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David

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About David

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    ATXaholics Anonymous

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  1. David

    extensions?

    Thanks everyone for your great input.
  2. David

    extensions?

    Thanks, John. That puts things in perspective for sure.
  3. David

    extensions?

    Wow! How are you guys able to file extensions as you like. I think the same way as you all - extensions are a good way to relieve stress and pressure and extend the work season. A lot of my clients get nervous and don't want extensions. We try to explain to them that they are still in compliance and that's why the IRS allows extensions. When I explain that if they owe they should pay with their extension, they say they don't know if they will owe. Then I have to do an estimate which then takes up more time. I need to know your secret. Thanks.
  4. TP isn't able to get the EIN for the selling business for form 8594. Can't e-file without it. Is the only option to paper file and leave that line blank? Any other ideas? Thanks.
  5. Thanks for your help.
  6. A client bought a 2018 Infiniti QX30 with the engine auto stop start feature and thinks there is a tax credit available for that model. I can't find anything in my tax research, google or the IRS site that lists models available for any vehicle credits. Does anyone know the best way to find this information? Thanks.
  7. Whoops! In the previous post I meant to ask where does the offsetting debit get recorded on the books and in the tax return? Thanks.
  8. Yes, the departing member will report a capital gain on his 1040. I need to zero out the departing member's $12K negative capital account by crediting the member's account on the books. Where does the offsetting credit get recorded on the books and in the tax return? Thanks.
  9. Thanks for your help. So when the member's negative $12K is reduced to zero where is the offset reported? Thanks.
  10. One LLC member wanted out and the LLC paid him $18,000 for his interest. The agreement says it is a redemption of debt. There is no debt, no hot assets and only fixed assets. The member's capital account prior to the buy out was $6K. One of the remaining LLC members contributed $18K to the LLC in order to have a 2/3 interest and the remaining member still having a 1/3 interest. The books recorded the $18K buyout as a distribution to the departing member. Therefore, the departing member's capital account has a $12K negative balance. How is the negative $12K capital balance zeroed out on the balance sheet and on the tax return? Thanks.
  11. Yes, that's correct. The TP just got under the wire. That's why I asked the question. Maybe a limited deduction in 2019...
  12. You say they can play nice and agree to the every other year. However, if it's the non-custodial parent's year that person won't be able to claim the CTC since the child did not live with him/her more than half the year and he/she does not have F 8332 to attach to the tax return. The due diligence requirement would not be met. Correct? Thanks for your help.
  13. If the statement included the custodial parent's SSN then it appears that it would include all information required on F 8332. Would this then qualify as a similar statement?
  14. What qualifies as "similar statement" or "other written declaration" in lieu of filing Form 8332 by the non-custodial parent in order to claim a child for the CTC? I can't find any examples or definite requirements in the regs or other information. A non-custodial parent TP has a signed, dated, notarized statement from the 2018 current year custodial parent that says each parent agrees that for all remaining years the child will be claimed by the 2018 current year custodial parent in odd years and by the 2018 current year non-custodial parent in even years. The agreement doesn't designate custodial or non-custodial parent - I am only trying to describe who the 2018 custodial parent is. The parents were never married. The statement lists their names but does not list either parent's SSN. If the definition of a similar statement or other written declaration means that it must include ALL information on Form 8332, then I would say this signed, dated and notarized statement doesn't qualify as a substitute for Form 8332 since it does not list the custodial parent's SSN. Is this the correct interpretation or am I being a stickler about this? There is history between the TPs and a lot of fighting. I want to make sure that I am correct by saying the statement doesn't matter to the IRS and only the custodial parent can claim the child and the CTC. Thanks.
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