kcjenkins

His Current Age: 93 Truth ............from a man the media has never been able to throw dirt on.....amazing! He has certainly hit the "world" on the head! Billy Graham's Prayer For Our Nation THIS MAN SURE HAS A GOOD VIEW OF WHAT'S HAPPENING TO OUR COUNTRY! 'Heavenly Father, we come before you today to ask your forgiveness and to seek your direction and guidance. We know Your Word says, 'Woe to those who call evil good,' but that is exactly what we have done. We have lost our spiritual equilibrium and reversed our values. We have exploited the poor and called it the lottery. We have rewarded laziness and called it welfare. We have killed our unborn and called it choice. We have shot abortionists and called it justifiable... We have neglected to discipline our children and called it building self esteem. We have abused power and called it politics. We have coveted our neighbor's possessions and called it ambition. We have polluted the air with profanity and pornography and called it freedom of expression. We have ridiculed the time-honored values of our forefathers and called it enlightenment. Search us, Oh God, and know our hearts today; cleanse us from sin and Set us free. Amen!' With the Lord's help, may this prayer sweep over our nation and wholeheartedly become our desire so that we once again can be called 'One nation under God!' Think about this: If you forward this prayer to everyone on your e-mail list, in less than 30 days it would be heard by the world. (It's worth a try!) 'One Nation Under God!'

I'd agree with the advice on getting the lawyer, but also, would add that the Fed C and the State C should be the same, or with easily explained state differences, so giving them both should not be an issue, but giving client data makes zero sense to me, so I'd only give them access to what my lawyer told me to give them. And I'd want the notification to come from the taxing authority, not the CPA that says that they hired.

Sorry for the typo. It's 8949

Interesting fact is that ATX does have those forms included. But I'm with those who give them to the client to self prepare, because the rules on those are really crazy in the amount of responsibility they put on the preparer. It's not possible to charge enough to cover your personal liability if the client, even if a good and honest person, overlooks something that should have been included.

Thanks, I'd never seen that link. Useful to have though.

I agree with Sara, the time for the election is past. Should have been done on the final LLC 1065, if it was going to be done. But really, no need to do it at all, then or now. Since the partnership is no longer, the issue of partner's allocations within the partnership is no longer relevant. That is why the election applies only to partnerships. In the new Corp, the assets are brought in at the price allocated when he bought out the other partners. I suggest you use Form 8949 to group the assets sold and assign the purchase price accordingly.

No, you can not amend the 2010 return to add the 3115. It can only be added to a current return. So he's just going to have to live with the fact that he never noticed the problem before.

That is a good point, especially in states that are known to be aggressive over payroll taxes. They want their share, and they want it as soon as possible! Thankfully, not all states have such requirements, but if your state does, you should always warn your clients to comply. So often, owners want to wait till the end of the year, or close to it, to decide how much they can afford to take out for themselves, since owners get paid last in most small businesses. Do you have a list of states with such a requirement?

Good points, Joan.

Here is a link to a good answer to some of your questions: http://answers.yahoo.com/question/index?qid=20080228074643AARVYSs Some other links that might be useful: http://www.cbmslaw.com/articles/226 http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2011/CPA/Jun/PartnershipBasis.jsp Some good examples in this one: http://www.thefreelibrary.com/When+to+advise+a+Sec.+754+election.-a012350972 And finally, I found this one useful : http://www2.gtlaw.com/pub/articles/2006/steinbergt06a.pdf

The NATP programs have always been good in the past. Many of the online classes do offer the ability to ask questions, They are a good option when you can not afford, whether it's money or time, to attend in person. These days, the options are usually interactive, and often the presenters are better than you would ever get at the typical in-person event. http://230hotspots.blogspot.com/2012/04/important-fbar-and-international-tax.html http://www.nysscpa.org/epass/Meetings/Meeting.aspx?ID=21745 http://www.trainup.com/TrainingDetails/185002/Enhanced-Foreign-Asset-Reporting-Rules-for-2011-An-Update-on-FBAR-and-FATCA-Requirements

Also, if they never did any business, until this year, using the LLC, you could consider whether the LLC was ever 'activated' before this year. In which case, it could be ignored for all the earlier years, IMHO. Does not sound like it was 'in business' just because it was formed back then.

Well, I guess I am paying for all my bad deeds this year. I now have developed Shingles! Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr Did get my hair cut, tho, which helped my spirits a lot.

Depends on how you define 'Fine', doesn't it. I did say they were not hurting, just not rich, which is what I took 'fine' to mean. I do agree with you, tho, that most people do tend to live beyond their means, and don't value savings enough either. Our society today does not put much respect on living within your means, it aggressively pushes consumerism and values 'looking rich' over almost everything else.

Sure it is bogus, such notices never contain a reason, in my experience. But having been a new mother multiple times, I just loved it anyway. And figured a lot of you would too.