kcjenkins

I don't think so, since the email said nothing about it.

A very :bday:

Good link, Thanks, Roy.

Actually, if he does not pay the child support, she does not have to allow him to claim the child, regardless of the the decree, because HE has already violated that decree by not making his support payments.

http://www.irs.gov/businesses/small/articl...=210018,00.html

How much memory does the computer have? I know that Vista uses a lot of memory just for the OS itself. The minimum memory that many new computers come with is just slightly more than the OS needs to run itself, leaving any program that is memory-hungry to have problems. 1 Gig is the MINIMUM for a business computer running the Vista OS, so 2 G would be my idea of a minimum usable system, and I'd personally want 4G.

http://www.cpai.com/show-article?id=233 It's written so broadly that it includes anybody they say it does. If you have any individual clients who pay you over time (where multiple payments would be permissible), you probably need to have a written "Program" regarding identity theft in place by August 1. "The FTC staff believes that for entities subject to a low risk of identity theft, but having consumer accounts that will require them to have a written Program, it will take such entities 1 hour to review the final regulations and create a streamlined Program." Note that the document which contains the final regs is 59 pages long, and I am a fast reader, but I could not read through this governmental crap in an hour, much less read AND then create the Program. Although they do have a pre-packaged Program you can adopt. Said document here: http://www1.ftc.gov/os/fedreg/2007/novembe...109redflags.pdf The FTC has a guide and a fill-in-the-blank program at this site: http://www2.ftc.gov/bcp/edu/microsites/red...ule/index.shtml

A mediocre article today: http://online.wsj.com/article/SB124698320557906557.html The Actual Tax Court decision: http://www.ustaxcourt.gov/InOpHistoric/Garnett.TC.WPD.pdf And the best response I've seen yet, from one of my most highly trusted sources: "Unfortunately, the only mention of self-employment taxes by the court was the statement that Prop. Reg. 1.1402(a)-2(h) contains a definition of "limited partner" that, by its terms, is "Solely for purposes of section 1402(a)(13)". There was no other discussion of self-employment taxes. The thrust of the case was whether an LLC member automatically has an "interest in a limited partnership as a limited partner", as that term is used in IRC 469(h)(2). The court concluded that an LLC membership interest was not the same as the interest a limited partner has in a limited partnership, based on the Regs under IRC 469 and the 1986 Committee reports on the adoption of TRA 86 (including IRC 469). Note that an activity can be passive with regard to a general partner that does not materially participate, but still generate self-employment income. Ralph H. Weintraub, CPA Los Angeles, CA"

In that case I would say it is still 'business property', and I agree with your reference to Passive Activity Reporting Requirements, #4. But as long as they 'gifted' him the difference, it's not a factor. Look at it both ways, and then take whichever works best for them.

Well, clients who operate their business on emotion rather than good business judgement seldom come out well. It's fine to use emotion with family, but not to make business decisions. So don't let yourself be pulled into the middle of this one. Just advise them that they need to talk to an attorney [check on the Martindale-Hubbell site for those who specialize in bankruptcy in your area, and give them a printout of the names, perhaps. http://www.martindale.com/

Given the current political situation, I'd tend to advise not using installment method unless it's really necessary, and lock in the current low cap gains rate. But it's not always possible, if there is not enough cash to pay the tax, or not wise if there is serious doubt as to collectibility of the note over time. You just have to consider all the factors pro and con, and then inform the client and make him make the decision. That is important, because no matter which way you go, it could be wrong, depending on factors not known at this time. So you want to make sure to take the time to go over it all with him, but make him make the final call. As for the goodwill he purchased and was amortizing, when it's sold, here is what §197 says: From §197 (f) SPECIAL RULES (1) TREATMENT OF CERTAIN DISPOSITIONS, ETC. (A) IN GENERAL If there is a disposition of any amortizable section 197 intangible acquired in a transaction or series of related transactions (or any such intangible becomes worthless) and one or more other amortizable section 197 intangibles acquired in such transaction or series of related transactions are retained-- (i) no loss shall be recognized by reason of such disposition (or such worthlessness), and (ii) appropriate adjustments to the adjusted bases of such retained intangibles shall be made for any loss not recognized under clause (i). So if there is a complete sale of all the purchased intangibles, it's just like any other sale of a capital asset.

If he bought out the partners during the year, you need to file a 'Final' 1065 for that portion of the year. Then, you need to decide if he wants to elect to be a sub S corp, and if so, you could file the remainder of the year as 1120S under the Late Election rules. But if he does not meet the requirements for that late election, then you will have to file it on a C for at least that portion of the year. There is no limit on the size of a Sch C business. I've seen at least one with over $10 million in sales.

Let the bankruptcy attorney be the one to advise them at this point. Just direct them to a good one, or at least, away from any known bad ones. They need to look into all the options before they do anything, as the wrong step at this point could close out a better option. Remind them that if they were injured and bleeding badly, they would not say the could not afford to see a doctor.

Remember too that the LLC is a separate entity, and LLCs do not have sons. So the issue is not 'personal use', it is whether the house is still 'business property', if it is not rented for profit.

Hopefully, the 'standard' would allow them to take that without having to worry about recapture. At least that is how it's being talked about now. But it's still up for debate, and it's been in a tax bill before and been taken out before passage. I'm not going to worry about it's details till it's actually law.

The memory upgrade should certainly help. ATX is a memory hog, and rebooting at least once a day [lunch break ?] is a basic step to do, as well. But running 4G of memory will be significantly better for your speed.

I really prefer Chrome to the other options, but as mentioned, some sites will not allow it, or, like my credit union, will let you in with Chrome, but will not let you access some parts of the site. But for those that do, as this community does, it is great. Built in spell check, that 'learns' words not in the standard set, easy font change that does not distort the window as some do, and very fast.

I like the idea of an article archive forum.

The IRS issued a CCA last week that outlines the requirements both prior to the effective date of the new regulations as well as after Those regulations provide a list of the documents to be submitted for a noncustodial parent to claim the dependency exemption. That blog post is at: http://ascpa.wordpress.com/2009/06/28/irs-...aim-exemptions/

When you select Backup, you have the option to change where the backup files are stored. Just click on the 'Browse' button to find the drive you want. Choosing the flash drive as your destination will cause it to backup to that drive. Just create an ATX BKUP folder on the drive first, and then select that folder as the destination. Same thing with any other external drive.

Just like any other business property that was sold.

Given those facts, it was her income, she got the benefit of the income, since it was applied to her debts. So it is taxable to her, the depreciation, interest and other expenses are deductible and you do need to amend the return to properly report these things.

If this was part of a bankruptcy. the income that went to the trustee is not the taxpayers income. You should amend the return. The trustee has the responsibility to do any reporting required of the trust funds.

I'd net them.

Taking out the hard drive and smashing it with a sledgehammer is the only way to be sure your data can not be stolen.