ILLMAS

Can he wear that tux for his own wedding or any black tie event?

Can this be done, older adult does not have a bank account and wants the DD to go into parents account, is this possible? Any special form? Thanks MAS

That is what I thought when compared to a 1040.

For those that deal regularly with 1040NR, is there a penalty for late filing one with zero taxable income? Thanks MAS

Just wondering, did the bookkeeper advised the TP to take the monthly distributions? It's very easy for the client to use the bookkeeper as a scapegoat.

Each quarter, 4th quarter only if the payroll was done in the 4th

Getting more details, will post when available, thanks everyone.

That is what I was thinking, however the Nanny already issued a 1099.

Gift card to a restaurant is another option or movie tickets too.

"TP worked for the "baby sitter" in exchange for "free" baby sitting?" Nanny owed TP some moola and paid it back by baby sitting.

TP recieved a 1099 (line 7) from the baby sitter for free baby sitting, is this considered SE income or other income? Also can the TP offset it for childcare expense?

S corporation election was probably denied, request a copy of 1120s acceptance letter or call the IRS.

Sometimes I feel if I wasn't in this tax business I would be so naive too, nah maybe not.

Who has the cliff notes?

The only thing I dislike about this when people say "my baby daddy", I don't know but sounds terrible.

I agree, thanks.

I am going to take a wild guess that Sean did actually get paid, and somehow Shawn was advised to issue a donation letter to Sean to offset the 1099 amount minus "donation amount" = zero profit. Or that's what they were thinking they can do. Actually I never got hit with the ruler, just spanked and shaken violently lol

I am afraid Sean is going to get hit with SE tax, itemize the "donation amount" and Shawn would have to increase his income by the donated amount.

7

For this scenario, a 1099 was issued.

And don't worry, I was still part of the breed when nuns would spank kids. Let's say Sean (1040) guy and his friend Shawn (1120) both know the beer making industry. Sean donated his time to Shawns' beer making business, both agreed on a nominal amount and Shawn wrote a thank you for the donation letter exactly how non-profit write it. Now Sean comes to you with this letter, how would you prepare his tax return? This is just a hypothetical question. Thanks

You asked for it!!!!

Coño

Thanks, but this kind of stinks for the person that did have health insurance, let's say this person made $40K and wife makes another $40K and the penalty is based on $80K less $20K = $59K and penalty is $597. So the husband is getting penalized for approx. $20K of his hard earned income.