Lion EA

Oh my! I got all 20 correct. But, then I'm VERY old. Depressing...

Thanx for the info. I was given a slightly different mailing address: 1201 N and zip 61704-6613 But, it was a good and timely reminder. I have an 1120-H coming up that used to never owe taxes but has been investing in CDs and earning interest in excess of the $100 deduction. So, I'll probably need a Form 8109-B for them next month.

Thank you very much, Eric. Your talents and hard work are MUCH appreciated.

Thank you for taking such good care of us!

According to your first post, she was a WI resident until she moved to TX in October. At that time, did she intend to return to her WI home? Did she expect her stay in TX to be temporary? We don't have enough information to determine if she was a part-year or full-year resident of WI for 2006. If she received a CP2000 for 2006, doesn't that imply that JH or her son DID file her 2006 return but that it omitted some income with was reported to the IRS? She was certainly a full-year resident of the USA and needs to report all her income for that year on her federal return.

Thanx for the explanation, Jainen.

Does he have other "activities"? Do you have to give this K-1 an activity number to distinguish it from others?

That's my understanding also. If IRS reject, you have something like a couple of days, five days, through the 20th, or something like that to resubmit. I would guess that a postmark by that date would qualify for timely filing following an IRS reject, but less sure on this. Basically, work fast.

So, my own that I transmitted earlier tonight is going to be late? Great. And, the direct debit will mean late payment as well? I'm getting too old for deadlines and stress and....

ProSystem fx also by CCH told me midnight my local time. I still have two more to complete, get signed, and transmit, so I might be testing out that limit. Hope it's correct, since one return is mine!

Nearly $5,000 with entity licenses and a few goodies. I know, I wasn't going to spend that much. But, I was considering hiring an assistant who would've cost me $5,000. I was sold when I called tech support about loading the demo to try out; the techie said he'd be glad to show me around the program and spent nearly THREE hours on the phone with me taking me through an S-corp, showing me everything on every menu, etc. Being on my own for the first time, tech support was VERY high on my priority list. I bought as the season began, so had no chance to get up to speed; tech support has been outstanding at helping me up the learning curve. One time they had a tech support person AND a tax support person on the phone with me at the same time. I'm still blown away at how easy kiddie tax and K-1s and multiple states are. ProSystem fx is worth every penny. I get more returns prepared. I'm more confident in my accuracy. And, I get more sleep. I renewed immediately.

Haven't used ATX for personal returns, but don't they have a bulk sale feature where you can combine the two assets into one sale?

That's one of the reasons I bought ProSystem fx. It's absolutely amazing with kiddie tax no matter how many siblings! And, when you do a partnership or S-corporation return and also one or more of the partners/shareholders. And, multiple states. I love it. When I was at Block, I'd complete the parents' return and wait until everyone went home; then I'd open kid1 on one computer and kid2 on another and kid3 and so on and go around in circles (literally as well as figuratively) until all the returns had all the information. Much too easy to screw up. Now I don't have multiple computers, but I do have Profx. I just point and click and done!

Have to do mine. Husband forgot his mileage. He's as bad as my other procrastinating clients. But, then, so am I.

IRS shut down computer center for maintenance (in two of its service centers?) for the long holiday weekend, so don't expect acknowledgments soon. When they open up again Tuesday morning, volumes will be high. What great timing they chose!

Is it usual and necessary? Does he paint motorcycles himself for a living? Maybe the cost of the paint job. Not FMV of paint job. Or, does he design/paint other things so someone else is going to paint the motorcycle to his specs? Then, maybe the additional cost of his logos being included in the paint job. I think the word "skeptical" is exactly right.

So many problems show up now. The easy ones were able to get their stuff together earlier. I was just faxed a 26-page K-1.

Thank you for everything.

Thank you, thank you, thank you.

Good for both of you. Don will be more comfortable, heal faster at home. And, you'll be able to get more done, get more rest, etc., now that you're not confined to a hospital room (where you probably couldn't use your cell or laptop wifi) or always in your car driving back and forth. My prayers are still with you. Take good care of yourself; you deserve good care, too.

Thank you! I'm a Chicago girl, born and bred. Living out here in CT where fights break out over Yankees vs. Red Sox, because we have no team of our own. I miss my Cubbies. But, only day games; won't go with the lights on.

It has to be an exact match of the name and EIN, or at least for the first four letters. So, if "The" or some other starting point is omitted or added or "Three" is written as "3" or...

What if the price were substantially lower? I was able to buy my domain name DollarsSense.com for $700. (I already had DollarsSense.biz for $39 for three years or something like that.) Do I really have to amortize that over 15 years?

Did more than 50% of the partners change? Did the partnership get a new EIN? Start with your client to see what might be different for 2007 from 2006.

Does the partnership operating agreement state your client will pay expenses without reimbursement? Did he, perhaps, get reimbursed or did his Schedule C get reimbursed?