cred65

Just received an email from my client's banker (Cinti, OH)  wanting me to "Send letter stating that XXXXX's move to Florida will not impact their businesses and he can run/work them from Florida"      

I think I would be better served to take my investments, 401K, etc. to LV, NV and throw them on the table.

I am not even going to take the time to research the issue with the OH Accountancy Board or OSCPA.

Anyone else experience such a ridiculous request?

TIA

32.  I don't remember getting all that money (in reply to 1099, K-1, etc)

When are they going to regulate the IRS?

29. How come I have to pay taxes, the rich don't pay any. How can I get a tax shelter like they do?

Disregard...I see that because they filed as an llc, they MUST file 1065 and K-1s

Or they could elect Sub S, pay salaries and avoid SE tax on distributions.

http://www.cnbc.com/id/102306134

Still hanging out with Big Foot and DB Cooper?

When your client purchased the business in 2009 did he purchase the shares? or the business assets?  Did he form a new corp?

How did he report it?  Was it schedule C, wages?

Thanks

What is the Form # that is needed for client to sign?

TIA

Are any of the shares Sec 1244 stock?

Is any of the investment a loan?  Maybe worthless and a business bad debt.

Also get an appraisal.

Or OH.

Does anyone here subscribe to this service? I received a $100 discount certificate in the mail, net $247.

TIA

Please post the location.

What is the basis for the reclassification?  Depending on the $$$ involved the client and you should be prepared to consult with an attorney that specializes in this area of practice.  The states and the feds do exchange data on these situations.  It could be costly.

But the commies got him! I guess this thread will end up in the political forum.

sorry what is PEBKAC?

"Problem Exists Between Keyboard and Chair

On the Sch E tab you have to check Item 11 "Complete disposition of a passive activity".

Jack,

I was successful for year 2011 with the following letter in Cinti, OH 45999-0039. They accepted the abatement based on the last paragraph re Code Sec. 6231(a)(1)(B

"I have enclosed Form 2848 Power of Attorney to authorize me to represent the taxpayer.

The taxpayer was assessed a late filing penalty of $2,340.00 for year 2011.

However, we disagree with this penalty based on the fact that an extension Form 7004 (copy enclosed) was timely filed. We made a timely attempt to e-file the Form 7004 but the extension was rejected for MEF errors on 3/06/2012 (form attached). The Form 7004 was then mailed to the IRS, Cinti, OH 45999-0045 on a timely basis. Therefore, we are requesting the penalty be abated.

Also, the above partnership qualifies as a small partnership under Code Sec. 6231(a)(1)(b ). Please be advised that for the year at issue each partner fully reported his share of the income, deductions, and credits of the partnership. Thus, we are requesting that the penalty be abated as specified under the provisions of Rev. Proc. 84-35.

Thank you for your consideration."

Thanks to all.

Can someone guide me to the proper depreciation table/info for an office condo purchased by an LLC taxed as partnership (married couple in OH). It will be a self rental to S corp. 100% owned by husband.

TIA

Yes. At the 2nd row from top 6th item to right you will see a tab "E-file". Click on it and 2nd item down you will see "Attach PDF", click on this and there is a menu of available resources. Form 8949 is first available. All you have to do is scan broker Non-Covered transactions detail as PDF and attach. Big time saver.

All I require is a bottle of vodka!

Client has made excess contributions for last three years. My question; what is the procedure to remove or reallocate the excess contribution for 2013. Does an extension give the client extra time to execute his plan?

TIA