Lee B

Check out the Iowa State Center for Agricultural Law and Taxation https://www.calt.iastate.edu/

The correct approach is still kinda tenuous since it's not clear whether any of the assets sold have been taken back?

Jose This is not an official ATX website. This is a discussion board for current and former users of ATX. Please contact ATX support Thanks,

I use Chrome, Gmail, Contacts and Docs and don't really have any issues. Yes I have occasional popups about other Google apps I don't use, no big deal. The popups that are much more annoying are from MS on my desktop.

I think calling the IRS about one of these notices right now would be an exercise in frustration. Have your clients check to make sure their payments cleared their bank and let the IRS clean up this mess. I see no need to do anything unless a second notice shows up.

IRS Announcement dated June 12, 2024: "The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return. Who is affected: Taxpayers who paid electronically or by check with their 2023 tax return, may show their accounts as pending, although the IRS has received and processed payment through their banking institution. The notice may have been initiated before the payment was processed on the account, or the payment may have been processed but contained errors and requires additional handling to address the error before updating the tax account. No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible. Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly by the IRS. Taxpayers who paid only part of the tax reported due on their 2023 return should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives. For affected taxpayers, the IRS apologizes for the inconvenience this delay in processing your payment " I am sure we will have some panic phone calls from our clients.

Joan, Here is a link to Medlin's Accounting Software: https://medlin.com/accounting-software.html He has everything explained along sample reports.

It seems to me to be an amendment of the 2021 tax return.

Did they sell the stock or the assets?

I agree, I have done in depth reviews of Medlin in the past and it should do everything you need. I need some bells and whistles for my larger business clients which Medlin won't do so I don't use it. Also you might look at "myob"

I agree. My largest client did receive a 3 page letter from their attorney back in January.

https://www.thetaxadviser.com/issues/2023/jun/single-member-llcs.html

According to multiple sources : "If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner's federal tax return as a division of the corporation or partnership."

I have decided to wait until October or November due to the legal challenges. Another legal challenge has been filed in federal courts in Michigan.

If you only had to pay 20 %, you received quite a bargain.

On the other hand, there may legitimate reasons due to legal liability to have the business assets split between the 2 LLCs We just don't know enough.

There is a direct relationship between your fee structure and the value of your practice. If your fees are below average then the value of your practice will be below average.

The original post doesn't really give us enough information for us to know what the best approach would be

I have seen tech articles online about how to do it

Set up a third SMLLC which is the parent of the first 2 LLCs, then elect for the third LLC to file an 1120 or 1120S.

According to a national survey, Tik Tok is the first source for tax advice for taxpayers under the age of 40

The big health insurance companies, pharmacy benefit managers and especially Medicare Advantage Plans are destroying our health care system. As long as they make record profits, they don't really care about the patients and the medical providers. Small rural hospitals and independent pharmacies are going out of business all over the country due to reimbursement rates that are way to low to even keep their doors open.

Well I am 77 now and I still enjoy working with my long time business clients every month. Right now I only work about 17 or 18 hours per week Working on personal tax returns is the least enjoyable thing I do so I only do the personal tax returns of my business clients.

Just curious, how will you get health insurance at age 60? Medicare doesn't start until age 65.

A Tax Return Transcript only shows what was originally filed. It doesn't show any changes made by the taxpayer or the IRS. The only transcript that shows everything is called a "Record of Account Transcript".