Yo Greenie

Water Cooler
#41

http://kickass.filesoup.com/search/turbotax%20home%20and%20business/

#42

Greenie, do you know of any good books or source that would make very clear what the GAAP requirements for a single-member LLC balance sheet are? Categories, etc. Or software that would spit out a balance sheet in an acceptable format? I know what quickbooks does is not compliant. Apparently, this is an area of emphasis for the offices of financial regulation. Formats they have accepted for years are no longer being overlooked.

#43

http://www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/PCFR/Pages/Financial-Reporting-Framework.aspx

Try this on for size.

I don’t do financial reporting. I know almost nothing about it. But I wouldn’t imagine that there’s hardly any difference between a SMLLC and any other type of entity. The capital accounts might be different, because an SMLLC won’t have Treasury Stock and Additional Paid-In Capital, but other than that, I don’t know what the differences would be.

#44

Greenie, if I went on a date with a single mom in 2014, can I claim the child tax credit? I

#45

For tax purposes?

#46

Thanks for the link. I’ll check it out. Yeah, this stuff shouldn’t be complicated, and it’s not, but the government seems to like to add difficulty. Job security I guess.

#47

Annual financial reporting. Balance sheet, profit and loss. Hate it. And GAAP and IRS requirements are different. IRS allows a SMLLC to be treated as a disregarded entity which makes taxes cake. Financial reporting has to comply with GAAP.

#48

I’m a (tax) CPA too ya’know. Was wondering to whom you have to report.

#49

I think that goes under Charitable Contributions.

#50

@JBrowntown - is there such a thing as AF for tax CPA’s? Where we can ask questions and bounce ideas off of each other?

I’ve heard of goingconcern.com, but it seems to be concentrated on audit and SEC-related stuff. I’m more interested in tax compliance and planning.

#51

Really, why? I’ve used TurboTax for several years and it seems to have worked fine for me. Although, I guess I wouldn’t know what I’m missing…

#52

Oh, sorry. I didn’t realize you were of greenies ilk. SEC and/or state offices of financial regulation every year.

#53

@ Sweep the Leg - I’ve corrected some TurboTax returns where the filers thought were all good, but were actually just a timebomb of not if, but when the IRS notice was going to arrive in the mail. All those included rental, small business, and partnership type of stuff though. And child tax credit stuff too for CvM’s desired claim. That’s a headache.

@Greenman72 - I do not know. When in doubt, I’ve used the Internet to see what other professionals have put out there and also to the various government websites.

#54

You have a SMLLC large enough to report to SEC? I’ve never seen one of those. Hmmph.

#55

If you’re just doing your own tax, and it’s relatively simple, there’s nothing wrong with Turbotax online.

If you’re a professional, Intuit is constantly trying to find ways into your pocket. I know every vendor does that, but Intuit is just particularly annoying about it. And let’s just say that their sales force is better than their customer service support.

#56

It’s only the child tax credit that would apply to me. How do they fark that up? Seems like it’s pretty straight-forward.

#57

^Two different people both trying to take the same tax credit for the same child. Happens more often than you think.

If all you have is a W-2, a couple of bank 1099’s, mortgage interest and some charitable contributions, then I wouldn’t visit a CPA. Just do it on TurboTax.

If you get a K-1, even from a PTP (publicly traded partnership), then don’t try to figure it out yourself. Get a CPA. If you have oil & gas income, get a CPA. If you run your own business or are in business with a partner, get a CPA.

#58

No comment. Mosaic theory and all. But I do know of one with a single client. How about them apples? And the dude is always in shorts and a Hawaiian shirt…not that I’m jealous. Extremely.

#59

I could be wrong, since I don’t know anything about the Southeast Conference. But don’t you, by definition, have to be either a C-Corp or a PTP if you report to the SEC? I wouldn’t imagine there were a lot of reporting requirments for an LLC, regardless of size.

Well, now that I think about it, there are a few oil companies in town that have floated some bond offerings, even though they’re not publicly traded, and they had to go through some SEC reporting for the investment bank operations. So you may be onto something.

#60

No, actually being registered with the SEC doesn’t necessarily imply much. Many exceptions. The last two are fairly common.

Some of the common exceptions which allow an investment advisor with less than $100 million in AUM to register with the SEC instead of the relevant state(s) include:

  • An investment advisor with its principal office and place of business in Wyoming may register with the SEC regardless of AUM
  • An investment advisor with its principal office and place of business in New York may register with the SEC if it has $25 million or greater AUM
  • Advisors to investment companies registered under the Investment Company Act of 1940 must register with the SEC regardless of AUM
  • Advisors that would be required to be registered in 15 or more states may choose to instead register with the SEC regardless of AUM
  • Internet-only advisors may register with the SEC regardless of AUM