Gail in Virginia

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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My thinking would be that if you have some formal, evaluative procedure you could "write up" the employee for exceeding his authorized hours, and use this to cause his/her next review to be less than stellar. With sufficient occurrences, you could make it grounds for dismissal, or even require that the employee not work for a certain number of days/weeks as a consequence (unpaid suspension). But I really think that if they work the hours, you have to pay them whether or not you meant for them to work the hours. You might suggest that someone check the time cards every day, and if someone is getting too close to overtime, you send them home early on a day that is less hectic so you can keep them on the days you really need them. I don't have any legal experience to base this on, just my opinion shooting from the hip.

I had one who also had been married multiple times, and I know that she changed her name with social security because she brought me her social security card and it matched her current husband's name. However, when we e-filed I had to go back to the name before this one, even though it had been several years since she changed her name. After tax season she contacted social security again to get it straightened out.

My sympathy Janitor Bob. My son is 17, and all he can smell is gasoline and perfume. (Not necessarily in that order!)

And quite varied!

I can't find the article that I read now, and don't have time to look during tax season, but I do recall reading something (that I thought was published by the IRS) that went so far as to say that while I could make a mass mailing to all of my clients as long as I did it myself and used the postal service, if I used a mailing service to prepare the mailing it was a violation of the disclosure rules. This would tend to imply that we are required to keep names and addresses confidential. I don't know whether that would mean not being able to tell the police without a warrant.

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:bday: and many more!