Margaret CPA in OH

Pacun, the forest for the trees! I didn't consider that this was for resale. I get caught up sometimes with my construction clients and the 1099's they issue to subs and other clients that must issue same for services from unincorporated vendors, I didn't think about resale. I know that applies to sales tax but didn't think about it applying to raw materials. Thanks again!

Anyone out there want to take a shot at this? Do any of you have clients in this position? I would appreciate helpful comments!

My new client, olive oil bottlers/distributors import their olive oil from a cooperative in Greece. One partner has an interest in the family olive groves there the oil from which goes to the coop. The company here will buy olive oil (for 2009 it was contributed to the company by one partner) for product in 2010. What are reporting requirements akin to 1099's and obtaining W-9's from unincorporated vendors? I read some about Form 1042s and other forms but frankly got my shorts twisted by the language. Is there any reporting requirement by a foreign company or individual from whom my client purchases inventory? If so, what legal recourse does the IRS have should that company not report? Does issuing something akin to a 1099 to the foreign vendor somehow protect or preserve the client purchases as legitimate business expenses? Any guidance welcome!

I knew there would be some wonderful person who would provide other details and suggestions. Thanks, OldJack. My offering was just off the top without research or careful consideration of all aspects. I will go back to my cave now...

A quick check might be to see if the trailer is fully depreciated. If so, it can be abandoned by the defunct corp and acquired by the remaining corp as a fully depreciated asset. That's all my brain can handle now. Back to 1099's, etc.

:bday: and many more!

Now that, Catherine, is an excellent example of the reduce, REUSE, recycle mindset! And I expect we here in Ohio have not seen the last snow this year. Ray, good job on not simply throwing away such a reusable product!

I suppose, like many things such as my brain, they will eventually biodegrade. I do find it hard to believe that even the salt has lost its flavor, though. That's stale!

Yes, the pdffactory program that originally came with ATX does produce a smaller file. Also, I second the security caveat. I encrypt and use a password on the files I send. For ease, the password is the last 4 digits of the SSN so it's easy to remember for both ends. I prepare with pdffactory then open in Adobe Pro and password protect.

:bday: and many more!

:bday: and many more!

Thanks, HV Ken, I can now throw away my chart from last year.

Yes, thanks so much for that. I'm sure we will refer many who write in for explanations as the season progresses.

:bday: and many more!

I have already efiled W-2's via ATX and SSA for 4 clients. You receive an immediate confirmation from SSA after uploading the file. I don't do anything the next day. In fact, on ATX, the "efile" will still be in created status because it technically is not efiled though the software. Rather it goes through SSA website directly. So I just mark it Completed. The thing to remember is to put your SSA assigned user ID on the "Employer Info" sheet where the submitter's info is put (that's you). I seem to always forget and can't figure out why the efile won't create and there is no message. Once you input that 8 digit number, all should flow to the AccuWage program (choose the ASC file to test) and continue to log into SSA.

:bday: and many more!

:bday: and many more!

:bday: and many more!

Pacun, Catherine and I have bonded over Booger, actually. I am insanely jealous of their forum affair. Someday my prince will come, maybe JB? Maybe Elrod? Maybe ???

After this discussion of wonderful results, I think I will push for this option after tax season instead of waiting until the doctor finally decides. This truly sounds amazing - at least pursuing the discussion. I am very happy for and envious of all you folks who can now see so much better!

Catherine, many people wonder how I have strayed so far from my molecular biology days working on rNA tumor viruses or protein chemistry studying multiple sclerosis. I'm from, among other fine schools, the large institution on the other side of the Charles. (A small technical college... now that IS funny!) It's good to know there are many others who have recreated themselves over the years. And I think our respective backgrounds help explain the common ground we often times find. Sort of logical and methodical except when those hormones kick in!

:bday: and many more!

JB, so glad to see that handsome, smiling face once again! Everytime it shows up on the screen I have to smile. Of course, I do recall the first sighting when someone described it as "creepy." We now know and maybe almost love the mug. Elrod, I believe the proper terminology is "frikkin" bananas. There was a lengthy discourse on this word in usage on this forum last year. Pay attention! Oh, tax season is so very fun with this great cast of, um, characters!

I finally looked at this form and am, frankly, baffled. I was not familiar with this. How did you learn of it? I still don't understand the sequence of where or how this fits in with ERO's such as me. I am thinking that it applies to the companies processing what we send. The form is sent to Enterprise Computing Center and the details in the Rev. Proc. seem to refer to large companies. I welcome enlightenment about this, too, as I have been efiling for 5 years now, I think, and have never heard of this before! Thanks for raising the issue...I think.

:bday: and many more!