholder. thanks again

All i am trying to do is get a strategy, dont you think stock transfer to ineligible shareholders automatically triggers disqualification, if that is the case since when the corporation losses S status from Jan 1st 2008 or today's date or jan 1st 2009 ?

Have seen cases where previous owners file 1120S until the time sale transaction took from Jan 1 AND new owners file 1120 from sale transaction, i.e. today's date until Dec 31

thanks jainen

Hi everyone Have a client who has a S corporation, new individuals are buying common stock/shares of this corporation, my question, does S election stands cancelled from Jan 1 2008 or from date of stock sale transaction, (eg today's date), new shareholders does not want S election, or does corporation files 1120S from Jan 1 until today's date and 1120 for remainder of year ?

thanks Roydaleone I really appreciate your response

Hello everyone I have a client for whom i am preparing 990, have this question about sale of automobile by this Not for profit, I am reporting sale of automobile on part I line 8, & part VII line 100 (Form 990), is this right approach, I dont think we are suppose to attach form 4797, this is from what i read, does anybody disagrees on this issue thanks

Hello I have a client whose w2 shows taxes withheld for Painesville, OH. Does any body knows how do we report taxes for Painesville, OH ? can i use form 37B RITA (Regional Income Tax Authority) ? any help in this issue is greatly appreciated