Lion EA

Follow the money. Use the transcript from the college and not Form 1098-T. For instance, if she received $28,500 in scholarships during 2011 to put toward $22,000 in tuition in 2011 (Form 1098-T might report billing during 2011 for fall 2011 and winter 2012) then she has an excess of $6,500 to report as taxable income.

If both partners reported everything on their personal returns in a timely manner, you can get any penalties waived for late filing of the partnership. Did the LLC own the truck, but the business operated like a sole proprietorship?

Mondays have pretty heavy calls, so Tuesdays after a long weekend must be even heavier. Some numbers are open after 5 p.m., so try this evening.

Thank you to all who served and to all who have family members who are in harm's way or who lost family members to protect our freedom. God bless you.

Try the e-file help desk to see if they know how often the EIN list is updated in the off-season. Maybe once/week.

Congratulations! :D

I'm so sorry. I can imagine your immune system is worn out. Do what you doctor says to take care of yourself. And, have a manicure! My husband's having his shoulder replaced in June. It's not a long recuperation. But, I already told him I'm hiring a husband-sitter so I can go to our daughter's concert. Schedule yourself some time every week.

CT charges a business entity tax to SMLLCs, MMLLCs, partnerships, and S-corporations (all pass-through entities) of $250. A C-corporation would pay a minimum $250 income tax, so all businesses get hit the same. Then all businesses have annual report fees to the secretary of state ranging from $20 on up depending on the entity.

Yeah, CT also has annual report fees, different amounts for the different entities. I think an LLC is $20, partnership maybe $50, S-corp maybe $80, just guessing here. But, my point is that these are annual report fees to the secretary of state on top of the $250 entity tax to the department of revenue plus the pass-through income taxed on the individual returns. Lots of money for the privilege of doing business in CT. All the states are finding similar revenue sources.

CT charges $250 per entity for its business entity tax, so an LLC would pay $250 on Form OP-424 no matter how much income tax it generated or whether it was a loss.

You really need to sit down face-to-face with your tax advisor so you can go back and forth in real time to explore your issues. Some starting questions for you to discuss would include why your partner is willing to accept a stock sale when an asset sale would be more beneficial and less risky (unknown liabilities, etc.) to him, why you're not selling him 1/4 of the stock each year, what are the terms of your non-compete, is your lawyer sitting in on your meetings, will his lawyer and tax advisor join you to work out the sales contract details, what other types of income you (and your spouse, if married) expect and what amounts over the next four years, what you will do if your soon-to-be-ex partner defaults, etc. Your tax advisor's questions will depend on your information to him and cannot be predicted in a vacuum. You can find lots of reading material online and in a good business library to bring you up to speed on the generalities. This is a site where tax professionals discuss tax issues among ourselves. As you said, no one can know everything, so we can get advice from and share with colleagues, especially those that use ATX tax prep software. Your tax preparer may be here. Do you really want him to think that you trust him so little that you had to start with other pros before him!

Amen! to all of that.

Will do!

You can do it! In fact, earning the RTRP is one thing you have some control over right now. Your pain in the @$$ is at the mercy of the legal system, and won't ever really go away due to the children. So, living well is the best revenge!

Congratulations! Everyone here should be able to go into next tax season with appropriate letters behind his/her name. Just do it !!

Keep those teens working and paying their own way! Congratulations!

I don't use ATX, but in the address area you must have some check mark or box to use for a foreign address, maybe FA in the State or something like that. Can you get in the field and click Help? Or, search Help for Foreign Address. One software had a checkbox, when checked a pop-up appeared to take the foreign info. Another had the FA or similar abbreviation in the State box that triggered new fields for the foreign address.

http://www.irs.gov/taxpros/article/0,,id=248902,00.html

This would be the perfect year to alert your clients that you are raising your prices a certain dollar amount or a certain percentage to cover your costs of complying with greater IRS oversight to protect taxpayers like your clients. Or, with 150 clients, you could increase everyone's price by $1 that they won't even notice and be able to pay for your test and 15 credits. Personally, I'd do the former, probably $10 or 5%, more for the PITA clients. What do you do when paper or toner or software or electricity prices increase? (I could always tell when my dentist had another child starting college, as his prices jumped.)

OK, tried copying a .pdf brochure I received from teachUcomp, but all formatting is lost. Anyway, not available on website; although, go to teachucomp.com to read the course syllabi. The CPE specialist, Niki Hollifield, is at 877-925-8080. The below coupon is only valid through 05-11-2012. Your Package Sale Price: $249. teach Ucomp, inc. …it’s all about you® Bring our classroom 877-925-8080 www.teachucomp.com to your computer Special Coupon Offer Self-Study CPE Courses Includes complete application tutorials, quizzes, testing & Certificates of Completion! Once you complete your CPE within one year of purchase, keep the training as an ongoing resource forever! Software Training CPE Coupon Hurry! Sale ends soon! Coupon Code: ACC-669 Earn CPE right at your computer! First test submission included. Additional test submissions for others in the same office – just $39.95! Select Any Three Individual CPE Courses Package Sale Price: $149.98 Select Any Two Individual CPE Courses Package Sale Price: $124.98 Microsoft Office Package (56 CPE Hours!) Website Sale Price: $599.95 98 plus any other CPE course absolutely FREE!

I'm out of the groove for taking courses so am not remembering if what I'm saying has to do with IRS webinars, but I think if you sign up in advance and enter through a reminder email you'll receive, that the CPE is automatic. Think they "poll" during the program to confirm you're on the whole time. Maybe someone with a better memory will chime in.

Put an alarm on that chair!! Or, a bell on Don! No, please don't. He's just trying to be self-sufficient and not bother you. Put the alarm on the chair.

I've liked being able to say to my clients that their data does not leave my room. And at least when explaining e-file, I can mention the mere moments their data is in transit as opposed to a week via the USPS. But, storing it in the cloud -- I'd have to really know the company. I did back-up to VMS, the former ATX techies; but they don't do back-up anymore. I use two external hard drives, a flash or two for specifics, my software is on my hard drive, etc.

Congratulations!

Perfect.