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I had a client who did the online thing and ended up with a Delaware MMLLC via an agent. She had no partners, just her. She called the IRS and managed to be reclassified as a SMLLC right on the telephone and was told to keep the same EIN. The fact that she was a young gal with a southern accent might have helped, or tears! If your client is really sorry, he can wait on hold for the IRS to give it a try. Or, pay you for two tax returns.

Used one but do not believe in the other (personal choice as some might help). HOWEVER --- here are two suggestions for alleviating some of the "stress" one might face at tax time: Have a GREAT season, when we get there.

I wonder how much money he saved by doing this himself without getting advice......

I'll swear to got it is, and I'll say to yer face.

Thanks, Judy. It is such a pain when people try to save money by doing stuff online and then create a can of worms.

Well bless your heart.

I don't fit either the young or the gal classification, but I'm convinced that the southern accent has been very helpful at times when speaking with someone at the IRS.

I remember that discussion. Something about a late 2014 DOL ruling. IRS extended the previous conditions to 6/30/2015. Has anyone heard anything about IRS ruling on that beyond 6/30? As I recall, we were uncertain how to treat 2% S Corp shareholders. My understanding now is that the S Corp shareholder will have to include premiums paid in his W2 not only for income tax purposes but also social security and medicare tax purposes. I would also advise shareholder to pay his premiums with a personal check and not a business check. Then shareholder also take SE health insurance deduction on 1040 p.1. For other employees, if employer wants to help employees with their health insurance, the additional pay must be included in W2 and have no restrictions on how employee spends the money.

There was lengthy discusion on the ATX Board about medical sharing programs several months ago so I did quite a bit reading about the subject. Medi-share is most definitely not ACA compliant !

Was the child used as a dependent ? If so just file paper return. I have several situations like that every year. If the social was used as a taxpayer than that is identity theft.

Haha, I'll take a few of each, thanks! The picture on my screen was big enough to see only the first one and I thought to myself, "look at that cute pup and all that wool to spin into yarn". Then I scrolled down and saw the treat I could have when I was done playing.

http://www.irs.gov/uac/Taxpayer-Guide-to-Identity-Theft

Oh, I think that the value would be minimal because it's a start-up with no name recognition, no established customer base, closely held, it's probably limited to one small geographic area, etc. I don't even think a gift tax return is required between H & W anyway. Husband would pick up wife's basis. Again, not familiar with the state laws though.

What about the wife gifting her shares in the LLC to her husband? The gift would create a technical termination on the date of the gift from a tax standpoint since there would be only one owner after the gift and the LLC would then become a single-member disregarded entity on that date. There should be no gift tax consequences since it is from one spouse to the other. I am not familiar with Iowa law to know the ramifications this might cause, but I do know that Iowa is not a community property state, so this couple is not able to use the provision that says a husband-wife-owned LLC can be a disregarded entity, which I assume you already knew and the reason for your question.

It will also export a pdf to excel. I just did it for an Assets by classification report and it worked perfectly.

The videos that David Attenborough and the BBC have provided us are as amazing in their content as they are in the quantity. I've been watching them for at least 40 years. I was watching one Sunday morning and they showed a timelapse of the Resurrection plant that covered two weeks of growth and resulted in 10 seconds of film. The dedication that it takes to do that in the middle of the Sahara desert boggles the mind. I have no idea how they get so up close and personal with some of these scenes and I wonder at how long they must search and wait to be able to capture them on film. And the dangers they must face to do all this makes it even more amazing. We owe them a huge debt of gratitude.

http://www.accountingtoday.com/news/tax-practice/tax-court-rules-support-payments-werent-taxable-alimony-75531-1.html?utm_medium=email&ET=webcpa:e4985069:2503367a:&utm_source=newsletter&utm_campaign=tax practice-aug 20 2015&st=email