michaelmars

how about payments to the US Treasury [iRS]. we can all withhold 28% there too.

jainen is right but if you have a case where different partners have different deprciable basis just set up the asset as 2 buildings for each partner and/or with deprciable basis and nondepr basis. this will just be a work around so that the program calculates the depr and you don't need outside worksheets.

POWER OF ATTORNY SHOULD should specifically grant the right to give gifts, then there is no issue.

IRS Releases Proposed Regulations Related to Fees for Preparer Tax Identification Numbers WASHINGTON — The Internal Revenue Service today released proposed regulations that would establish a fee for individuals who apply for a preparer tax identification number (PTIN). Proposed regulations that were issued in March would require certain tax return preparers to obtain a PTIN. The IRS is working to finalize those proposed regulations, which are the first of a series of steps planned to increase oversight of federal tax return preparation. The proposed regulations (REG-139343-08) would establish a fee of $50, payable to the IRS, to cover technology costs, as well as compliance and outreach efforts associated with the new PTIN program. The proposed regulations would also provide for an additional fee (expected to be substantially lower than $50) to be charged by the third-party vendor chosen to operate the new online system. That fee amount is expected to be announced soon, as well as additional details about the launch of a new online application system. These fees could change in future years as program costs are reevaluated. Agencies are directed by the Office of Management and Budget (OMB) to charge user fees to recover the cost of services that convey special benefits beyond those available to the general public, such as the authority to prepare federal tax returns for compensation. Tax professionals and other interested parties have until Aug. 23, 2010, to submit comments regarding the proposed regulations. The official publication date of these proposed regulations is July 23. In January, IRS Commissioner Doug Shulman announced the results of a comprehensive six-month study of the tax return preparer industry, which proposed new registration, testing, and continuing education of tax return preparers. With more than 80 percent of American households using a tax preparer or tax software to help them prepare and file their taxes, higher standards for the tax return preparer community will significantly enhance protections and service for taxpayers, increase confidence in the tax system and result in greater compliance with tax laws over the long term. How to Learn More The IRS recently broadcast the topic “New Requirements for Tax Return Preparers – Learn the Who, What, When and How” on the webinar IRS Live, an educational program for tax professionals. View the archive on IRS.gov. Tax professionals can also learn more by attending one of six tax forums this summer around the country hosted by the IRS. The IRS Nationwide Tax Forums are three-day events that provide tax professionals with the most up-to-date information on federal and state tax issues.

Exactly what i was looking for-thanks so very much

Client was plaintif in a trademark infringement suit and lost. anyone know off hand if the legal fees are deductible or must be capitalized, etc. I have no research available to me next 2 days out in the field. -thanks

WELL after more years than i can admit too, we are changing software from profx to lacerte [50%cheaper] for my main practice and i can get a piggyback for my own clients for not much more than atx so i am most likely going to change. Having just one software program in the office makes a lot of sense in staff training /collating etc. If the printing of atx were more automated i wouldn't even consider the change but i am so tired of having to click/unclick every form to get the printout that i want when everyother program has this automated. And lacerte is efiling NYC returns for 2010. From what i heard, atx doesn't even have it on their radar for the near future.

Hope your day was a great one and the start of many more! -michael

Don't forget any State Gift taxes that might apply!

the problem for me is i do so few of these that i have to re-study the instructions each time!

i agree with the above statement but usually these expenses are very minor in relation to the properties, llc fees, some telephone, auto etc. if its larger such as a master insurance policy, or a common super or even a bookkeeper then we allocate to the specific building

WE ARE IN the process of scanning everything in the office 5 interns all with a workstation. they are getting about 5 drawers of files done each day. 2 scan, 1 renames and puts it into our storage softwareprogram and 1 goes into the storage program to make sure it opens and is legible and complete. and one boxes up the files either for offsite storage [7 years required in NY] or boxes them for shredding.

SINCE you aren't supposed to mix ordinary inc and exp and real estate on the same partner k-1 and not to have 2 k-1's per partner, we set up a an extra property called admin and put those items there on the 8825. if its only 2 proprties we might just put 1/2 of the expenses on each building. if you do it the way you stated you get atx error warning although i am not sure if its a red warning or not [allowing efile]

"In my opinion, that's an odd thing to say when our livelihood consists entirely of applying the law in a professional context" So are you saying that even if your engagement letter does limit your liability you should never offer to pay the interest? What i said about not always being a legal question also means you can offer to reimburse or make someone whole even if you aren't obligated to. Your answer seemed to me to say that the Engagement letter rules the decision to pay interest or not, i was just saying that sometimes you can make decisions on what is good business over and above or inspite of the engagement letter or what the law entitles.

Jainen-sometimes its not a legal question or something addressed in an engagement letter which rules the decision process. Sometimes its a practical business decision. I usually don't pay interest but if i wanted to keep this client i might, or if her bad mouthing me was something i didnt want. If she were a pia client and someone i was dropping i would let her know that she signed the return with a matterial error, she is responsible for all taxes not me and since the irs didn't assess penalties then i have no further obligation to her. Dhr theoretically earned interest on this money by keeping it in the bank since 4/15 so now she has to give it over to the irs. Not my fault her bank pays less than they charged her. On a separate note-back when i worked out of my house i started a policy that i still maintain [much easier now with caller id and other technology]. my hours are 9-5, tax season till 8 then the phone is not answered and messages outside of those hours are ignored if they are simple "call me" messages. Once per client i explain that if you call me after hours expecting me to track you down the next day [home, office, cell, etc.] i am not doing it. why should i chase you when you are calling me. Of course i accomedate specific requests and all my "better" business clients have my cell.

IF noone liked the employee maybe you could take it as an entertainment expense! Or treat it as a retirement/employee appreciation expense!

And you can bill $150 for the return

NONE HERE IN NY!-THEY HATE NYers I THINK!

You need some rest! <s>

atx blog talks about this situation, they are on top of it

i would wait anyway to amend since you don't want it crossing with the original. Just send out the amended k-1's to the partners and file the amended return in a few weeks.

Please describe a smart mistake for me!

THANKS all, hardly seems fair that if he was divorsed he qualifies but since he supports a wife he can't get the eic. i am not big on man social welfare in the tax code but this just seems wrong.

but it also says he can file single if his wife is a nonresident alien. at least i think that is what it says. i always have trouble with this sort of situation.

Your answer is better than my simple YES! how do you have the time to be so helpfull? hope your season was prosperous