Lee B

If you are a few years away and you want to get a decent price for your practice then you should consider raising your fees over the next few years.

I apply prior years overpayments forward quite regularly. I don't recall ever having any problems.

At this weight, I assume you are referring to a Utility Vehicle like a Gator? If so, a 5 year life.

Woo hoo The SBA just officially forgave 100% of the PPP Loan for my largest client. I am surprised because it was only two weeks ago that I submitted the application and all the supporting documents to their bank. It was the long form 3508 with all the supporting document requirements. I must say, it was the most strenuous project that I have tackled in many years. Darn, I wish I could take the day off and celebrate

If there is in the PTS agreement a requirement for the partners to pay these expenses

Actually, the AICPA has officially asked that question of the IRS and the IRS hasn't responded or issued any guidance. Therefore as Lion says, we have to assume this strategy wouldn't work.

Yeah, this like being caught up in a whirlwind of distraction

Just remember support is based on where and for what the money is spent. Just because one has more income doesn't necessarily mean they have provided the most support.

There are a lot of people looking for work. Hire a stand in.

Make sure that ATX and all related files are excluded from scrutiny by both your firewall and probably your security program, especially if you are running one of the large security suites. Minimize the number of programs that you have running in the background, especially the ones that automatically run when your system boots up. ATX is a real system hog, so you need to create as much room as possible!

EIP3 affects 2021 returns,not 2020 returns

I sympathize, because I also found filling out the form and worksheet on Drake awkward. I ended up just trying different possibilities until it worked.

Does the spouse have a durable POA or a 2848 on file?

I have never had a client have a Board of Directors Meeting to formally dissolve their corporation. Therefore I have never filed a Form 966. All I have ever done is file a final 1120 or 1120 S plus dealt with any fixed assets which ended up with the stockholders. Over 28 years I don't know how many I have handled this way, but it's in the double digits. I have never received a letter from either the IRS or the ODR with any questions etc.

Why would you cringe

In a situation like yours they are not that complicated, just take it one step at a time.

In this case $ 1 will not be enough

Taking QBI was be difficult to justify with this fact pattern.

Your client can delegate his participation to representative(s) or agent(s). Your don't say what his ownership interest is or who is responsible for managing or delegating responsibilities? NEI

Yes, or you need to show $ 252 of Income in addition to the UC in order for it to efile.

Not too many years ago I had a client who had a Espresso Drive Thru Stand Business a C Corporation with 8 locations. She ended up selling off the locations piecemeal, 4 different transactions, since she wasn't able to sell the whole business in one sale. Three of the transactions involved personal non compete agreements reported as Other Income on her 1040. The IRS via letter contested the Other Income as reported, fortunately my client had just enough documentation to counter the IRS. My point is that reporting this amount of money as Other Income not subject to SE Tax will quite likely prompt a letter. How do you respond to the letter with nothing to document your position?

Wait a minute,how did you even know whether they were married or not? I don't ask my clients for a copy of their marriage certificate, do you?

Alternative scenario: Long time residents of neighboring state which does recognize common law marriages has filed MFJ for 20 years moves to NC. What do you do?

In this case, the children receive monthly funds from the state, which my clients put in a trust for each child, which will be used to care for the these kids in future years, so these funds are not used for the children's support.

I took an IRS online free class about this area last August, so I double checked my thinking with the Tax Book: 1. The equipment comes out with the PTS adjusted basis, which is assumed by the partner. FMV of the equipment is not involved. 2. The PTS NBV of the equipment reduces the partners capital account. Easy peasy