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Max W

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Everything posted by Max W

  1. I speak fluent Spanish and was an translator/interpreter a long time ago.
  2. File an amended return. The IRS will send you a letter CP01H, with instructions. https://www.irs.gov/individuals/understanding-your-cp01h-notice
  3. It's not clear. Client says she didn't pay and partner says client paid some?? Still trying to get this straight. In any case if client paid anything it was to partner. I'm going to assume, for now, that client did not pay anything.
  4. Partner rented it for 4 years, 2011-14, but all that was on his returns. He also paid mortgage int. and prop tax.
  5. Client (C) invested with another person in a house, for investment purposes, but ...... 1. Purchased 2004 under partner's (P) name (Cost $720K) put down pmt $65K and took out mortgage in his name. 2. Right after purchase (C) paid $190K for improvements. Partner put in $55K. 3. 2007 client added to title. 4. 2019-20 client paid for $900K remodel. 5. 2021 - sold for $2,050,000. Proceeds allocate for client $1.3M, $750M for partner. 6. Each is filing 1040. My question - Does this arrangement sound equitable? I also think that it should have been set up as a partnership.
  6. Thanks, Tom. I just wanted to be sure before I give the client the bad news.
  7. If a motorcycle is used for business, do mileage rate expenses apply?
  8. Senator Warren should try doing her own tax returns this way and see what results she gets. She wants the IRS to provide a government version of Turbotax without considering all the problems people have had with TT. It is so bad that that TT has had to hire EA's and CPA's to help taxpayers prepare their returns. Will the IRS be providig help as well with IRS employees that have had only a rudimentary course in taxes?
  9. It would be hard to find RD in Brasil.
  10. Four acres is a lot of land. It's the size of about 3 football fields laid side to side. He could rent spaces to other truckers, or subdivide the land and sell of chcunks of it.
  11. Can you input each 1095-A separately? I had a client that had two 1095A's with two different insurers, each covering part of the year. Each form was entered separately, otherwise the dates of coverage wouldnt match the policy numbers.
  12. Usually, the IRS will only allow a late year S-corp election to go back two years.
  13. SMLLC It can become a disadvantage in CA due to the way the annual LLC fees are calculated. The fee is $800 up to $250,000 net income; then another $900 if it goes above that; an additional $1600 over $500K.
  14. Is there any advantage or disadvantage to this?
  15. Abby, that was the first thing I suggested to him, to just let it die and start fresh with a new corp name, but he insisted that it was for sentimental reasons as his father had started the business and he wanted to keep the name. So, then we are back full circle to the initial question of the "ghost' assets. To liquidate the corp, he would have to file all the back returns, pay the $800 yearly franchise fee to CA plus P&I.
  16. I uploaded a 2848 and received a confirming letter in about a week and checked on line and it had been posted. If you call PPL and fax it to them, always request that the 2848 be forwarded to the CAF Unit. All they have to do is click a button.
  17. It was suspended years ago. The client wants to revive the Corp. This means filig all the missing returns and paying fees and penalties. Client knows he is going to have to pay the $800 FTB fee for 9 years. the SOS. bi-yearly penalty of $250 plus P&I and file a Cert. of Revivor. He's got all of his records from 2013 on and has supplied a P&L. On the federal side he shows losses for most years, Because he paid himself a salary, so very little penalty there. My only concern is too clean up the one item on the balance sheet. I guess I'll just leave it stand nless he an come up with a dep. stmt from before 2012.
  18. Ooops! Mistake. Founded in 2001. Last return filed in 2012.
  19. Thanks for all the suggestions, they have all been tried. However, I have the client searching for additional returns and information, but so far nothing has come up. The firm was founded in 2021 and the last return filed was for TY 2012. With no additonal info, what would be the best way to proceed?
  20. C-corp client hasn't filed 1120 tax returns for several years. The las filed return has a simple balance sheet with few entries. However it shows an item(s) were being depreciated, but the depreciation stopped. In other words, the OY and EOY numbers are the same. Client inherited business from parent and has no idea what it could be. The assets being depreciated had a start value of $75K and $50K acc. dep. The only other asset is cash and the Liabilities are Add'l. piad in Cap $74K and Retained earnings -$46K. The question is what, if anything, should be done with this?
  21. Only a 10% increase???? It should be more like 60%, or 90cts.
  22. It looks like a rubber buoy converted to a punching ... err, butting bag.
  23. Client received $15K EiDL last year. He spent $9K on expenses and still has $6K What if anything is taxable; or is it a grant that has to be repaid and treated as a loan?
  24. This should help. It seems like there are just a few simple steps to take. https://www.guideline.com/blog/what-you-need-to-know-about-calsavers-june-30-deadline/
  25. Those must be the ones that have refunds.
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