Gail in Virginia

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Is enzyte the stuff smiling Bob sells? He frightens me... :huh:

I think even if owner has SIMPLE, if managment fees for all employees eligible are paid by the business and not out of the accounts, they should be deductible. However, $2000 seems a bit excessive for a fiduciary fee. That seems to be more of an investment management fee. The fiduciary fees for SIMPLEs using mutual funds tend to run around $35 per year here.

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But isn't an LLC a disregarded entity? They did not transfer the property to a corporation or sell it to another party, they merely restructured their own ownership of the property. If the parents gave the property to more than one child, the parents created a de facto partnership. The children merely formalized this into an LLC. I don't know enough law to really be sure, but this is how it seems to me.

I thought he was trying to convince her to look for a new husband. :lol:

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What a beautiful child! My son will be 18 in a few months, and it seems like such a very short time ago that he was a toddler. I hope you are as blessed as I have been.

I do it the same way KC does, and I have never had a problem with changing the information on one tab changing the information on another tab. Of course, that doesn't mean I won't, just that I have not so far. :scratch_head:

And being a hobby does not mean that you don't have to report the income - it only limits the expenses that you can deduct and how you deduct them. All income, whether cash or barter, is reportable.

OldJack, you must be older than I thought! :P

If he is doing this from a profit motive, I too would see it as a business. If he does not have a profit motive (maybe he is buying the tickets to use some personally and sell the others to finance his attendance at sporting events?) then it would be a hobby, and expenses might not be deductible. And I really think he is trying to make money from the sound of what you posted.

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If they want to hold up your payment over a penalty notice in these circumstances, I would at least consider making them responsible for all of it by telling them "I quit."

I like the idea of stone tablets - I feel like hitting someone in the head with a couple of rocks today!

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I also would have to agree with Mike on this one. I think KC may have skimmed through the message too quickly - she ordinarily doesn't miss a trick!

I am glad they are doing it because I hate having them ask me for a letter for their bank. Their isn't anything I can say in a letter that really means anything - I can say that I prepared a tax return based on the information provided, but that means nothing if you look at what I am saying. I can't say that return was filed (unless I e-filed it), I can't say it wasn't amended, I sure can't guarantee that it was accurate - I have not yet been forced to make my clients prove their returns to me, although I feel more and more like the IRS is leaning on preparers to do that. I would much rather they ask the IRS for this information instead of me.

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