Gail in Virginia

I don't have a lot of experience with this, but sine no one else has responded I will say that the difference between a regular NOL and an AMT NOL is any adjusments that have to be made for AMT purposes. For example, if the NOL includes depreciation at a faster rate than allowed for AMT purposes, you would have to add back the difference in depreciation in determining the AMT NOL. There are other adjustments possible, but that is probably the most common.

:bday:

:bday:

:bday:

:bday:

:bday:

:bday:

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.

:bday:

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:

:bday:

:bday:

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.

:bday:

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!

:bday:

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.