Max W

Yep! Click and Clack are pretty funny and from what you hear them say on the radio you would think they are car repair geniuses. It´s a little bit of trickery. While one engages the caller with small talk, the other is looking up the answer on a computer with car repair software. The funny names arBe part of their schtick and some are pretty clever, Do they have a chiropractor named Dr Bonebreak? If not here he is, spelled bonebrake, although there was one in TX about 20 yrs ago, Dr Bonebreaker. http://www.healthgrades.com/provider/robert-bonebrake-28y2x

The final determination was that K=1's had to be issued so that the distribution can be show even though it may not be taxable on the other end.

This article leaves out some important information on some points. Item 2- a levy will be issued before any liens are filed, and usually liens will be filed with an installment agreement, or an OIC. Quite a few states us "lien" to mean the same as levy. NY & IL come to mind. Item -6 Liens can be withdrawn prior to the taxes being paid in full. If you enter into a $25K streamlined inst. agreement, with a 60 month term, rather than the normal 72 months, And is paid by Direct Debit, after 3 payments a lien withdrawal can be requested by filing form 12227. Item 7 - certain actions that are taken, will extend the 10 yr SOL. The periods when in Bankruptcy, an OIC or Inst Agr. until approved are the 3 most common. This time extension s called "Tolling". 9 - Not true. Not all returns have to be filed for hardship (Currently non-collectible, or CNC) 10 - I have found the OIC qualifier to be missing certain items - Aged vehicle, which won't be found on the form either. But there is a $200 allowance for a vehicle over 6 yr, or 75,000 miles. It is only found in the IRM. Expenses for Life insurance are requested, but they don't tell you that only Term Life is acceptable. Also, I find that clients can grossly understate their home as an asset, and overstate the value of vehicles. This will throw the whole calculation out of whack. 12 - There is only one true streamlined installment agreement - the $25,000. There are no questions asked except how much can you pay per month. The $25K only reflects the tax owed, not the P&I. The $50K agreement requires certain information be provided, such as monthly income and your living expenses. In most cases they will accept whatever you provide without verification. Also, the $50K Includes penalties and interest and must be paid by direct debit.

Enter the amount on line 21. Then, enter the same amount on Sched C AND under Other Expenses, enter the same amount with - "1099MISC error - Offset to Line 21" I have done this dozens of times and it has never been questioned.

Even if the client qualified for moving expenses, lease payments would not be one of them. I have a client that moved x-country who listed lease cancellation and new lease expenses. They were quite a lot, but these are going out the window. Pub 521, page 8 lists what is and isn't allowed. https://www.irs.gov/pub/irs-pdf/p521.pdf

If client is separated under an interlocutory (not final) decree of divorce, it can be fied as single. Same thing if the court requires ex to pay spousal support.

Need to clarify the original question. The Administrator of the IRA's invested the funds into the trust. The funds were not withdrawn by the client. The distributions were pro-rated strictly on the percentage of investment.

If you have a caf #, fax form 8521 to the caf unit It takes about 4 to five days to post. Then you can get the transcripts thru eservices. If you don't have a caf #, fax the form anyway. The IRS will assign you a caf # and send you a letter with the number. Even if you successfully fax the 4506's, it will take 2 to 3 weeks before they arrive.

He can use c/o Santa Claus, North Pole, if he wants. However, the partner may have a legitimate reason. If there are employees that receive the mail, it is possible that one of them could see the K-1 and find out what the partners were earning. It's the sort of info that no small business owner wants to be let known to their employees.

Client formed a trust for the purchase and sale of investment property - house. About 80% of the funds for the purchase came from client's IRA accounts, the remainder from the client. The client and the IRA's (4) are all beneficiaries of the trust. The IRA administrator says that no K-1 is required for them. If so, how is the profit distributed to the IRA's reported on the clients' K-1 if there is no taxable event for the IRA's?

If the client owes back taxes, I think the CFWD gets blocked.. I have had a few of these and, as I recall, that was the result.

Sounds simple. It's just more sleazy advertising. You just don't walk into an HRB office and enter the drawing. You have to have a tax return prepared and paid for. The no purchase option requires a hand written 3 x 5 note card with your name, address, dob, email , home phone - and responses to three questions, which is then enclosed in an envelope and mailed in to a special address. Furthermore, only one entry per person is allowed. http://www.hrblock.com/pdf/1000-terms-and-conditions.pdf

See the footnote at teh bottom of page two. https://apps.irs.gov/app/vita/content/globalmedia/tables_1_2_4012.pdf

Eine Kleine Nachtmusik (A Little Night Music) isn't so far fetched, they used to play Mozart's 40th on some lines.

Isn't this a conflict in the tax code which requires parent to claim dependent if qualified to claim it? Or, is it something that has been waived for the AOC?.

4797 https://www.irs.gov/publications/p908/ar02.html#en_US_2012_publink1000137340

If you have digested and looked at the forms you wouldn't be asking this question. If you do, then you will see that they are necessary to prepare the returns, especially the 1095C.

Hers is the 2016 for $189. http://www.amazon.com/QuickBooks-Business-Accounting-Software-Essentials/dp/B01326JFB8/ref=dp_ob_title_vg

" Trivia note - the details that you list under "Other Expenses" on page 2 do NOT get transmitted to the IRS as part of the E-file " The details are not transmitted, but the Total of Other Expenses is. If it is large enough, it could trigger an audit. The expenses that do get individually transmitted are: Car, Depreciation, Insurance (not health), Legal/prof., Repairs, Travel, Meal, and Wages..

According to Rev ruling 69-148, money in the joint account is not a completed gift, Until it is withdrawn. Now, the question is, would yearly withdrawals over $14K require a Gift Tax return? Another issue will arise when a 1099R is issued after the funds are withdrawn. The son will have to prove that the basis was a gift and that means coming up with records going back 30 years. What are the odds on this? I had a case where there were non-taxable IRA contributions going back 12 years made without filing 8606. We tried to get the statements from the broker, but they only went back 10 years. http://www.andrewmitchel.com/charts/rr_69_148.pdf

When the IRS cancels an IA, they send out a letter, CP523 (upper rt corner). The default can be from a missed payment , or from being assessed additional taxes It does Not default on the date of the letter but 30 days later. There is another 10 day grace period after that to allow any payment to post. If the additional tax is small, sometimes the IRS will roll the IA over automatically. The options are an OIC, a new IA, or CNC (currently non-collectible). The easiest solution would be a streamlined Installment Agreement (IA). The balance due must be less than $50,000. If it is over that, the IRS will usually allow 30 days to pay it down. To determine the minimum payment, divide the amount due by 72 (months). If the client needs more time for the paydown, there are strategies for getting additional time. OIC, CNC, or a regular installment agreement will require documentation of income and allowable expenses.

Anyway, I see the solution is to amend the Corporate returns, then the client gets no deduction for the sales tax payments.

Yes. $195/m for each member of the LLC, to a maximum of 9? months.

While I agree with what you are both saying, the corp return reported Gross Sales which included sales tax. The tax return did not break this out and it wasn't paid at the time. Since the tax was included in gross sales, it could have been offset as an expense. I did state that she was personally (fiduciary) responsible. My question goes to the payment of the sales tax since it was never offset from the Gross originally..

Client had a corp. Sales tax was included in Gross Sales. Corp was closed and client became personally responsible for sales tax. That was paid personally. Can that be taken as a deduction? Sched A, 2%? TIA