Discussion:What to do/How to handle?

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Revision as of 23:41, 3 April 2008

Discussion Forum Index --> Basic Tax Questions --> What to do/How to handle?
Discussion Forum Index --> Tax Questions --> What to do/How to handle?

Inagpurwala (talk|edits) said:

3 April 2008
Client started Show Promoter business Jan 1st, 2007. Filed SS4 over the phone with IRS agent. Client does not know the answer to the questions asked by the IRS agent to complete the form and assign EIN #.

Points provided to me by client: Husband & Wife are partners (50/50) Naveda address (client is resident of California) Name contains "LLC" but they do not know the meaning of it.

I told them that LLC means "Limited Liability Company" and gave breif defination. Asked them if they filed the charter with then state defining Limited Liability. Answer - no idea.

My question: How to find the status: is it LLC or General Partnership? 

             Since both (husband and wife) are resident of CA, state will tax on worldwide income - right?

I am preparing their 1040 for last four years. They did not ask me any question before starting the business!

I have completed Partnership return and have it reviewed by a CPA. According to him it is fine except the issue of "LLC." (Kevin: Please take it easy and do not blast at me!!!!!!)

Thanks

Ishaq

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