TAXMAN

Have tp(age 54) and dad(age75) formed a partnership years ago. Dad cannot work anymore and has deceided to turn over business(his share) to son for $1.00. Virtually no assets in busines but a lot of debt that son had previously signed a guaranteer of note. Money was used as operating capital. Any way Son wants to continue as an LLC. First question: Can son keep old employer ID # or does he need to get new one? Second question: Would dad have a capital transaction occur as a result of closing partnership? His capital account is about $3000.00 as they pulled out all money as they went along.Dad is not on any of the loans and dad also filed bankruptcy this year and has been discharged of all debts. What would be a clean way to close this partnership and allow son to keep business going? ANY THOUGHTS ON THE MATTER Many thanks

I like the looks of it. May take me a while to get around. Eric can a link be put on desktop? Thanks for the fine job.

Hello All, I have been reading with glee the new ELF rules comming to a taxpayer near you. Any one know if the new rules are going to allow returns past the Oct 15 date on current returns or the elf of amended returns or even the possibility of an old return say for example 2007? We normally have software that will do several years back at a time. Doesn't IRS have the same cability? Oh no a bucket of worms I see comming. Thanks all I like this new layout.

Anybody know what the planned released date is? Thanks. Also anybody planning to run the program on the New Windows 7 version and if so which one?

Have a 2 person S Corp that recently sold out to 3rd party. Sold all assets for stated price. 5 year note. S Corp was reporting on installment sale and showing this on K-1's to the 2 parties. Subsequent outside audit of S-Corp turned up about 10k of equipment,supplies, ect along with interest that somehow never made it to the S-Corp books. Don't know why I guess just sloppy record keeping. Question is: Do we amend for all this stuff and correct the installment sales basis and send out new k-1S. We are dealing with the sale occurring in Dec 04 and payments being received 05,06,07,08. Any thoughts on this? Many thanks.

I received a postcard from trx offering TRX-PRO Premium @ $699.00. Seems we were told in May there were no more of these. Any one else receive this. I hate to think I overpaid if I had waited. Any thoughts? Thanks

I was told by trx they only had so many ATX to sell and they sold old last week. I could get Taxwise or some other program if I wanted. Now it seems to me that I am forced or locked into CCH_ATX if I want this program. Anybody else hear this?

Anybody studing for the new EA exam? Any good ideas for study materials. I am in VA. How tough is this test and how much of the specific calculations must I remember or is it a lot of basic theory? Thanks

Father and son partnership. Father wants to sign over his interest for $1.00 to son and get out of business. He is 70. Should we convert this to an LLC first or let dad sign over. Disolve it out and continue as a sole propietrship? Any ideas on this will be appreciated. All debt by the parternership have been personally guaranteed by the son. Many thanks.

And manny more returns or is that tax returns? Any way can we have ice cream too. Oh its easter I guess choc bunnies will have to do. Any way happy birthday.

I think this was started on other site. When is this form required? In years with HRB we never did this form or even mail out to anybody. I am confused. Say client comes in, signs 8879, we give him completed return,transmit on, get accepted and close file as complete. When should I complete this form(9325) and do I have to mail or have client come back. Seems to me an awful lot of paper or visits by TP or my mail cost is about to go up. Question was raised at a local meeting the other day and I couldn't come up with a short answer. Maybe you'll will have one. Many thanks.

I too print a worksheet and that puts the whole thing on reject. Also how critical is the 9325? In all the years with HRB I don't recall ever printing or sending a 9325 form.

Help TP has a 1099b with a lot of puts and calls. No foggy idea how to read this thing or even attempt to put on schedule D. Anybody got any quick ideas. 1099 B was provided by thinkorswim on line service. Looks like all stcg. HELP

Has anyone run into this yet. Hartford life 2007 Annuity c/o Rust Consulting. I have statement showing gross and withholding amounts even though its less than $200. Contacted co to send 1099r. May be 3-4 weeks.If anyone has seen one of these 1099 R's and has the co FEI # I will make a substitue and get this return outta here. Thanks for your help.

That site wasn't much help in this situation. Any body else have an idea? thanks

TP bought land in May 06 for 30k. County assessment in May was 22k. TP sold timber from land in July 08 for 13k. County assessment in 08 still at 22k as they have not made a new assessment. No separation in sales price between buyer and seller. Could I safely allocate 7900 as basis in timber? There is no more timber on this land as it was replanted in pine trees. TP is not a farmer or anything that would make this a business. What does this board think? Many thanks.

KC they were all coded 7 thanks. The only way I found out was to ask tp where all this income came from and went.

TP wd IRA from bank 1. rolls to bank 2. 10 months later TP wd IRA from bank 2 and moves to bank 3. I believe we have a taxable event equal to the rollover? And could we have an excess penality for leaving the IRA sitting in Bank 3? All imput greatly appreciated. Banks told TP he could do this. None of these were direct transfers as I have 1099's from bank 1 and bank 2.

I can't seem to find an answer. Can an executor of a single person deceased 08 no federal liability use efile? thanks

TP says he can deduct interest on motor home. State taxes mh as personal property based on value. Why can't he deduct this tax as real estate since federal treats this MH as a residence. TP can't use schedule A this year. I have not heard this one yet. Left hand says he may have a point, but right hand says NO. What ya'll think?

Are Maine made choculates better than others?

Have TP who arrives at terminal. If truck is loaded he leaves to deliver trailer at next terminal(5hrs drive time). Drops trailer and waits for another loaded trailer to return to home terminal. Wait period may be 30 minutes up to 2 hrs. Return trip is 5 hrs drive time. Can TP have a meal deduction under transportation rules? TP not allowed to work more than 14hrs in day.

I must be having brain cramps on this NEW $400.00 work pay credit. If tables are reduced TP gets this in higher pay by reducing withholding. When filing 2009 return his taxable income reflects a $4000. tax liability. Wouldn't this make my balance due higher or my refund less? or do we claim a credit against tax thus bringing down liability to equal withholding? Point to consider is if wh is reduced and TP doesn't qualify because of income then won't he owe more tax? I read examples in ThetaxBooks explanation and it doesn't make sense to me. The one with the $250.00 SS payment, will it be identified on their 1099? If anybody has a good explanation to this I would really appreciate this as I see a NIGHTMARE about to happen. Thanks to all that respond.

Check page 5 of the Virginia book concerning Kentucky Residents. my fault, I thought tp was ky resident, However being a TN resident makes his Va income subject to tax in Va.

In return manger, I have created a customized field for ELF returns. How do I get it to link to the ELF returns and put a checkmark in the box automatically like the over 65 box? any help thanks