Lucho

I do not find anything on 1040 lines 7 or 21 anything that will tell me if income received in the form of food stamp and low rent (which will amount close to $20,000 during the year) will afect to taxpayer to claim the EIC which he qualifies for accordint to the earned income he got as an employee. It looks to me that he qulifies. any imput on this issue will be helpful. Lucho

Just wondering about the company my client did business with. He has been calling its office but nobody answers the phone. I am sure my client did not write that number himself because we opened the envelope here in my office. I told him that this year he has to paper file. Lucho

Jack, are you a californian? Thank you for your post Lucho

One of my client hired a compay to collect rent for one of his properties. My client received a 1099-MISC with the Payer's Federal Identification Number hand-written. I told him that I can not rely on a document like that to E-file the return. I tried to contact the Secretary Of State to see if I was able to verified the validity of such Fdrl. I D # but the telephone sound busy forever. I will appreciate If anyone guide me on this issue. Thank again. Lucho

Thank you Joanmcq. Have a wonderfull business day. Lucho

If a 1099-B Substitute Statement besides the name and address of the broker company only shows the following investing information: (real same amout in each parenthesis. ----------------------------------------------------------------------------------------Converted Amt. Box 10.-- Profit/ (Loss) Realized on future contracts in USD for 2011 ($x,xxx.xx) *** Total Reported for line 10 in USD for 2011..... ($x,xxx.xx) Box 13.-- Aggregate Profit or (Loss) from lines 10, 11 and 12 ($x,xxx.xx) Question: Is the fact tha the amounts are shown in parenthesis proof to be considered a loss? The taxpayer is out of town and I have been unable to contact him. Any help will be appreciated Lucho

Thank you again, jainen Lucho

Scenario: There is a family where one of the adult children wants to claim his minor brother as dependent in order to claim the EIC. I said he can not because the whole family lives in the same house and also his father has a higher AGI; besides this minor brother is also his parents qualified child. Am I right or wrong? Any enlighten would be appreciated. Thank you, Lucho

I would like to know what are you doing with the Audit Shield form. Is it mandatory to open that form? or am I missing some new rules. Thank you in advance. Lucho

I got it Lucho

I totally forgot how to do it. What I want is to include the word State in the Federal Cover Sheet (so it will read Federal and "State Tax Return" I will appreciate if someone give me the step on how to do it. Thank you Lucho

Thank you for your help Jainen. I appreciate it. Good night. Lucho

Can someone tell me what USERRA stand for in Form W-2 Box 12? I personally have 401(K) contributions and Employee Stock option transactions to report this year. I thank you in advance. Lucho

Thank you Pacun Lucho

New clients (married couple living in the USA), are in the process of selling a property abroad and getting a substantial capital gain. The property has being for rent since the time they bought it (approximately 12 years ago). Both of them (the couple), are already legal residents processing the application for citizenship. They plan to use that property sales proceed to buy a house here in the USA. For those of you who may have dealt with a situation like this, I am open to read your post telling me how to follow through the tax issue with the IRS regarding that capital gain they will bring from that foreign country. Thank you Lucho

Wonderful! Thank you very much OldJack, I ppreciate your help one more time May God blesses this forum and members. Lucho

Couple filed 2010 return reporting income from a business own by husband (sole proprietor. For 2011 they want to file as a partnership which will also include the parents of one spouse as partners. My thinking is that all they had to do is to draft the partnership agreement, get it notarized and wait for next year tax season to prepare K-1s for partners and file 1065 to the IRS. Or does it make a difference the fact that is almost the end of the year. May be a silly question, but in taxes there always something new to discuss. Thank you for any help. Grandpalu

Couple filed 2010 return reporting income from a business own by husband (sole proprietor. For 2011 they want to file as a partnership which will also include the parents of one spouse as partners. My thinking is that all they had to do is to draft the partnership agreement, get it notarized and wait for next year tax season to prepare K-1s for partners and file 1065 to the IRS. Or does it make a difference the fact that is almost the end of the year. May be a silly question, but in taxes there always something new to discuss. Thank you for any help. Grandpalu

Thank you for your post mcb39. After 2 years paying a monthly $500, my client still owes close to $8,000. If he sells the truck, that money will go straight to The IRS. Lucho

Thank you Mlinder. We'll find out before calling IRS Lucho

He does not have the money to pay the full amount. Businesses where he used to work went bankruptcy, however, he has being paying (and he still is)$500 a month for the last 2 years. Lucho

IRS put a lien on my client’s commercial truck and 3 others small passenger cars for back taxes owed. A person wants to buy my client’s truck and my client would give all the proceed from sale to the IRS (if sold) What would be the effective way to request the removal of the lien for everything and not just the truck? I have the form 14135 and Pub. 783 but I guess I need to do more than just filling the form; I understand that an appraisal is also needed. Any help will be appreciated. Thank you in advance. Lucho

If the requirements for electing to file the business as a Qualified Joint Venture are met, how do we tell IRS of the election? Is it enough just to file with two Sch. C and two Sch. SE as the default way? Or do we have to follow a different rule? This is my first time dealing with this issue. Thank you again. Lucho.

How do I split the business income and expenses from a Sch.c so husband and wife have each half of the self-employment tax? Do I just open two Schedules C and two SE and enter the same business info on the forms? Thank you again. Lucho

Thank you very much to both of you. Would you please wish me luck. I am giving a humble presentation this coming Saturday to a group of about 20 people. Lucho. May God blesses this forum