ILLMAS

My condolences to you and your family.

Lets say you sell widgets, and you want to sell them to employees/guests of a non-profit organization at their annual benefit event. The organization cannot accept a fee "wink wink" but they would gladly accept a monetery contribution and allow you to come in the event and sell. You make a couple of sales and when you come in to see your tax preparer, you tell him/her, I had to make theses contributions in order to sell my widgets..... your checks are made to the non-profit organization and are memo as Contribution. Taking them as a contribution or a fee will have different effects on your tax return (1120S), contribution will be reported on K-1 and itemized on Sch A or writing it off as a fee on the 1120S, which one would be the correct based on the scenario? This is probably the best explanation of a widget http://youtu.be/YlVDGmjz7eM

Does anyone here have a sample paragraph (treating all properties as one) to include on a tax return? Thanks MAS

Congrats, now don't you think it was easy?

Land and Buildings If you buy buildings and the land on which they stand for a lump sum, allocate the basis of the property among the land and the buildings so you can figure the depreciation allowable on the buildings. Figure the basis of each asset by multiplying the lump sum by a fraction. The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. If you are not certain of the FMV of the land and buildings, you can allocate the basis based on their assessed values for real estate tax purposes. Demolition of building. Add demolition costs and other losses incurred for the demolition of any building to the basis of the land on which the demolished building was located. Do not claim the costs as a current deduction. Modification of building. A modification of a building will not be treated as a demolition if the following conditions are satisfied. 75 percent or more of the existing external walls of the building are retained in place as internal or external walls, and 75 percent or more of the existing internal structural framework of the building is retained in place. If the building is a certified historic structure, the modification must also be part of a certified rehabilitation. If these conditions are met, add the costs of the modifications to the basis of the building.

If you rent wouldnt this be your basis: Land 150K FMV Building 100K Demolition. 20K Construction 400K So your depreciation basis would be 520K.

Hello John, I had no problem, everything seems to alined for Form 1041 and K-1 for 2011. I can't seem to find the paper clip to upload the pdf, I can email it to you if you wish, but I would need your email address. Marco

What form number are you trying to print? Maybe I can try on my end to see if it prints out correctly. MAS

IRS finally made a make over to their website, hope it's better then it was before. www.irs.gov

Hopefully none of your hispanic clients or clients in general read this, some might think it's a tasteless and even racial joke :)

Hello Jack, I live about 20 minutes from the venue and my office is just a few blocks away. I will be driving to my office and just walking over, but maybe we can meet at the place. Marco

Is anybody else attending the seminar in Chicago next week?

I am a bit confused, I have a TP corporation that starts on 09/01/09 and ends on 08/31/10, I am trying to figure out, if I should do the return on 2009 or 2010 tax form? The IRS instructions don't help out much and have left me more confused. Any help would be appreciated. Thanks MAS

Best thing I can suggest is to call the IRS and find out why, just be prepared to be on hold for a while.

If you would of asked about the CPA or EA exam, it would be a different story.

Maybe it's not a bad idea after all, Michael Phelps is expected to earn 100 mil in endorsements over the course of 10 years.

Maybe this is the reason why some players were losing on purpose? http://msn.foxsports.com/olympics/story/US-medal-winners-pay-stiff-price-in-taxes-080212

It seems the IRS finally starting to go after currency exchange "cash" customers, has anyone dealt with a case before?

I don't mind the kids, what aggravates me the most is when a client picks up a call on their cell phone, makes me feel they don't value my time and work.

I had to call another tax preparer to request a copy of a tax return, the call only lasted a few seconds. Me: I need to request a copy of the last tax return you prepared for XYZ. Him: We no longer have copies of former clients pre 2008, they were all shredded. Me: Ok, bye I guess their retenion policy is a short one :)

For the past months, I've beening something wrong with the print manager (2011 only), for example if I print out a tax return and decide I want to print out another copy, I need to hit restore because no forms are selected. I tried unchecking "remember selection" but I get nowhere, just wondering if someone else is having this problem or know how to fix it. MAS

I think you are in the wrong forum, try this website for help. http://carbonite.custhelp.com/app/home/partner/carbonite/default.php

This one is funny and so true

Congratulations

"Is your name Dan Druff?? You get into people's hair."