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ILLMAS

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About ILLMAS

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    IL

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  1. Now mine looks boring compared to that one https://images.app.goo.gl/RbQrATCyqPLTQXxh9
  2. ILLMAS

    Free entity

    What are your thoughts on this scenario: Person A was speaking to a colleague that is in the same industry about opening a business on his own, it so happens that the colleague formed an LLC (1065, no election to S status) a couple years ago that was never officially finalized. The business is incorporated, has a FEIN and a operating agreement with the other members and it is being kept in good standing by the attorney. The business was never opened because the other members just disappeared and never put in capital, the colleague offered to give him the LLC and to just change everything to A’s name etc..... A is seriously considering it since the LLC name fits perfectly for the industry he is in and he will also have business partners. For those that might have experience what are the pros and cons of accepting the freebie or any other advice. Thanks
  3. ILLMAS

    HOUSE FLIPPING

    How much would the person like to earn on house flipping for someone else = SE employment income.
  4. Just thinking out loud, but reporting it as a sale of business asset, wouldn’t it put the taxpayer at a further tax burden?
  5. TP was sole-proprietor for many years, in 2016 TP incorporated but forgot to change the FEIN on the merchant account and received an IRS notice that he didn't report $XX for 2017 and he paid the tax. In 2018, TP recieved the 1099-K which again reflects TP SS#, but the sales are from the corporation, at this point in time, you recommend to the TP to contact the merchant service and have them amend the 1099-K, or report the income on Sch C and create an expense "Will be reported on corporate tax return" for the same amount to zero out? Thanks
  6. I am picturing a set of financial statements prepared under GAAP and I am imagining a disclosure like this: Partner A tax liability was calculated at 33% Partner B tax liability was calculated at 25% Etc... Each partner would able to know how much each partner personally makes or declares. ^^ This is probably the reason why we never see this on Partnership audited financial statements , FYI I am not a CPA and this is only an assumption.
  7. If the call center was in Chicago, you’ll probably get a response like this “look at your last statement to get your account information” but probably in a meaner way
  8. Does anybody know why ATX keeps on freezing when entering information on Sch B?
  9. Accrual basis with fixed salaries, pretty much the payroll is the same every pay period, I would understand at December 31, 20XX making an accrual for being paid in a new.
  10. Let’s say non-profit has a bimonthly payroll: 1–15 is paid 2-3 days later 16-end of month is also paid 2-3 days later For example pay period July 16-31 was paid on August 2, 2019, would you post an entry to reflect it in July? And do this for every month?
  11. If you boil a funny bone, does it become a laughing stock? Thats humerus https://images.app.goo.gl/j2JJmJ8oAdZ6U1JJ8
  12. Three little boys are talking about how great their father are, first boy says his father has super strength and can hit a baseball around the world, the second boy, says his father invented video games, the third boy says he has the best father because he works to 4pm but is his home by noon, with a puzzled look the other two boys asked, where does your father work? Boy responded: The government
  13. Do they exist? I would be interested in buying a couple.
  14. Here you go, you can probably crop out the bottom portion: https://www.chicago.gov/content/dam/city/depts/cdph/tobacco_alchohol_abuse/NoSmokingECigaretteSign4282014.pdf
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