User talk:Taxqat

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PTIN

Taxqat:

My situation is similar to yours with the exception that I actually got an approval, submitted payment and had my payment confirmed. I then saw on the application page a statement similar to yours. That really through the IRS. I asked about sending a paper W-12 but they said wait until some notice that is to sent out next week.

If I have to send a paper W-12 the next issue will be getting credit for the payment I have already paid online.

This is about the way I thought things would happen.

Link vs copy/paste

Hi, you recently posted a long copy/paste from a website you called banktalk - could you please edit your post to simply link to the site. If necessary, perhaps a few lines in your own words to focus attention on whatever section you're highlighting. Added: That copy/paste was replaced with a link.

This is for two reasons - ease of reading for those who are interested, and to comply with copyright policies. I haven't looked for the website in question, yet, but almost all have some sort of limitations on use, and TaxAlmanac has its own policies on reposting info from elsewhere: Copyright policies, Contribution Terms, or Help:Adding_a_new_article (at the bottom of the page).

If you haven't edited a post before, you can find out how here: FAQ #3.

Thanks,

Trillium 14:33, 14 October 2010 (CDT) - edited by Trillium, the copyrighted material has been removed

Could you repost this as a new question - it has nothing to do with the prior discussion.

<p>Taxqat (talk|edits) said:</p> 12 March 2011
Had a customer (not client yet) leave the office, here's the details. Client previously held 10% interest in partnership. In Dec 2009 client abandoned partnership. (just left)Client started sole proprietor similar business in 2009 and sold this business in Jan of 2010 for $20K. (no business assets, sale consisted solely of dedicated delivery route with leased van)Client 2009 K1 shows only -$232. If I take on this customer, I'm really unsure of how to show the income for the $20K sale. I asked about customer basis and response was "the new route was just offered to me so I lease a van and that's that". There is a 1099misc with amount in box 7 from new business indicating independent contractor status. I've read publication 541. I remember reading that form 8594 should be used to report sale of business along with form 4797 however, I don't think the latter is needed in this case. I'm just real unsure about the abandonment of the partnership and how to show basis in sold business.( I'm guessing somehow a FMV has to be established)Am I at least on the right path? This will be my first business client if I take it on. Any suggestions out there?

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