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https://i.imgur.com/PcZb5vI.mp4

Ordering one now. Thanks.

Printouts from the Bursar's Office can be a huge help here - I demand them from all my clients with education expenses. (And they're getting better about actually getting them for me, too.)

What are the assets of the estate? Could any of them throw off income (interest, dividends, rents, etc) that the client has not told you about? I take the position that you file the return to let the IRS know that you know that they know that there is an entity out there that may or may not have a filing requirement. Tom Newark, CA (Soon to be Modesto, CA)

With employees (assuming a separate entity is setup), make sure if there are any who work at both locations (will likely come up sometime, so prepare in advance), that they need to be "hired" by the other location, and they need to be treated completely separately. Do not get caught using one paycheck for both places, not having separate paperwork (I9, new hire report, etc) at each location, etc. Since they will want to have the two entities completely separate, they really need to be, including payroll processes. Things to watch for/talk over: Garnishments (make sure to only apply it to the business which received it), OT (two businesses, employee could work 8 hours a day at each, with no OT), WC rates (if low at the existing shop, it will likely be more at the new shop), how the owner gets compensated from each, and so on. -- I was going to spout on certain upcoming CA ammunition laws, but it gets me too riled up, so I try not to think about it...

Thanks Catherine I may have to ask the client to obtain that from the college.

Sorry. I'd like to hear it but I have a policy of not clicking on attachments from strange people.

I have received calls from ME, from my home landline to my home landline and to my office landline! So many others must be receiving calls from "me."

That's a good recommendation. I will make sure I get the AMT calculations in there. Thank you!

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Gif's No worky.????..........

Caller ID helped for a long time, but apparently technology has advanced to the point that scammers can spoof actual numbers and use them to call me. I normally don't answer my home phone or cell phone unless I recognize the number, but I have had a couple of calls come through with the name of local businesses as the caller and when I answer it turns out to be someone trying to sell me something. Seems like they are always a step ahead.

I used to just let unrecognized incoming calls go to voicemail email. But lately I'm more inclined to answer, then use a stock response to their initial inquiry. No matter what they say or ask, I always reply "What's the purpose of your call?" It puts even the most aggressive caller on the defensive. If they can't answer that question in a succinct sentence, then I tell them to stop wasting my time and I hang up. Altogether it takes 15-30 seconds, which is generally less time than to listen to a recorded message or a dead air recording. I think this is decreasing the number of these calls, but one never knows for sure. I do make an exception for the people calling to tell me my computer has a virus. I like to keep them tied up for a while just to delay their calling & scamming the next victim.

1. If capital invested, time actively involved etc are disproportionate, you can do special allocations of profit, loss and any of the other tax items specifically listed on the K - 1s. 2. If real estate is held inside a corporation it's distribution is at FMV, whiich may trigger unwanted gains. 3. Corporations are required to have annual Board Meetings and minutes while LLC are not. The best of both worlds is to set up an LLC and elect to be taxed as an S Corporation. Conversely, LLC case law is still a work in progress, so incorporating gives more certainty as far as risk and asset protection.

I use Square. It is completely trouble free, no hassles, no monthly fees, no PCI insurance, no maintaining proof of destruction of client records. I bought the chip reader as well. Again, no troubles. I get my funds always within two days.

I like the new look.

You can also take the 529 plan money as taxable income - sometimes paying the income tax and then getting the credit works out enough better to make it worthwhile. If that was done, you'll also have to show the taxable income on Line 21 from the 529 plan distribution.