RoyDaleOne

If Foreign taxes were withheld was Foreign SS also covered?

All good Catholics.

OLDJACK you are correct and 1.178-1 covers the cost of acquireing the lease

Most likely the lease itself is a capital assets and therefore afforded capital asset treatment. Capitual Gains that is. Note that you labelled the lease as a leasehold. You have to very careful what you label something because it can get you a response that you don't want.

If investment or rental does not go on Schedule C.

I purchased the ATX Document Manager and the ATX Fixed Assets Manager, and still am waiting for the Fixed Asset Manager to be finished and shipped to me. Yesterday, I received an unpgrade to the ATX Document Manager. Let me see February 27, I need to install, learn and train staff on the Doc Manager. It ain't going to happe'n. The rest of my programs seem to be working just find. By the way, to say is working just fine, means I am not impressed with something, the prigrams are doing what their are supposed to do, nothing extra at this time.

No and no. 1. Must be on note to deduct. Parents not on note. 2. Must pay interest to deduct. Child did not pay. 3. While is not the payments made by the parents not rental income to the child?

Look at Section 351 for reporting requirements. Assets go over at basis to taxpayer, generally tax free.

As close as I could find: "on camera" costs such as wardrobe, make-up, or hair" are deductible. Tips would be part of "hair" costs. There is a rub in that who pays the costs, employer or employee. Source MSSP: entertainment

I would go with all the reporting all the expenses (ie.e cents per mile at 48.5 and reduce that amount for the gas reimbursements). This is the procedure call for on Form 2106. Non-accountable plan...

FYI, there used to be a conflict between the way IRS directed the reporting of third party sick pay on W-2 and the actual taxation of same. I have problems for a number of years over this issue (and always won) once the taxpayer reach regular retirement age the sick became retirement income and the reporting and/or taxation issues when away. The sick pay maybe actually disability income and reportable on another line.

My comment is are you saying One S Corp issued checks to another Corp (S or C really doesn't yet or maybe never), and the S Corp that issued checks are treating them as distributions to one of the S Corp stockholders. If so I don't see a problem. If the S Corp is treating them in a different manner, you have a problem. The S Corp who is receiving the checks should treat them as an amopunt paid for stock or as a loan from shareholder.

Pickie Pickie, I thought this was a friendly site now I am being to have my doubts? I guess when I assume that creases come about naturally if you live long enough was not correct. LOL Hey, I am a friend guy.

Not wanting to include a spouse in a possible IRS audit, is one reason I have seen. However, this does not seem to apply in your case, that you know about at least.

Are you saying that the decreased wife had income sufficient in part of one month to owe income taxes? If you have "1099" income it is most likely that new accounts were not setup at the time of death and therefore include income not belonging to the decreased wife.

Yes.

Why can he not by an employee? Ownership status in the form of a LLC interest or partner in a partnership is not as far as Iknow block in anyway of becoming an employee. Naturally, the onwer must function in a capacity of an employee.

(B ) Time and manner of making election. The election to amortize start-up expenditures under section 195 shall be made by attaching a statement containing the information described in paragraph (C ) of this section to the taxpayer's return. The statement must be filed no later than the date prescribed by law for filing the return (including any extensions of time) for the taxable year in which the active trade or business begins. The statement may be filed with a return for any taxable year prior to the year in which the taxpayer's active trade or business begins, but no later than the date prescribed in the preceding sentence. Accordingly, an election under section 195 filed for any taxable year prior to the year in which the taxpayer's active trade or business begins (and pursuant to which the taxpayer commenced amortizing start-up expenditures in that prior year) will become effective in the month of the year in which the taxpayer's active trade or business begins. (C ) Information required. The statement shall set forth a description of the trade or business to which it relates with sufficient detail so that expenses relating to the trade or business can be identified properly for the taxable year in which the statement is filed and for all future taxable years to which it relates. The statement also shall include the number of months (not less than 60) over which the expenditures are to be amortized, and to the extent known at the time the statement is filed, a description of each start-up expenditure incurred (whether or not paid) and the month in which the active trade or business began (or was acquired). A revised statement may be filed to include any start-up expenditures not included in the taxpayer's original election statement, but the revised statement may not include any expenditures for which the taxpayer had previously taken a position on a return inconsistent with their treatment as start-up expenditures. The revised statement may be filed with a return filed after the return that contained the election. This a direct quote from "IRS" material, the editor or software use on this web site changes displays some characters in a different manner. (d) Effective date. This section applies to elections filed on or after December 17, 1998.

Well, the biggest problem was getting the carbon paper and the forms lined correct for typing. Wow, am I dating myself.

"&" maybe the problem.

I have the ATX program however as of now I have not put it to use. Later I will try it out.

You could pay the amount due and extend the returns with all taxes and penalties paid. File when forms become available.

Would a web based payroll be of any use? The advantages I see 1. Can do payroll from various locations, and client can enter data and you review. 2. Backup. Other than that I like in house stuff, I wrote my own payroll program. That way I could produce any report I wanted or needed. I no long used it.

Debit the g/l account "K-1 Loss" and credit the investment in partnership for the amount of marginal investment. Keep track of the suspensed loss and record the release in the year(s) basis becomes available.

I think the IRS auditor goofed. If the taxpayer was not in the construction, and the spouse was in the construction business why was the income not transferred to the spouse? Under the IRS auditor's own actions by disallowing the deductions the auditor determined that the income along with the deductions belong to the spouse. Now what to do about that is another question,