michaelmars

Ken, what is your ACA fee going to be, at recent seminars I have heard of fees from 100-200 for people that go to the exchange and had life events! Also the new capitalization charges are going to add 50% to most of my real estate clients and 25% to all others with depreciation. I discussed this with my major business clients and they say they understand, once I showed them a sample of the forms and calculations involved.

these get recommended because they are high commissions to the broker.

an attorney at a recent seminar said if you show good faith attempts to get info from bank and still cant, you can avoid some penalties

this gets fixed with a phone call, I had that problem. its so unfair, I pay for a program for 2013 so if I have a 11/30/14 y/e [files on 2013 forms] that return should get support up till the due date.

lacerate, prosystem and pro series all do the state credit automatically. With atx its not so bad doing it manually until you make a small change to one state and forget to change the home state. If you only have an occasional return like this then you can get by with atx but if you do a lot of multistates then you need more comprehensive software.

why not get him a "business" cell phone on your account. Most carriers charge $10 a month for this. Might consider a gas card too to make it easier.

are they salaried with consistant payroll? If so I charge $150 just for the quarterly forms, if you have to calculate tax deposits monthly then I charge $150/month. this is for around 5 employess, otherwise it goes up.

hearse, first responder vehicles, anyone on call etc.

whats the business? Some businesses require the need to take a company car home to respond to calls at night. than might negate the personal usage of the car. Other side trips may be very insignificant.

Jack, whatever you are working on, remember there are separate NYC taxes if they are located in the city.

WHY are so many posts lately -non tax related being put into this forum instead of the "off topic forum"?

Ken-they are part of the books and records since he reported his calculated depr on the return. Write again quoting the above info and don't forget to cc: NYS Office of Professional Licensing and the AICPA and the clients or your attorney. I have done this without actually sending the cc's [guess they got caught in the mail] but the CPA will realize its better to supply the schedule than deal with the regulatory stuff. It is possible that he never got one from a previous cpa and perhaps backed into it. if that's the case he may feel uncomfortable giving to what he knows is inaccurate but that's no excuse. client can also file a claim of malpractice saying that he doesn't agree with the depr claimed and force the cpa to provide schedules to back up his number. Of course if its not really material then I would just send the letter citing the rules and with the cc's on the bottom. one last thought, did you or the client contact him? he might just be pissed at the client for leaving but he may respond professionally to you.

they are the best kind, no wasted time with chit chat!

"S Corporations and Rental Income" from the NY State Society of CPAs CPA Journal Online, from 2006, includes a discussion of PLR 200339042 where the IRS ruled that the rental income received into an S corp from commercial real estate wasn't passive because of significant management services provided by the S corp. The article includes a list of those services that were provided. that's what I was getting at, and if you google it you will find case law and a lot more which states that the rental income isn't passive in regards to S corps.

IF THEY are supplying rental services, managing the property, etc then it isn't considered passive for this situation.

please tell where you found this?

1099-ETC

WHY would they go through the cost of an llc if they want a corp??? why not just form a corp?

this is udderly ridiculous and has nothing to do with the discount plan hatched by atx that their sales staff came up with while barn storming ideas

I changed to proseries and it does have its issues in number of forms etc, but I have never had any hardware/software issues in 2 years. Only rejections were for real items, not for not having the current form type stuff. I think letters suck, program manager isn't really customizable but I would trade all that for not having hang ups, non existent support, or freezes, reboots etc. After negotiations my pro cost just 2x atx but if I save 5 hours over the course of the year then I figure I made back my money in more sleep and less anxiety.

I would never renew until I see the feedback from those that start returns on 1/1. I never do a return till the end of January anyway.

O/P stated usually a refund so going on the assumption that no money is due. but even so, filing now and amending eliminates the late filing penalty of 5% per month and leaved only late pmt penalty of .05% per month

They sometimes ask for each partner/shareholder to sign the letter, that they had the info to file their 1040's. I usually add a paragraph [if true] that I prepare all the 1040's and have personal knowledge that they were timely filed.

Partnership penalty abatement letter XYZ Partnership Address City, State July 14, 20XX Internal Revenue Service Re: CP 162 Ogden, UT 84201-0039 Tax Form 1065, for 12/31/XX EIN # XX-XXXXXXX To whom it may concern: Based on our records, the Form 1065 was timely filed. However, under Revenue Procedure 84-35 there is an automatic waiver for certain small partnerships. This is a small partnership (2 LLC members) qualifying for late filing penalty waiver under the following: The partnership has 10 or fewer partners, all of whom are natural persons; Each partner’s share of each partnership item is the same as such partner’s share of every other item; All partners timely filed their form 1040 for 2008 and fully reported their shares of income, deductions and credits on their timely filed returns. Please waive the proposed penalty under Revenue Procedure 84-35 as the above requirements have been met. Please advise of the abatement. Sincerely,

IN practice yes, they rarely assess when its a refund but they can assess on the amount of tax whether paid or not. I would file with what I have then amend.