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Most schools and many businesses are closing in my area. It's a 20 minute event - don't see the issue except schools have been warned that if they hold viewing events, if kids get injured the legal liability could be substantial so they demand a parental waiver. Thus they are closing. Wineries are supposedly going to be packed.

I got that notice, too - and plan to watch the live feed since we'll only get 63% occlusion here. I've heard of other companies closing for a specified time (through my husband) but none that offered a link to their own live feed. They have just been the best. As reluctant as I was to leave ATX, my only regret is not having jumped ship earlier.

This is the wackiest thread I've ever seen on here!

Billy has a stomachache

Diabetes

Drake software is located in Franklin, NC, which is directly in the path of totality for the upcoming solar eclipse. Today they sent out a memo to all users that their customer support will be closed Aug 21 between 2:00 pm and 3:00 pm so their employees can enjoy the eclipse. They also sent a link inviting others who can't get to the path of totality to join their live stream. How cool is that? I'm betting it will be a top-quality feed, because Drake has been instrumental in getting high-powered internet service in what's otherwise a sleepy little mountain community.

And nausea!

When it says ROI of 25%, I think you should probably read that as "we hope to return 25% of your money". I've never had an investor like that receive a 1099m. As Illmas says - K1 is the appropriate form.

@Elrod - reminds me of the "Improbability Drive" sequence from "Hitchhiker's Guide to the Galaxy" movie, where they all get turned into yarn figures and then back to people except Arthur Dent barfs up yarn... (My older daughter actually knit a Marvin the Paranoid Android - I have it still ['cuz she left it behind when she moved out].)

Tell him....

Clearly we have too much time on our hands, are bored, or tired, or looking for diversions, or ....

One of my favorite clients is a high income Dr. (over $350k) Last year, he became a partner, and he himself is a PLLC. The partnership pays him and issues the K1. No W2 at all. He is asking me about becoming an S Corp to save taxes. I told him that he already pays the max FICA and that he will always max out on it. He won't save FICA dollars by incorporating. And I told him that the net income from an S Corp is taxes at ordinary tax rates, so there isn't a savings there, either. People watch a video online and think they can save on taxes. He called an 800 number and was told that if his PLLC CHOOSES to be taxed as an S Corp, it could save him upwards toward $30k in taxes! He called me because I've done his taxes for many years and he trusts me. He was a military Dr. until a couple of years ago. Now that he is in private practice, his income has tripled and it's not so cut-and-dry anymore. I would love to be able to help this guy save taxes, but I don't think this is the way to do it. Any discussion?

I never saw that page before. How is it that Eric is so far down the board that I am ahead of him? If I can get 2 more likes I can get past Elrod. Not like I am begging or anything...... Tom Newark, CA (Soon to be Modesto CA)

Hurry Tom....Post another howdy doody, and I will like it....

Thanks for the comments, agreed, I have red flags going up everywhere as well. My first thought as well was it should be issued as a K1...In the latest development the company said they had "flexibility to report the income on a 1099 of his choice" My answer was say have a nice day and walk away...

At this income level, you should be looking at is a custom designed pension plan.

No, he didn't mention a different state at all. Good reading, though.

They probably want to incorporate him in Nevada, I once had a client come in and give a story about being incorporated in NV. http://www.physicianspractice.com/blog/common-llc-myths-continue-harm-doctors

..............Billy............

More likely the investors will be receiving a K-1 with amounts on interest and rental income lines.

ROFL - you win for the funniest post of the day.

https://www.irs.gov/businesses/small-businesses-self-employed/lost-or-misplaced-your-ein