kcjenkins

I've never used a formula, that I can remember. I'm not clear what your point is in doing that. But what I'd suggest as a fix is that you can do your calculation, input the amount, and then add a 'note' to that field. In the note you can put your formula or whatever info you want to save for that field. Notes do roll over.

AR does not yet allow states to be efiled. Check your state website to find out if it's available.

Well, since it's now just hers, it should be shown as her Sch C now. For last year, tho, since she already declared it was a joint business, and it's clearly been that all along, I think the IRS was right, and you should have done a 1065. Your alternative was to do two Sch C's.

Daddy Long Legs Stories about children and their views of the world are always touching. A father watched his young daughter playing in the garden, and he smiled as he reflected on how sweet and pure his little girl was. Tears formed in his eyes as he thought about her seeing the wonders of nature through such innocent eyes. Suddenly she just stopped and stared at the ground. He went over to her to see what work of God had captured her attention. He noticed she was looking at two spiders. "Daddy, what are those two spiders doing?" she asked. "They're mating," her father replied. "What do you call this spider?" she asked, pointing. "It's a Daddy Longlegs," her father answered. "So, the other one is a Mommy Longlegs?" the little girl asked. As his heart soared with the joy of such a cute and innocent question he replied, "No dear. Both of them are Daddy Longlegs." "The little girl, looking a little puzzled, thought for a moment, then lifted her foot and stomped them flat. "Well," she said, "that may be OK in California, but we're not going to stand for that sort of behavior in Tennessee."

No, it made me think that Larry did not understand that while only 50% of meals is allowed, all of the temp lodging is deductible. And it made me think Larry needed to read up on temporary jobs, to 1) determine for sure that it meets the test for a temp job and 2) what other things can be deducted if it does. What it did not do was make me think of someone 'hiding from the law, settling an estate, or on vacation'. While all those things could happen, mostly a poster would mention such very relevant facts. He said it was a job, for 3 months, so that was what I answered. You, of course, get your kicks from thinking up exceptions, which is fine. Hopefully, Larry will take your posts in the spirit of good fun. :lol:

You are doing it right. So perhaps you'll just need to paper file those states that have a problem with it. Not worth much fighting with it, IMHO. Just mail those couple of returns, and move on.

Yes, once she has the number you use it for any year you file that includes her.

Those of us who have been in this business a long time have mostly figured out that it makes more sense to give ourselves an occasional 'day off' whether we need it or not. And that extensions are not a bad thing, in fact, it's almost always those ones that you drive yourself the hardest to finish on a deadline that turn out to cause you problems later. It's when you are tired and rushed, that you are more liable to make the mistakes. I used to let clients make their procrastination my problem, but I've learned better. And if it actually does have to been done in a rush, for a court date, for example, then I let them know that they are going to have to pay extra for the rush job, and they always, in those cases, have to pay me BEFORE they get the work.

Yeah, well, you know some people think if they don't haggle a bit the first time, they are going to be taken as a sucker. And everyone knows things cost less in TN than in NY, right? Don't take it personal, just don't let him get away with it. He'll respect you more if you stand your ground.

Gee, I can't imagine how 'out of state' and 'stayed in a motel' and '3 months' could make me think 'temp job'?

If you leave the efile forms in, and complete them just like you were going to efile, then you go to 'create efile' and there you select, if your state allows the option, the state as a 'stand-alone' efile, you can create the efile for just the state. That pulls info from the federal 1040efile page, but does not efile anything except the state. After you efile the state, you paper file the federal, and you are good to go. Just because you have the efile forms in there does not mean you have to efile it. Nor do you have to remove them to do a paper return.

Yep, got three today that were transmitted yesterday.

It's F5, not FS, and it is mostly hardware. Here is the link to the Big IP hardware data, My linkand if you then look at the top of the page, you will see that F5 sells and installs this hardware and software.

This is what is generally called 'temporary living expenses' for an away-from-home temporary job. Yes, it is fully deductible. And so are 50 % of his meal expenses, using the per diem amount for that location. Also mileage there and back, one time. If he came home on weekends, you do not take the extra mileage, but you can take the rent and the meals he would have had if he had stayed out of town. You need to read up on 'temporary job expenses'.

It's possible to get the 2553 accepted for 2008 and 2009, if they in fact did file everything on their personal return as if it were a Sub S. I'd sure try, before amending and then being stuck with it being a C corp converted to an S, with AAA and all attendant amendments of the personal returns. In Revenue Procedure 2009-41 the IRS replaced the automatic procedures in Revenue Procedure 2002-59. Now qualified entities will be able to apply for late relief for up to 3 years and 75 days after which the entity had intended for the entity classification to take place. To qualify for relief, an entity must meet the following requirements: The entity failed to obtain the classification solely due to the failure to timely file the Form 8832 (either upon initial formation, the time when the entity’s classification became relevant or when the entity intended to request a change of classification) and Either the entity has not yet filed a tax return for the first year the classification would take effect because the due date has not yet passed for the return or the entity has filed returns consistent with its requested classification for each year since the intended effective date. If the entity is not required to file a tax return (for instance, as a disregarded entity) each affected person must have filed its return consistent with the requested entity and The entity has reasonable cause for the failure to timely make the election and 3 years and 75 days from the requested effective date of the eligible entity’s classification have not yet passed. The taxpayer must comply with the required procedures found in Section 4.03 of the Revenue Procedure. That includes filing a Form 8832 with the notation that it is filed pursuant to this Revenue Procedure and a declaration signed under penalties of perjury. Entities that do not meet the requirements of this Revenue Procedure will be required to file a request for a private letter ruling and pay the applicable user fee. The ruling takes effect on September 28, 2009 Also read Rev Proc 2003-43.

In today's economy, lots of FMVs have been recalculated down. It's just as reasonable to think that the friend might have saved his bacon by just taking it for what was owed on it, to avoid losing it and losing his credit as well.

If he forms his own LLC, it may be a single-member LLC and thus a disregarded entity, and he would file a Sch C on the income. No problem there. Of course, his LLC could be a partnership between himself and his wife, if he wishes, which can be useful for estate planning, etc. I'm ASSUMING, since we were not told, that the A member's LLC is a SMLLC at this time, and will file as a partnership in future. Because if it is a sub-S corp, then it would not be proper to pay shareholders on 1099s, they would require payroll as owners. Or perhaps that is why he wants them to form LLCs? So that the new LLCs could be the shareholders, rather than the individuals, thereby masking the issue of payroll for shareholder-employees. Whether the current LLC is a partnership or an S Corp, either form is a "pass-through entity" that does not itself pay taxes, so there are no new taxes related to that. But you should warn your client about the "payroll for Sub S corps owners" issue that the IRS is currently making an audit priority.

Have to ask the client, could be several things, hardware or capital lease, or software, or even a service contract.

Cows leave LARGE 'deposits' that are smelly and nasty to step in. Goats leave little 'pills' that are much drier and less smelly. But a mower makes a lot less work than either.

It does not take much time, and it's a nice break. I don't take 'coffee breaks', so I take 3 min 'game breaks' a couple of times a day, then before bed. It's good for anyone to take a break now and then.

Only primary residence.

If it was part of an education program, it might qualify as any other "continuing Education" expense. It's not about the amount as much as it is about how the trip is set up with the educational institution that I assume is involved, given that you said it qualified for CE credits.

The tax book has a good table on the tax treatment of puts and calls. They are not included on 1099-B but can impact the gross receipts of a sale reported on the 1099B. I do show them on the Schedule D even if they’re not on the 1099 & I record them as a wash until the buy or the sell is completed. I record each completed option trade as a single trade and do a running schedule of gains and losses and report on Schedule D almost always as short term. Only LEAPS options could be long term in nature.

That is correct. From the IRS: Fees Received by Personal Representatives All personal representatives must include in their gross income fees paid to them from an estate. If paid to a professional executor or administrator, self-employment tax also applies to such fees. For a nonprofessional executor or administrator (a person serving in such capacity in an isolated instance, such as a friend or relative of the decedent), self-employment tax only applies if a trade or business is included in the estate's assets, the executor actively participates in the business, and the fees are related to operation of the business. And from Pub 17, p.88 under personal representative. “if you are not in the business of being an executor report these fees on line 21. if you are in the business of being an executor, report these fees as self-employment income”…so to answer your question, no se tax.

Yes. Sorry