michaelmars

sometimes a family home can be simpler if you want it to be simple, forget the hvac type stuff and just add up the carpeting, appliances etc that were part of the original building cost. can save you some coins. a full study might bring more savings but as you said, it might be too costly.

well the big benefit is corporate liability protection depending on her business, not every benefit has to do with saving $$. I am a corp, even though it doesn't shield me from professional liability, it does shield me if a client falls on my office property.

if the corp was formed you could elect S corp with the filing of 2013, I don't think you can retroactively form a corp. Were the deposits made out to a corporate name, the invoices, etc.

Many companies specialize in doing cost seg engineering studies. The one I use charges around $7000 for a residential property of 60-80 units, elevators etc. This makes it very cost effective. And you don't need IRS approval, correcting depreciation is an automatically allowed chance since it is considered a correction in lives not a change in accounting methods. I recently did a few for a client that sold his buildings. You get the catch up depreciation at ordinary rates and pick up the extra gain due to reduced basis at capital gain rates. It saves 10% for those in the highest brackets.

proseries website is having conflict issues with ie11, I can't get to their communities. Told me they are working on it 2 weeks ago.

I have amended just to mark final with no irs issues, the problem is the state, they always want return up till the time you officially dissolve but if your client doesn't care about lots of mail from the state then ignore the issue. They can assess for non filing but the penalty doesn't pass to the shareholder so it is uncollectable.

I agree that the states are going crazy and said so referencing workers comp, had a CT state labor audit on a dental practice where there report assessed on patient refunds. Just because they assess doesn't mean they are right. There policy is to assess for every payment and make you fight them. As for the cleaning service, we too were asked who directs them and whose supplies and vacume to they use. DOL wanted to make them w-2. It doesn't matter if you 1099 a contractor, the State will still insist they should be employees. They want the sui on them.

the thing is what do you answer when they pay 15 people and 14 of them are correctly reported, then the answers could be yes but a mistake was made? I would of course deduct the expense anyway, the issue of erroneously [clients argument] that a 1099 was omitted is still a good argument, you pay the $50 penalty and that is it. But to be found it goes like this, the client has to get audited, the agent has to pick up that expense, and then has to ask for the 1099's. Not to say it couldn't happen but in 31 years I only was asked to produce the 1099's once on audit. Workers comp is a bigger pain since they always ask for them.

I would never send the 1099 for a big reason, if they fight it you have absolutely no records to back up what you are reporting to the irs and since most clubs are owned by people that perhaps play a bit rough you don't want to start with them and good luck getting their ein's or even the real corporate name. YOu might have a rational to think you can 1099 them for the door fee but for the dances, they might take the position that they charge the customer 40 and pay you the $35 net so in fact they should 1099 you. YOU really don't want to start with all these problems. Take the amount she reports to you as income, maybe write off some costumes and that's it. And no one here has yet to address the fact they make lots of tips over the dance fees. You truly want to file a return based on what you were told, keep it under the radar and keep it simple or you should pass on it. BTW the profession should be listed as entertainer or actress not STRIPPER, or all the local irs guys will want to audit just to see her <s>

yeah and the irs also says it should take 15 hours to do a basic 1040. IRS and reality don't always mesh. I know the 3 day rule but you got be practical. so many exceptions like client send authorizations but you are out at clients all week or client sends authorizations and then tells you he needs to verify his bank account info blah blah blah. Given all the form corrections each season from the software people I will take my chances if the irs ever questions it.

not me, no clergy just strippers, I have my standards. Of course I had to stop doing returns for barter once I got married.

Of course I am on long island, where everything costs more. the clubs have 2 ways to go, you pay to dance like in the o/p. or you do a split with the house where the house gets 1/3. In eithercase I wouldn't report that as an expense, just use what the girls take home. Also around here a dancer can make 100-150k without "extras" just from lap dances.

I do a quick input sheet from the prior year, listing all the 1099's and k-1's etc. Then I write down the current year data. usually the next day I input the return from the original data with a fresh set of eyes. I then compare the major totals ie wages, fwt, int, div to the amounts I wrote down.

I once had an audit on an escort that deducted birth control and the agent accepted it.... That aside, I too do a few strippers since my old office shared a parking lot with a club and they would come in from my sign. [ah the benefits of having a store front office]. You aren't doing an audit so you don't need records other than what they tell you, get it in writing and educate them how the irs will do a lifestyle audit; what is their rent, their car payments, their child care, food, clothes etc. Most of mine would show a 20k-50k profit, especially the ones that were thinking of buying a condo etc. ps: I no longer am in the store front but its available if any one is interested, the good part is I never had to give a guy directions to my office. me "hey its across from the ******Trap" them "ok I know where that is"

I am with Jack, last year I didn't even install my software till mid February, I let others find and deal with the beginning of year bugs. Unless a client has a big reason to file, like leaving country or going for a loan etc I advice to wait till the end of February. I get them up and ready to go and just transmit them all the same day.

ALL right, enough with the puns, are we clear, all clear, all with bleach, all for colors - I am all done

really puts a new spin on taxes

I too would never have my client lay out the 28% withholding. the problem mostly occurs when you hire a contractor and only pay him a few hundred dollars, thus no 1099 anticipated. Then months later you pay him hundreds more, now needed a 1099. Most clients don't tract this during the year and don't discover the need for a 1099 till we tell them. its hard to get the pizza shop or locksmith etc to set up proceedures to get W-9 info on everyone they pay.

I GO BACk to 2005 with forms on the left [must be a liberal program]

I Need a real trial balance program, with journal entries, tax entries, reclassifying entries, prior year, month etc I don't think qb will handle it. Engagement and Creative Solutions are both Thomson Reuters companies and I would love someone else.

I know KC but after last years debacle and after them sending me the wrong demo yesterday I am sooooo gun shy from using anything from ATX. I can stay with Creative solutions but there statements are so hard to twick for rounding errors, etc. I can't find a program from cfs?

Nope and I. Even tried to get a demo from ATX but after downloading the demo they sent, turns out it was a Max demo....i give up on them

I have been using Creative Solutions but looking for a change. This is for clients that maintain there own G/L. I need to enter their balances, make adjustments and generate financial statements

if you have to ask then you can't afford it. how about "I will charge you what I believe is fair and justified after I prepare your return, you can agree and pay me, or you can pay me what you think its worth and go somewhere else next year. In either case you get my best work on your return and you get a price you can live with"

I have had the same situation.