Lee B

Perhaps reloading forms will fix this?

What does that mean?

Since you don't do their bookkeeping, there will more than likely be questions that you can't answer regarding 1099s and payments to individuals.

My past experience with these audits is: 1. Reconcile payroll records with quarterly reports 2. Review any subcontractors with Form 1099s to see if their classification is appropriate 3. Review Cash Disbursement and GL Records for payments to individuals with no 1099s. All of mine have been audits in my office.

I have $ 250,000 of coverage for $340.00

I have a very reasonably priced policy with Hiscox through my local insurance agent.

Your scenario implies your client is a cash basis C Corp, in which case the numbers don't don't make sense to me.

It will be interesting to see how this works out? My guess is that you will have pay via third party using a credit card or debit card

Of the preparers on this board, most of the ones that have switched (including myself) have changed from ATX to Drake. I am curious, why did you decide to switch from Drake to ATX?

As a practical matter a new small business could do all of these things correctly and still fail to make a profit. They still have to sell a product or service to a customer willing to pay.

Tom, after reading your post again, it's pretty "tongue in cheek" so I can't see giving it to a client

If you are a practicing CPA, you are correct. However, if you are an EA like myself or an LTC then this doesn't apply, even though there are lots of quasi professionals out there giving very bad advice.

The % in 5 b depends on what kind of business you are in. 5 b thru 5 d is confusing. I would take $ 20 / .60 = $ 33.33, however it again depends on the kind of work you are doing. As a practical matter most self employed aren't able to bill out 100 % of their time worked. My past experience with self employed clients is that it's difficult to make significant profits unless you are billing at least $ 80 per hour.

The publication date is August 14th, so hopefully it's up to date. The regular Kindle price is $ 9.99 Kindle Unlimited has a 30 day free trial, then it costs $9.99 per month.

Just remember, if this generates a state tax deduction then the partner's federal outside basis and state outside basis will be different.

Please follow the link TexTaxToo posted re 2021-49 for detailed analysis.

If you are going to file the 1065, then the interest income goes on Schedule K and the fees are an M-1 adjustment for nondeductible expenses.

The IRS has very detailed info about the FFCRA

Fortunately for you the infrastructure bill which is in the process of passing with bring the ERC to an abrupt end.

Are they in the business of lending money? If not, I would treat this as a joint venture and report this interest income on Schedule B without the filing of a 1065. If they are not in the business of lending money which is an investment activity, then the filing fees and accounting fees are not deductible.

The hacker group is asking for $ 50 Million to release 6 TB of data.

I can see the argument for doing it this way. However I really don't like the result, because it doesn't treat the residents of all states the same!

I remember you posted about this client before and received a number of responses?

You might check out Live Plan from Palo Alto Software located just a few miles from my office.

Did you use the worksheet or did you override?