jklcpa

Found their website too. Strawberry pie!!!!!!

The Spot is exactly the kind of place my husband and I search out when traveling instead of eating at the national chain-type fast food places where it's the same no matter where you are in the country. Check this out from youtube:

Thank you

Yes, it is possible. The LLC first has to file the Form 8832 Entity Classification to elect to be taxed as a corporation, and then it files the Form 2553. Even a single-member LLC can elect to be taxed as a corporation. Below is an pretty good article that discusses the merits of doing this. Be careful that you don't end up with an undesired result like having appreciated real estate in a corporation though. http://www.bizfilings.com/toolkit/news/tax-info/llc-plus-scorp-equal-best-of-both.aspx

If the separation agreement or divorce agreement is executed in a manner where both parties agree that it is not alimony, then it isn't taxable to the recipient and isn't deductible by the payer. See the portion cut & pasted from Pub 17 for how both parties CAN agree that the payments are not alimony. From Pub 17 - (note: this is when it would be alimony. See bold item below) Alimony requirements. A payment to or for a spouse under a divorce or separation instrument is alimony if the spouses do not file a joint return with each other and all the following requirements are met. The payment is in cash. The instrument does not designate the payment as not alimony. Spouses legally separated under a decree of divorce or separate maintenance are not members of the same household. There is no liability to make any payment (in cash or property) after the death of the recipient spouse. The payment is not treated as child support. Each of these requirements is discussed below. Payments designated as not alimony. You and your spouse can designate that otherwise qualifying payments are not alimony. You do this by including a provision in your divorce or separation instrument that states the payments are not deductible as alimony by you and are excludable from your spouse's income. For this purpose, any instrument (written statement) signed by both of you that makes this designation and that refers to a previous written separation agreement is treated as a written separation agreement (and therefore a divorce or separation instrument). If you are subject to temporary support orders, the designation must be made in the original or a later temporary support order. Your spouse can exclude the payments from income only if he or she attaches a copy of the instrument designating them as not alimony to his or her return. The copy must be attached each year the designation applies.

Check out this site with its listing of alternative Pi Days and Pi Approximation Days. http://www.timeanddate.com/holidays/world/pi-day

Thank you, 7204 MEM! I have a consult with a new client coming up where your post will be very helpful.

If you were posting a set of books for the supplies paid for personally and used in the business as a capital contribution, what would be your offsetting debit then? I would debit an expense account and deduct those expenses. Am I wrong on this? If Terry is correct, then what is the benefit of showing this as a contribution of capital? Wouldn't the partners be better off showing this as an unreimb'd partnership expense on their personal returns?

Have you actually e-filed the return for the dependent yet and know that it was accepted by IRS? Are you sure that the dependent didn't file his/her own return? This could also be an identity theft issue.

The part of the reimbursement that is attributable to the loss on the sale of the house is taxed as wages as ordinary income. From 1.82-1(a)(5): (a) Reimbursements in gross income (5) Attributable to employment or self-employment. Any amount received or accrued from an employer, a client, a customer, or similar person in connection with the performance of services for such employer, client, customer, or similar person, is attributable to employment or self-employment. Thus, for example, if an employer reimburses an employee for a loss incurred on the sale of the employee's house, reimbursement is attributable to the performance of services if made because of the employer-employee relationship. Similarly, if an employer in order to prevent an employee's sustaining a loss on a sale of a house acquires the property from the employee at a price in excess of fair market value, the employee is considered to have received a payment attributable to employment to the extent that such payment exceeds the fair market value of the property. How to report on Form 3903 depends on how the reimbursement was reported on W-2: If reimb is only in box 12 with code P, and moving expenses exceeded that amount, Form 3903 should report all allowable expenses and report the reimbursement. If the reimb is in box 12 is equal to the expenses, do not file Form 3903 to claim the deduction, since the TP has been fully reimbursed. If your reimb is split between box 1 (wages) and box 12, and expenses are more than what is in box 12, file Form 3903 with all expenses, but only report the reimbursements in box 12. If all of the reimbursement in box 1, file Form 3903 with all expenses, but do not report the reimbursements.

Yeah, none of the billing methods will be perfect. Charging by the form or line entry isn't any more accurate. That's why SFA adjusts the form charge to factor in complexity. I charge by the hour because I don't want the hassle of sitting down and figuring out a fee for each form, line entry, etc. I try to be fair where if I feel I'm slow or the fee looks a lot bigger than last year, I go back and compare the two to see where the differences are. If there are additional meetings, research needed, additional complexities that weren't in the prior year, then yes, the fee should be higher. If it's the same return as the prior year and it's a year that I've raised my hourly rate, then I automatically expect that the return will cost more by roughly that same % increase. If I feel that I should know something but am looking something up for my own assurance, then I don't charge that time. Likewise, I am not going to charge a client if I am stumbling with an input issue (how do I make my tax prep software do this?) or if my software or printer is having problems. Like SFA, when I am done, I step back and look and the bill to see that it is fair. I don't have any complainers, and that tells me that I am probably undercharging on some.

Are you sure there is no basis? This is why I'm asking- If the partnership has income and the partners draw virtual all funds out as guaranteed payments or draws, then what resources were used to purchase the equipment that you are trying to take the sec 179 deduction on? Was this paid by cash from the biz or financed with the biz as the borrower? Or was it paid for with partners' personal funds or a personal credit card?

Even when you click on the box for More Reply Options there's no emoticons? I'm using FF right now and I can see them all. Do you have the other formatting options available or are they all greyed out? If they are greyed out, click the first icon on the left in the top row that says BBCodeMode to shut that off and the other functions will come back.

Basis is your problem. They would have to have basis to take the 179 deduction. If no basis it will carryover. Would the partnership still have a loss if you hadn't taken the 179? If you are using ATX, the program will produce a very nice basis worksheet with the 1065. It used to be located as one of the tabs on the Sch K-1 screens. Look at that, and if you've input everything correctly and the partners really don't have basis, you should see that it will be showing that the 179 isn't allowed. The individual returns have the basis and at-risk limitation inputs that are needed so that the program properly handles the items flowing from the K-1 onto the personal returns.

Right click on the video in KC's post and then chick on the words "copy video URL". You will then be able to paste a link to the video into an email message or post it on social media sites and on forums that allow these type of posts.

How many months was this person married, had a HDHP with the same family coverage? If the answer is 12 months AND this married couple agrees to split the contribution so that your client is reporting the entire contribution of $5700, then the amount on line 3 should be $6450. It sounds like you haven't filled in the worksheets properly. Are you using ATX or some other software. I'm not using ATX any more, but in prior years, there were worksheets that the preparer had to check the boxes that would indicate either the taxpayer had coverage for the entire year, or would have to check the boxes for each/all of the months that there was coverage if it was less than 12.

To answer the question you asked, if there are excess contributions, those are not deductible and are subject to a 6% excise tax for each year that the excess funds remain in the account. The excess is reported on form 5329.

If this person has a high deductible plan with family coverage for every month of the year and is under 55, the limitation would be $6450 split equally , but they can agree to split it in another manner. It could be 50-50 to each, or it could be all to one of them and zero to the other. If they can't agree, it would be split 50-50. See the instructions for form 8889, and pub 969 for all of the rules to determine the limitation to enter on line 3 of Form 8889. Here's an excerpt from pub 969 - Rules for married people. If either spouse has family HDHP coverage, both spouses are treated as having family HDHP coverage. If each spouse has family coverage under a separate plan, the contribution limit for 2013 is $6,450. You must reduce the limit on contributions, before taking into account any additional contributions, by the amount contributed to both spouses' Archer MSAs. After that reduction, the contribution limit is split equally between the spouses unless you agree on a different division. The rules for married people apply only if both spouses are eligible individuals. If both spouses are 55 or older and not enrolled in Medicare, each spouse's contribution limit is increased by the additional contribution. If both spouses meet the age requirement, the total contributions under family coverage cannot be more than $8,450. Each spouse must make the additional contribution to his or her own HSA. Example. For 2013, Mr. Auburn and his wife are both eligible individuals. They each have family coverage under separate HDHPs. Mr. Auburn is 58 years old and Mrs. Auburn is 53. Mr. and Mrs. Auburn can split the family contribution limit ($6,450) equally or they can agree on a different division. If they split it equally, Mr. Auburn can contribute $4,225 to an HSA (one-half the maximum contribution for family coverage ($3,225) + $1,000 additional contribution) and Mrs. Auburn can contribute $3,225 to an HSA.

I don't show the rush fee separately; only one total number on the bill.

Sounds like he was grossly overcharged to me. Your fee might be light because it included the partnership returns too, but it sounds like there wasn't much bookkeeping involved. I have a similar return where the husband and wife own a shopping center in an LLC taxed as a partnership. I spend a little more than a day on his LLC work because I have to summarize all of the shopping center data, reconcile bank accounts, tenant billing, and I give him a complete set of books for the LLC. His personal return is fairly quick with 2 W-2s, a couple entries each for interest and dividends, sometimes a cap gain transaction (usually a mutual fund), and itemized deductions. Higher income return, always with AMT and underpayment penalty because he sometimes doesn't pay the estimates. He also has 2 meetings for the return, and his bill is usually around $1200 for the LLC with all of that and maybe $200-300 for the personal depending on what's on it. This year will be a little more as I've raised my rates this year and he will be subject to the additional medicare tax and the tax on net investment income. I have different rates for different functions since I am one person doing all. Top rate is $120/hr for accounting and tax prep, lesser rates for bookkeeping, clerical type work, assembly, stapling, filing. Even at that rate I know my fees are light compared to what others around here are charging. One thing you said that I disagree with is that you said you have no overhead. While you don't have rent expense for office space, you do have all the other expenses that go with providing the product to your clients for paper supplies, insurances, licensing and permits, CPE, cost of tax and other software, the added utility costs of running your equipment in your home, etc.

From the tree, right click on the main folder and then "properties" and you will see the details in the box that appears.

Did you realize that you answered a post that is 3 years old?

I've done it both ways, depending on whether I had the assets entered in ATX or in the other depreciation program I use. If using the depreciation program outside of ATX, it produces the 4562, 4797 and generates the schedules that would be in the return that I could enter data from, so that isn't much different than your excel worksheet. I take it this wasn't a bulk disposition that could speed up your input?

I have Alt-P set up to fill in the PIN screen with all of the data needed for the 8879.

I think schirallicpa was asking about payers in the drop-down menus for inputting interest, dividends, retirement income, etc.