kcjenkins

Has the LLC filed it's franchise tax reports? If not, it may not even be legal now. I'd suggest you check with the Sec of State's office to find out the status of the LLC. And do that BEFORE they start buying property. Other than that, until it has some activity, it's not normally under any tax requirement to file, unless it's elected to be taxed as a corp. As a corp, it would be required to file every year, even if no activity at all. As for the other issues, I'd advise a legal opinion before you take any responsibility at all.

Wishing you a very :bday:

WAY TO GO, JOHN.

I agree with jainen, and also would comment on the "and SE income (from which he also benefitted)". He would in no case be personally liable for her SE taxes, those are specific to the person who earned the income.

Does not matter if he qualifies or not, the purchase from his father makes it ineligible.

The results? A lot of extra work [and fees] for us, as MANY, PROBABLY THE MAJORITY of new start-up businesses, no matter how legit, show a loss for the first couple of years.

Talk to the helpful folks at VMS, they can help you with this sort of solution. And since they are from the old, pre-CCH ATX team, they know just what you would need and how to help you get it set up to perfection. You buy the old computer. they log into it [they will tell you how to start that] then they configure everything just right.

http://www.webcpa.com/news/IRS-Mulls-Limit...a:&st=email A solution that would be easy for the government but totally unfair to many taxpayers. So they just may do it.

Ah yes, human intervention is often the cause, when a software output is not as it should be.

http://www.google.com/search?hl=en&sou...&aqi=g2g-m3 http://www.google.com/search?hl=en&q=a...&aqi=g-p1g2

You can efile them, but expect the IRS to apply the late penalty. But they are going to do that anyway, even if paper filed.

:bday: to you.

:bday: to you.

Well, if she is a certified appraiser, that might be OK, but given that large a donation, if it were me making the donation I might want to not give the IRS any reason to challenge the donation. But that's just me. Yes, he has to file to claim the deduction, before he has a deduction to carry over.

Not according to Reg. §1.152-4 which says clearly that only one of them can be HOH.

Last date for transmitting returns on extension from Form 4868 October 15, 2009 Last date for retransmitting rejected late or returns on extension from Form 4868 October 20, 2009

Internal Revenue Code, § 48. ENERGY CREDIT.

http://www.nextag.com/serv/main/buyer/prod...p;zipcode=72401 Best price $640 A good machine, but the Fujitsu fi-5015C is also TWAIN compliant, and costs much less. Best price $355. http://www.nextag.com/Fujitsu-fi-5015C-She...014/prices-html

"Salinas allegedly told investigators during a July interview that she was not very knowledgeable about federal tax law, according to court filings." You think?

It boggled my mind, that's for sure. Mind you, the DEADLINE was Feb 10th. That was the LAST DAY that a nomination could be made. Nominations opened, I understand, before he was sworn in. There were 205 nominations this year. I guess that Perez's comment is closest to the answer. From the Jerusalem Post: "Very few leaders if at all were able to change the mood of the entire world in such a short while with such profound impact. You provided the entire humanity with fresh hope, with intellectual determination, and a feeling that there is a Lord in heaven and believers on earth," Peres, himself a Nobel Peace Prize laureate, wrote to Obama." At least, that's the only logic that makes any sense at all to me, small as it is.

I'm not sure what a YoY schedule is. But in ATX you can add your own custom schedules, so you might want to try adding your schedule as a custom form.

Wow, that will free up a lot of valuable space! You did not mention which model Fujitsu scanner you are getting?

You can do it, but it's best if you do it in the right order. BEFORE you delete the C, go to the Asset Entry form. For the assets, reassign them, either to the Sch A, or just 'unassigned'. Then you can change the business percentage to zero, assuming you are not using them in 08. Then, when you eliminate the Sch C, there should be no problem with the assets just sitting there, although you may get some messages about them when you check the return for errors. If you just delete the Sch C, the assets will automatically turn to 'unassigned' but I don't know if it would cause any other problem.

From the new IRS Ruling on divorce and custody issues: Reg. §1.152-4 Who Is the Custodial Parent? Who is the custodial parent is a critical question, as all the rules for the custodial parent to claim the child dependency exemption or to allow it to pass to the noncustodial spouse are based upon this determination. The final regulation parrots the proposed regulation; the custodial parent is the parent with whom the child resides with the most nights during the year. Reg. §1.152-4(d)(1). Prior law did not explain how the parent with custody the greater part of a year was determined. The resulting ambiguity was reflected in varying court decisions. The courts used the number of days rule, number of weeks, number of hours and number of nights rules. See B.E. Kennedy, TC Summary Opinion 2003-121, for number of days; M.J. Dail, 86 TCM 89, Dec. 55,231(M), TC Memo. 2003-211; and R.L. Womack, 85 TCM 1536, Dec. 55,197(M), TC Memo. 2003-182, for number of weeks; F. Planko, TC Summary Opinion, and M.A. Echevarria, TC Summary Opinion 2003-92, for number of hours; K.L. McCullar, 86 TCM 384, Dec. 55,299(M), TC Memo. 2003-272, for number of nights. The nights rule is mostly straight-forward and simple to apply. In the unlikely situation where each parent has custody the same number of nights, the parent with the higher adjusted gross income (AGI) is the custodial parent. Reg. §1.152-4(d)(4). A parent who has a child sleep at his/her residence may not count a custodial night if the child has reached the age of majority based upon state law. Reg. §1.152-4(d)(1). Filing Status The main head of household test for divorced parents is that a qualified child under Code Sec. 152© must live in the parents' home for more than half of the year. Code § 2((1)(A)(i). Since a custodial parent, using the nights test, is always the parent who has the child for more than half the year, only the custodial parent may claim head of household status. This is true even if he/she releases the exemption to the noncustodial spouse. The noncustodial parent will always file single.

Ah, but that's the rub. You have to know taxes before you know what questions to ask, and to know what the different answers mean to the outcome.