michaelmars

yes, trying to do on-line

anyone know how to get an EIN if none of the shareholders or officers have US social security numbers?

i got a few of these too, about a month ago and then nothing since.

thanks for all the replies KC

I AM not concerned with the op only if the state or irs can get the money from the limited members. Yes they will have a claim against the managing member if their money gets taken but that's fight for another day, today the fight is with nys and their right to levy the limited members banks

Yes its a NY LLC, and I don't think the operating agreement is all that important to a NY tax collector, which often is outsource to private agencies. Yes if a limited member gets levied they will go after the managing partner but m question was if anyone knew if the limited partners can even get levied? Also there is some thoughts that even though the managing member should be liable, they are still considered limited partners per irs and thus would not be personally liable either.

KC that's out of line and making assumptions that weren't stated. The question is are any partners liable for this and if so is it just the managing partner. Imagine a partnership with 100 partners and you own .005 percent, not the State is coming after you for 100% of the late filing penalties. That is the current situation. The State agent said he is going after the bank accounts of any partner that has the resources and I was just wondering if he was blowing smoke or can really do that. This isn't about anyone getting write offs but not wanting to pay their liabilities. Heck some of my clients have over 70 K-1's in their return.

as long as they don't take out funds personally, they cant go after owners of a Corp so I am thinking this might be the same. They had losses for 5 years and no one wanted to fund the llc to pay accounting fees etc then all at once they decided to get current.

Can the individuals be held liable for the late filing penalties of an LLC that no longer has assets? This was an entity taxed as a partnership and NYS is threatening to levy the accounts of the partner's. IF so, just the managing partner or any of them?

​I don't agree with this, what if the client started their own business and made gazillion dollars? the irs doesn't assume they have all the info and not ask for a return. If they did, then every client we have with only w-2 and 1099 income wouldn't need to file a return and a bill or refund would magically appear sometime around 4/15 each year.

back when I only had insurance for tax work it was less than $500 per year. Now that I have coverage for everything but audits my $2mil of coverage is $120 per month. The scariest part of practicing is E-filing, you put in a wrong a/c number etc and you client has huge penalties. Recently a client called that is $750,000 of tax payments didn't come out of his account and he was already demanding that we pay all interest and penalties. Well luckily he was checking from the wrong account. Imagine the late filing penalties if his extension somehow got messed up. Well worth paying for insurance. The most important part of the insurance isn't them paying your penalties but paying for you lawyer when a client claims malpractice.

​thank you for taking my quick answer deeper, I agree with what you say.

added to cost basis

too much time on your hands, what to work on some extensions of mine?

I posted on this topic numerous times, I would use a 1065, in almost every case I want the 1040 to be from flowthroughs. I might even give a spouse or child .0001% just to get it off of the 1040. High 1040's have a higher rate of audit, and an auditor will make you prove expenses aren't personal. Having it as a 1065 makes it easier down the road to add partners or transfer percentages each year to children. If any legal issues occur you only have to supply the 1065 to a tenant for example and not the whole 1040 which even though protected, shows all your other income or assets. When your loving couple gets divorced, its much easier to trace the distributions. Since the amount of accounting you would have to do is the same whether on an E or 1065, the only extra prep cost is the actual filing out of the form.

​Eric, I know you don't do taxes but you should realize that going to the toilet is a very rare luxury during tax season.

while I am almost totally paperless, for me its more for storage than working files. I pdf everything but keep the paper for the 3 open years then shred. as an old timer I just like paper for working. My offsite storage is almost empty but my current files are nice and full. Every 10/15 they get purged of the oldest year.

I THINK WHAT EVER YOU DID did help a lot. maybe not perfect but much better than the original settings for the fonts and borders.

Example is on your post, "posted 10 hours ago" is very faint, as is the total post count. and the line separating each post.

I STILL have trouble with the contrasts of the different fonts, especially on the home page. the light gray is almost impossible to read even on my 24 inch monitor.

SNAPSCAN 300 FAST AND PORTABLE.

it was so pathetic last time, except for our lunch.

I had a trust filed 4/12 accepted yesterday.

enjoy.

I would never charge Less than the big box stores, I have confidence in my ability and I believe my clients do too, they are paying for year round access, etc etc. I probably should raise my fees every year but I have the habit of raising 10% or so every 3 years. On the rare occasion a client questions it, I can honestly say, hey its been the same for over 3 years, have your utilities and grocery bills gone up, So have mine. In JJ case, if he raised 300 returns $10 that's $3000 if he loses one or two, he is still way ahead and working less. I also don't have any rules written in stone, the little old lady that I have been doing for 20 years may not see an increase for 10 years, etc. I bill on value, not fee charts or form based nor income based. A w-2 for $600,000 is the same fee as a w-2 return for $40,000. There is no added value because they made more until the richer client starts adding investments etc. Oh and the PTP's that Merrill Lynch pushes so much, I add 50-100 for each one.