nynjtaxman

I also noticed that the asset history is gone. Nice how they list all the improvement, but leave out the un-improvements. I sent them a email and let them know what I thought of the downgrade.

You can get those 2 pubs from the IRS website.

The pubs that they make ref to, 4600 and 4557, lay out what you can do to protect taxpayer info. They do say that the safeguards are what you MAY implement. You have to asses your situation and decide what you have to do. If you are a small guy like me with no employees, then locking doors, backing-up, password emails, strong anti-virus, firewall and network protection is enough. It states that IF you use a outside testing service, not you must use one. Largers firms have to better protect due to more people involved.

Use the PA-40. You would mark it a non resident

Thank You OldJack. It is a Hub/wife partnership. That's how I thought it was handled, just never did one to a LLC. Thanks again. Jim.

Hi I need some help on how to show the transfer of a rental house to a LLC. The house has been rented and shown on the clients personal return, Sch E for several years. They formed a LLC and had the house transfered to the LLC, which will be filed a partnership ( 2 members) They will show about 6mos each for the Sch E and the partnership return.. How do you end the rental on the personal return. Just drop it? Do you just pick up the same basis and depreciation taken on the new partnership. Thank you for any help.

Thanks for your input. I was leaning towards that. I'ts not a big deal since the only thing changing is the K-1 deduction. The K-1 change will then make a amended due on the personal return.

I need some help on how to amend a partnership K-1. One of the deductions was incorrect in sect 13. The change will not change the return, just the deduction on the personal return. Can I just amend the K-1, or does the entire return have to be amended and sent in. Thanks for your help.

Has anyone else been getting phone calls about the IRS notice concerning the stimulus payment. I must have gotten 20 calls today. I even had 2 clients that filled out a 1040A and mailed it in. I already filed for them. Ya gotta love it.

Is there a form to use if the original W2-G is lost and cannot be replaced?

Since they also take some Gurr payments for health ins and a simple IRA, they could reduce there wages to $1 and increase their Gurr payments. ???

I have a new client that's a Husb & wife partnership. They were paid wages ( W-2) instead of Gurr payments. In fact this has been going on for several years. I've told them to stop the wages, and draw gurr payments from now on. Any thought on handling the wages. Just report as wages as in the past? In the end it's the same tax wise except for employment taxes.

I'm sorry about the 2 columns statement about the NJ 1040, it's the NJ 1040NR that has 2 columns. On the NJ 1040, on line 17( bus income) use the jump to. It brings you to a worksheet. On the sheet look for subtractions and enter the amount earned in PA. The rest will remain on the NJ.

The NJ 1040 has 2 columns, one for fed and one for NJ source. You just adj the NY source amount to reflect what was earned in NJ. The tax is cal on the entire fed amount but then ratioed to reflect the actual amount earned in NJ.

You can adjust the amount that is allocated to PA so, the remaining is taxed on the NJ 1040 ( mark as part year). Jump to the worksheet from the NJ 1040, on the line where the Sch C amount shows, and make the adj.