Well, some will have some redos from this

[kcjenkins]

"IRS 'clarifies' a new filing option for married business partners: Owners of limited liability companies can't use it. Joint filers who are the sole owners of unincorporated businesses can elect not to file as a partnership, thus avoiding a complicated partnership return and K-1s. Starting with 2007 returns, each spouse can instead report their share of income and expenses on separate Schedule Cs. But IRS says to qualify, the spouses must own and operate the business as co-owners, not as an LLC."

At a IRS sponsored seminar last fall, we were told that husband and wife partnerships, including LLCs, no longer had to file 1065s. Now they tell us they were just kidding about the LLCs.

I personally always wondered why any preparer would want to eliminate the extra business that filing the proper 1065s would give them? But, hey, many of you did. Now, at least for LLCs, that option is clearly not available.

[indyscott]

KC, you're like some Tibetan Tax Guru, sitting atop a high Himalayan peak, and dispensing tax wisdom for us poor uninformed neophytes.

This latest missive seems especially subtle and divining the full meaning will no doubt require stubbing my toe on one or more thorny situations. Perhaps I'll post a sign out front advertising a special this week on Husband & Wife LLC's. Come to think of it I could use a few more 1065's this year.

I looked at the News tab on the IRS professionals page, yet found nothing. Do you have a citation for further reference? Oh, nevermind.. I see now the subtitle "from the Kiplinger Letter"

BTW, and seriously, thank you for stepping in and saving JB from my uninformed advice re the split pension this morning.

[GeneInAlabama]

I for one really appreciate KC's responses. She is very knowledgeable and I trust her opinions. This board would not be the same without her. She puts a lot of time in helping the rest of us.