Margaret CPA in OH

:bday: and many more!

Ahh, out west now up north. Enjoy!

I know we don't clean our monitor screens very often and it is especially hard to do the inside of the screen so before tax season is on us, click here to take care of this problem http://www.raincitystory.com/flash/screenclean.swf It worked for me!

I am assuming that this report highlights the fact that perhaps IRS might want to check out that log in their own eye before pursuing the speck in the eyes of efilers (see first post above by JRS).

I just received my official call. I would have been really surprised without having read this thread the last couple of days. I agree with Jack from Ohio; there must have been some communication between the major players here and future stability isn't certain. It will be interesting, at the least. Along with all the new security requirements like the weekly vulnerability checks and questioning insurance coverage and who knows what all? What with a couple of my small business clients succumbing to this recession and my major non-profit futilely pursuing non-existent grant funds, retirement is looking ever more probable. My second job as scuba instructor is more fun but far less lucrative and getting worse. What to do, what to do....

ATX will provide support? I understood that TRX, as per their website, was providing the support. I seem to recall, without reviewing the extensive postings, that along with the lower cost the advantage of TRX was the support they would provide, a better alternative in the opinion of those who already purchased through TRX. When were you told that ATX would provide the support? Curioser and curioser...this will be a most interesting tax season.

Now wouldn't that be interesting? Surprised, if so? I think not. Microsoft, Intuit, CCH... The big ones keep getting bigger. They know what the competition is.

Very interesting, indeed! I have received several calls asking about renewal and finally last week I told the caller that I had renewed through TRX. I also assured the caller that, should TRX bail out or not provide what I think I bought, I would purchase from CCH. It is my stated intention to use ATX MAX. I would like to spend less money so went through TRX in April, actually. Wonder if I will receive a call like yours...I wonder how CCH knew you purchased from TRX. Could it be TRX was required/asked to provide a list of purchasers who previously bought direct? Hmmm...What does this all mean? Enquiring minds want to know.

:bday: and many more!

:bday: and many more!

:bday: and many more!

:bday: and many more!

:bday: and many more!

Yeah, I just read the relevant parts. I think I will either retire or go back to paper..... Weekly vulnerability scans? Accreditation? How much will that cost? How much will my clients be willing to pay? I suppose it is a good idea but at what cost?

Thanks much, Taxbilly! Why didn't I think of that? Actually, I've never used Wikipedia so this will be a good experience. I think I should dig out my old accounting books, too, to see if there is some applicable, basic info. Thanks again!

A new client sells bottled olive oil imported from coop where grandmother sells the oil pressed from family olive groves. I am setting them up on QB but am a bit uncertain about inventory. They have liters of oil and 2 sizes of bottled product. I believe the bottles, caps and labels would be supplies not really components. They may sell larger quantities of the oil, not just the bottled product. They also will be preparing baskets for the holidays with oil, chocolates, etc. I think those other items would also be supplies but they would like to have a count on hand of the completed baskets. So I'm thinking to have as inventory those items ready for sale as well as the bulk oil but am not sure how to do that when the oil is also part of the finished products. The only other clients I've had with inventory had products for resale. Any hints and guidance are welcome!

:bday: and many more!

Welcome back! How was the ride? It's been a challenge keeping Booger happy but we've done our best.

:bday: and many more!

I agree about the emotion aspect. This is a serious case, too. The link is a good one and I will forward it. There are over 100 names so a printout isn't a great idea. They also are on the county line so may choose someone closer to their home rather than center city. Thanks again for your excellent, as ever, advice!

I know the LLC doesn't have sons but the instructions seem to deal with just this situation under Passive Activity Reporting Requirements, #4: Identify the net income (loss) and the partner's share of partnership interest expense from each activity of renting a dwelling unit that any partner uses for personal purposes during the year for more than the greater of 14 days or 10% of the number of days that the residence is rented at fair rental value. (I interpret the personal use as the use by the members/partners son at less than fair rental value. Is this incorrect?) They are "evicting" the son if they haven't already and it was rented previously at fair rental value. What is the decision criteria for "business property" when the clear intent is to rent for profit? The son was paying full value for several months, lost his job and couldn't pay. How is this significantly different from my other clients who have apartment buildings and far too often go 3 months or more without receiving rent from non-paying tenants while they go through the courts for eviction? Thanks for the push on this. As the temperature rises, I really don't want to think so hard!

Thanks, KC, that's a very good point. Unfortunately, I don't know any bankruptcy attorneys, good or bad. We'll see what happens. Unfortunately I think he is more concerned about keeping his son, an employer, earning money than watching out for himself. He tells his wife that he can't quit until the trucks are paid for (one that his son drives). Oh, it's a long story.....

If you determine that, in fact, 2 partners left, the partnership has ended so a final 1065 would be in order. The remaining member of the LLC would need a new EIN <http://www.irs.gov/businesses/small/article/0,,id=98011,00.html> but, depending on the state, may not have to change anything at the state level where organized. Perhaps an amendment to the articles of organization would be in order, but an attorney should be consulted. I agree with Maribeth about the filing requirements and forms. Would the remaining member want to be incorporated? If so, as an S-corp? More questions than answers.

Duly chastised, RoyDaleOne. I have now read the instructions through but still have a concern about allocation of mortgage interest, etc. It would seem a straightforward cutoff after April when the last fmv rent payment was received would be the clearest. All expenses and income from May onward would be treated as personal use. Thanks for the nudge... Any other nudges or chastisements most welcome. mlinder42, they file default partnership with Form 8825 per instructions on page 11 foro Form 1065.

Nice clients decided to form an LLC, purchase a house within it, fix it up and rent...to son. But for market rate. So far, so good. About mid-year, son begins slacking off and finally stopped paying altogether. Parents initially "gifted" rent to son but after a couple of months, only added enough to bank account to meet bills. Market rate would be $6000 per year, LLC "received" $3975. Easy enough to handle on Sch E for personal use but how to do this on 1065 and 8825? Thanks for direction.