Welcome Guest. Register Now!  


For 2014 Tax Tips For Year 2014.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-18-2015, 01:22 PM
Junior Member
 
Join Date: Oct 2015
Posts: 9
IRS notice

Here is an IRS notice that I received. Th form I filed was not correct, but I am still okay? That is, I need not do anything else?

https://drive.google.com/file/d/0B_c...ew?usp=sharing

Anyone agree?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 10-18-2015, 08:42 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by juro View Post
Here is an IRS notice that I received. Th form I filed was not correct, but I am still okay? That is, I need not do anything else?

https://drive.google.com/file/d/0B_c...ew?usp=sharing

Anyone agree?
You are the single owner of an LLC , SMLLC I mean, always have been, and filed a LLC form 1065 with a 1 owner Sc h k-1 for the tax year of 2014, so, , by now, you probably realized that all partnerships must have at least two entities as owners to file from 1065. So,. You need to go back to the tax year of 2014 when you first started the SMLLC and amend your 2014 return. For the year of 2014 in which the 1065 was filed, file an amended 1065 putting zeros everywhere. This will effectively remove it from existence. Then, for your personal return, if you already put all items of income and expense on a Sch C( you should report your biz income/expenses on SCh C of 1040 as a SMLLC owner), you are good to go. If you put them on a Sch E , you'll need to amend your personal tax returns as well moving everything to the Sch C an salso aslongas the amt on SCh SE l ine 2 / 3 is $400 or exceeds $400, you must pay self employment taxes to the IRS and you can claim are allowed to claim half of that self employment on your return on 1040 line 27.



You may get a new EA or CPA doing taxes in your local area to correct the 2014 1065 and your 1040.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 10-18-2015, 09:25 PM
Junior Member
 
Join Date: Oct 2015
Posts: 9
The IRS says "in the future..." which is ambiguous to me. Do they just mean in future tax years starting in 2015?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 10-18-2015, 09:55 PM
Junior Member
 
Join Date: Oct 2015
Posts: 9
The IRS says "in the future..." which is ambiguous to me. Do they just mean in future tax years starting in 2015?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #5 (permalink)  
Old 10-18-2015, 09:57 PM
Junior Member
 
Join Date: Oct 2015
Posts: 9
Quote:
Originally Posted by Wnhough View Post
You are the single owner of an LLC , SMLLC I mean, always have been, and filed a LLC form 1065 with a 1 owner Sc h k-1 for the tax year of 2014, so, , by now, you probably realized that all partnerships must have at least two entities as owners to file from 1065. So,. You need to go back to the tax year of 2014 when you first started the SMLLC and amend your 2014 return. For the year of 2014 in which the 1065 was filed, file an amended 1065 putting zeros everywhere. This will effectively remove it from existence. Then, for your personal return, if you already put all items of income and expense on a Sch C( you should report your biz income/expenses on SCh C of 1040 as a SMLLC owner), you are good to go. If you put them on a Sch E , you'll need to amend your personal tax returns as well moving everything to the Sch C an salso aslongas the amt on SCh SE l ine 2 / 3 is $400 or exceeds $400, you must pay self employment taxes to the IRS and you can claim are allowed to claim half of that self employment on your return on 1040 line 27.



You may get a new EA or CPA doing taxes in your local area to correct the 2014 1065 and your 1040.
The IRS says "in the future..." which is ambiguous to me. Do they just mean in future tax years starting in 2015?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #6 (permalink)  
Old 10-19-2015, 12:27 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by juro View Post
The IRS says "in the future..." which is ambiguous to me. Do they just mean in future tax years starting in 2015?
I guess so. So, you also need to file Sch C/SE in future tax years starting in 2015 UNLESS your SMLLC is treated as MMLLC. I know what you mean. too many many ambiguities in tax rules.And also not all of the IRS agents are reliable. As said you need to amend your return.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
In Office Examination Notice eR1c For 2013 4 07-19-2015 11:14 AM
Notice of Intent to Levy theevilgness Miscellaneous 2 09-26-2013 01:51 AM
Amended return after notice of examination nycindhot Itemized Deductions 0 06-23-2009 07:49 PM
What to do if You Receive an IRS Notice Samatg General 0 04-14-2009 08:33 PM
What To Do If You Receive an IRS Notice? Samatg General 0 04-16-2007 08:32 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.