michaelmars

franchise fee? customer list? the tax effect is the same

IS the grocery paying him interest, is this a business loan or personal to his kids?

omitted

PICKY PICKY PICKY I think sometimes you really expect too much!

HOW ABOUT entering them in the 2010 program as 12/31/10 transaction, thus they will show on the 2011 statement as prior year.

ARE YOU looking at the correct activity?

are you sure there wasn't bonus on them making them 0 for next year, of did the life run out and you just have a short period depr left?

Do you mean legally?

line 21?

sure, you change your mind and my client owes money....<s>. ok so it stays on 2106 as i originally did it. thanks for all your thoughts.

>>> he doesn't have investment income this year or in the future to offset this as investment expense, the best he can do is put it on Form 2106<<< this was the original point of my post, i did put it on a 2106 but was wondering if there was another way or a more correct way. How would i report it as investment expense, on sch a or 4797? His investment expense is enough to absorb this but i didn't know if or how to report it as investment exp.

Its gremlins, they are everywhere........

i won last night ..... $3 whole dollars

atx organizer has an engagement letter that i modify each year, but its a good starting point and doing it through atx makes it automatic. Mine is about 3 pages long and discusses fees, how and when i get info, their responsibilty for keeping records, fees, penalties if they want estimated vouchers for any amount not 100/110 of current year, etc. The few questions i got when i started i just answered with, its required and we need it for our files., never had an objection either.

I agree with the last line re: corp protection and if he had insurance this wouldn't be an issue. He did a jewelry appraisal on investment items. the appraisal was for the seller. Most of the peices that were sold in the following 3 years sold for more than his appraisal then the economy tanked. 3 parties that weren't even disclosed to him jointly purchased some of the items and are suing over value. [3 years later] This is part of a much larger suit and over the last 2 years many parts were thrown out by the court. But my client is getting killed in legal fees so he took the offer from one of the parties to end that part of the case for x dollars. Since his company and he were both sued, he paid part of the settlement from corp and part from personal funds.

Wrong, it is the answer, its the ATX cure all for every problem....Unfortuneately its their answer but never the right one

>>>>. By the way, what does it say?<<< that funny, i bet 90% of the time there is no engagemetn letter.

I wish i owed $1,000,000 in taxes, sweet!

they might bill but it becomes a pissing match....he sues, she makes a complaint for somesort of malpractice. He has to answer it or notify his ins carrier.. blah blah blah, all over a small bill. I wouldn't worry about it. - not a legal opinion, just a practical one. she could also counter sue over the missed extension and so on and so on. 2x i billed in this situation [client leaving afte i did most of the work] once i collected and once i didn't but i never sued or did anything but send a few bills and statements till i dropped it.

he was sued personally and the company was sued in one lawsuit. the company was named as was he as president and as the person who did the appraisal. 3 partys to the suit and one agreed to leave for $500,000, he had the company pay 400 and he paid 100; the plaintif didn't care where he got the money from and both the company and he received releases.

yep ny'er here too

yeah but according to the news this morning, it would take 28 years to fill out all of the combinations on those fill-in cards

i agree with catherine and once or twice i was in the same situation. Send the letter and cc at the bottom AICPA and NYS OFFICE OF PROFESSIONAL MISCONDUCT. Just those cc's should get you the papers.

as i said, he is basically the company and since the company has about 2 mil of legal costs so far and a huge nol, he wanted to take the deduction personally if he could. Whether its the company or himself its the same money. He has been loaning money to the corp to pay its legal bills so this time he just decided to pay it directly.

anyone notice that the state forms are printing in some random crazy order?