michaelmars

Never heard of this, how would a title company know the gain? They don't have basis info and aren't accountants.  I know NYS will withhold at the closing for NON-residents a flat percentage but I have never heard of an IRS payment withheld.

and my favorite comment, don't forget to allocate part of the step up to land!!!

actually I have a gun ffl store as a client and there are no employees, its a 1 man shop, mostly by appointment only.   Very small inventory and he mostly does transfers or helps locate hard to find weapons.

another that I frequently go to near my house is also a 1 man shop.  he does gunsmithing, transfers and only sells older rifles.

the best reason is NO Payroll filings if you don't have employees.  No quarterlies, no disability, no unemployment, no workers comp.

I don't let anyone use short forms in my office just for this sort of thing.

I would think that its a no brainer for many reasons.  I would also have him try and get it to be a non-single member even if his wife gets 1% just to keep it off of his 1040.  Even with Trump ending Operation Choke Point, gun stores still have a stigma to many people and I can envision a bank turning down the guy for a personal loan because of the schedule C on it.  Of course I am in NY where guns is a 4 letter word.  I would also have the LLC name being very innocent with a dba for the publics use.

I had a relative who owned a medical marijuana dispensary and couldn't refi his personal residence.  He changed the name and did as above and then he had no problem getting approved.

voodoo restaurant - nice steak house with a great view at top of hotel [forgot which]  also has a zip line you can take down.  roof top restaurant

above is not correct,  NYC used 2 different forms.  If the entity is a "C" corp it goes on NYC-2.  If its an "S" corp it goes on NYC-L.

Did you contact the IRS?  I have had good experience with getting them to reclassify from a C to an S even if late.  I know they have an automatic procedure for late elections but I think that's only for 1st year filers and you didn't say if that is the case with this client.

he must terminate the election.  Assuming the property has a mortgage then he has basis to deduct loses in an LLC. Not so with an S corp. even if he personally guarantees it.

also if he is in for the long haul eventually he will refi.  with an llc he just puts it in his pocket. with an S corp it must stay in the corp or taxes are due.

I have clients with multiple ein's for multiple schedule C businesses.  Especially if employees are involved, you need to keep it all separate.  Not an issue anymore since everyone operates as a LLC and even disregarded ones get their own ein.

Square works well and even though they say it takes a few day, the money is in my account the next business day.

why make it your problem?  tell him to check his bank statements

get the appraisal, $300 well spent money.

I went overboard with a netgear for over $300 but got it with points, no cash.  Really sped up the response for my Ring Doorbell and camera's.  As others stated, especially with kids, you have your phones, kindles, Xboxes, printers, laptops, etc all on Wi-Fi at the same time.

id fraud

or someone did a typo

we only have 67 left  whooo hooo!

3 hours ago, Jack from Ohio said:

The REAL question here is:  Does NY require the DL information for extensions to be e-filed?

I think that NY implemented this so late into the programing season that the providers didn't have time to fine tune the programs.  It was announced after the season began and then they had to backpedal and say that they won't enforce any penalties this year.  And reading those little alphanumeric numbers is nearly impossible in person.  Emailed or faxed licenses are impossible to read.

don't forget to allocate part of the fmv to land.  and now would be the perfect time for a cost seg.

lacerte doesn't require the dl info for extensions, proseries does.  I have been entering that they don't have one for the extensions with no money due [since I don't need authorizations nor any other reason for client contact at this time]  as soon as I file the extensions  unclick the not box so I don't forget to enter when I do the return.

1 hour ago, BHoffman said:

Given the amounts, I'd venture to guess that she is a gambling addict.  She's lost over 25% of her gross income, according to these win/loss statements.  I feel sorry for her.

 

You really can't tell from the Casino win/loss statements unless its slots.  Table games not every play gets recorded and its easy to "game" the system.  An ex-client of mine comes in with a few thousand of winnings and hundreds of thousands of losses. He was a school teacher.  Here is how he does it.  He has a line of credit established at many different casino's. So lets say he goes down for the weekend and borrows $2000 from casino A, He doesn't settle up till the following week when he goes to casino B, borrows $2000 and pays back casino A.  Casino A records him as losing $2000 on the first week since he left without paying back his line.  Now the 3rd week he goes to casino C and borrows to payback casino B. 

This was many years ago and I doubt it would work now because the casino's share information.  It was hilarious to see someone making about $90k a year come in with $5-6k of winnings and $200k of losses.

no

we have about 100 clients using our address, not a problem at all from the irs point of view. 

brokers get huge commissions on these, and Merril Lynch brokers seem to love them.  I too charge per k-1 for these.

The nice thing is that the catch up depreciation is at regular rates and while it does increase your capital gain, you come out ahead on the spread.  I know this is an old post but the op could have gone back the 3 open years and amended those returns so that the 3115 wouldn't be in the last year of the business.

However, I have filed 3115's for final years and so far it hasn't been an issue.

loans or capital infusions are not income.  I think your assessment seems correct, that they boosted income to get the eic, or to get a loan.  this is not a return I would have done either.