cred65

There was a an investment by an outside investor in 2006 that resulted in 3 equal partners. Also during 2006 there was a buyout of a partner in a completely separate transaction that resulted in 2 equal partners at the end of 2006 and all of 2007. No change in the EIN.

I have e-filed this return for the last 2 or 3 years and now I get this error that "The return type indicated in the return header must match the return type established with the IRS for the EIN." In 2006 there was a change in partners, but there were still two in 2007. What is the recommended procedure to resolve this with the Feds?

Is there an annual registration requirement in NJ?

Once you convert the data to the newer version there is no going back to the older version.

My prayers are with Don and you.

Husband and wife are 50% owners of partnership (Form 1065) that is a hair salon. The partnership also owns the real estate. The company does not rent out booths. The partners take a small salary of $18K each and have a small 401K deduction. Their combined taxable income from the business is app. $60K. The previous tax preparer did not have the owners pay the self employment tax on the taxable income and the owners are resistant to reporting this as self employment income. Is this correct or am I overlooking something? I would like to have the partners increase their salaries and max out their 401K contribution (both over 50) and contribute something more to their to social security. Any advice would be appreciated.

Anyone in the area that is interested in sharing facilities or merger please contact me. [email protected]

What is the possibility of having refund issued to third party for distrubtion to separated couple? Could I as preparer be that third party? Or another CPA who is also involved?

Thank you very much KC.

My first attempt at preparing this type of return, so here goes. Priest brings in a W-2 from Diocese with $19K wages in box 1 but nothing else entered in the remaining boxes except state wages. He wants to prepare Schedule C with expenses deducted. Not a statutory employee. So how do I get the income to flow to Sch C. Or is he the one who is confused. He was not aware that he had been issued a W-2 until he came to my office. TIA

I have a high-roller that purchased a house in Hilton Head for $649K (which included club memership of $65K and $27K of F & F). The client received a 1099M for rental income of $12K, which was for 5 weeks rental that the agent collected. The client used the property for personal use for 7 weeks in 2007. This leaves 40 weeks that the home is vacant but available for rental in 2007. Question is what percentage would be allowable for depreciation of the building and fixtures for 2007. Looking beyond 2007 the amount of weeks rented will fluctuate but that can not be projected. TIA

I VOTE BOOGER OFF THIS BOARD. He is a piece of trash that should be on some punk blog.

Booger, You are an ignorant and juvenile detractor. You have contributed less than nothing to this board. Your stupid little comments which you think are funnny do nothing for me. If it was not for erc this board would not exist and we would have been left in total darkness. It has been your apparant goal to add dissension to this board in hopes to destroy it. This board has done more to support ATX users than the CCH corporate bigwigs with their gestapo tactics. Why don't you just go stay on the ATX Community board "resurrected" and do your "funny little thing". cred

I just recieved a bunch of ACKS. Still a couple open.

If you go to Billing Report in MYATX (providing you can get there), click on View Details and Printable Version you can determine the status of your returns listed as EFC Validated. The Extensions are listed by SS# but at least you can trace them back to EFC Validated. The cleared returns list the taxpayers name. This was a stress buster for me.

Bump I just couldn't resist the temptation. Help me.

I have entered short sales for my clients but ATX informs me that the return must be paper filed.

This was originaly a communist plot, operation code named BUMP, that was designed to infiltrate our Military Industrial Complex (MIC) with the intent to ensure soviet dominance of the universe. So when Plan A failed all of the KBG opertives (MIC moles) were reassigned to recruit unemployed CCCP (Russian) scientists to infiltrate the tax system of our country with the goal to destroy the capitalistc base of the USA by simplication of the tax code. And these commies have had much success to promote their philosphy of Confuse Confiscate Condem Persecute (that's the old CCCP) into our tax culture. This was their unplanned Plan B for which our intelligence agencies have lack of intelligence. CATCH 22 curious booger, I hope this helps. But when you see anyone posting BUMP they are probably a commie! I know we can survive. We allways get stronger in the face of adversity.

great post Tom!!

I am trying to locate a thread that included the subject about Firemen's use of misc. deductions. I enter "Firemen" using Search function and get nothing. Help!

Does NJ allow out of state e-filers without registration?

However the instructions that came with the PTP inform the taxpayer to use this form. Anyone else have this situation?

I have the same situation and the Feds sent the client a notice of non-reported income for 2005. It took some detailed correspondence and a few letters to correct the matter. So be prepared.

Since ATX does not have a useable 8109 does anyone have a workaround for this. Of course the client does not have a clue where the coupon book would be.

FORM 8879-PE is the form to use.