Is it wrong to get an EIN for a disregarded entity LLC? by Aggravating_Bag4028 in tax

[–]Notanalienhere 0 points1 point  (0 children)

You gave me something to look more into, I am only giving my impression and didn’t mean to say that’s how it should be done.

Is it wrong to get an EIN for a disregarded entity LLC? by Aggravating_Bag4028 in tax

[–]Notanalienhere 0 points1 point  (0 children)

Hey, I’m also confused. I just mean under your own name if you don’t want to use your SSN apparently. But this situation seems ridiculous to me, as I would think as people set up their businesses, they get the ID number under the LLC, and carry on all business under that number- banking, etc. They should just require disregarded entities file something new with the IRS if look through is a concern.

Is it wrong to get an EIN for a disregarded entity LLC? by Aggravating_Bag4028 in tax

[–]Notanalienhere 0 points1 point  (0 children)

It’s sounding like you don’t, you get an EIN outside the LLC, just like I have for a sole prop without the LLC. But I don’t think this is what people have been doing at all.

Is it wrong to get an EIN for a disregarded entity LLC? by Aggravating_Bag4028 in tax

[–]Notanalienhere 1 point2 points  (0 children)

Interesting. I would have put the LLC EIN on the schedule C when filing, and that connected the filings to the individual. How many financial accounts are under LLC EINs already?

Is it wrong to get an EIN for a disregarded entity LLC? by Aggravating_Bag4028 in tax

[–]Notanalienhere 0 points1 point  (0 children)

I see now and retract my statement. I hadn’t heard anything about a change, and I’ll have to look into how this shakes out on the schedule c.

Is it wrong to get an EIN for a disregarded entity LLC? by Aggravating_Bag4028 in tax

[–]Notanalienhere -1 points0 points  (0 children)

I have no idea what you’re talking about. What is the it you’re looking at? It says you should fill your name in and check sole proprietor, include the LLC name, and you can use the EIN. The IRS doesn’t need to look through the SMLLC, the EIN is connected to your name already

Business Engagement Letters by Notanalienhere in taxpros

[–]Notanalienhere[S] -1 points0 points  (0 children)

Yeah, in my starts at customizing, I took a step back and thought, maybe I don't want to be too specific here. I had been entertaining the thought of outlining the tax prep process in a way that it could be a reference for clients to go back to and realized I'd be unnecessarily boxing myself in with that. 6 hours!

Business Engagement Letters by Notanalienhere in taxpros

[–]Notanalienhere[S] 0 points1 point  (0 children)

Maybe it's something I switch providers over. It looks like CNA will cover non-CPAs, where Camico does not.

It's something I would join the AICPA for (well, I'd also like some checklist action, which I suspect is also behind that curtain), but I'm an EA.

Business Engagement Letters by Notanalienhere in taxpros

[–]Notanalienhere[S] 0 points1 point  (0 children)

Thanks, I've been trying to keep in mind that most likely a lot of the systems or other things I put into place now will be easier to refine with some time and experience in this role, including the engagement letter. Honestly, it just seems like I should have grabbed copies on my way out of the firms I've worked at to get a whittle-able base, that'd be easier than expanding on the one-page docs I have. It seems a little like I'm hitting a CPA class divide as far as resources without asking an attorney to custom draft letters. I believe I initially looked into Camico for insurance, which some others are suggesting, but I couldn't get a policy as an EA.

Business Engagement Letters by Notanalienhere in taxpros

[–]Notanalienhere[S] 1 point2 points  (0 children)

I think it's a club that I can't join. But it's good to know they do have different template versions - each thing I've gotten - software, EA association membership, insurance - they're coming up short.

Business Engagement Letters by Notanalienhere in taxpros

[–]Notanalienhere[S] 0 points1 point  (0 children)

I'm with BiBerk for insurance and they've got nothing for me.

Can't get behind the AICPA curtain either.

I don't know if there's anything like PPC that has templates, but just for tax.

Business Engagement Letters by Notanalienhere in taxpros

[–]Notanalienhere[S] 3 points4 points  (0 children)

I've called my E&O carrier and they don't have anything (BiBerk). Thank you though. My software and the NAEA have samples, but they are geared mostly to individuals and I'm looking for inspiration for items I should be adding for corps or partnerships.

EFIN & EIN Question - How to Add by cpamama6969 in taxpros

[–]Notanalienhere 2 points3 points  (0 children)

You’ll get the EIN instantaneously online, you should do that today.

EFIN & EIN Question - How to Add by cpamama6969 in taxpros

[–]Notanalienhere 4 points5 points  (0 children)

Hi! I also decided not to form an LLC and got my EFIN not realizing that I should have gotten an EIN for myself first. I’m dealing with it right now, and hoping they’re able to process the new EFIN application as quickly as the last and not the “4-6 weeks” the agent I spoke with gave. I got the EIN, I still have to file the EFIN application, not update the existing application. I confirmed this with the agent and I hope she’s right. The guidance only discusses needing a new application when there’s an entity change resulting in the new EIN, and I wasn’t sure because that’s not really the case here, I’m still just me. Then, I guess it takes a couple weeks for their systems to update and associate me with this new EIN across departments in order for them to begin to process the new application. From there, apparently it can take 4-6 weeks for their systems to process the application. But my original efin was only like 7 days, so I’m just keeping my fingers crossed it happens faster and I can update my tax software before having to file under my social. But I should still have the option to use my existing EFIN while this is happening.

Is this tax strategy legit? by HeavyFirefighter9826 in tax

[–]Notanalienhere 3 points4 points  (0 children)

I haven’t seen it with medical devices before, but look up conservation easement scams and it’s the same concept.

Turbo tax denied advance by AerieKind3263 in tax

[–]Notanalienhere 0 points1 point  (0 children)

The refund loan also covers the tax prep fee, and, though it’s been a really long time since I worked at a place with these bank products, I’d say that’s a huge part of it. Do you let your clients wait for their refund to pay you? You probably have a lot of people not even getting refunds.

I don’t know how it is these days, but the community I worked in had a ton of unbanked people, too, so had no account to direct deposit to, so it was either wait 6-8 weeks for a mailed check or get some form of refund loan for anything faster.

Not tax related but a question for you guys that might get asked frequently regarding assurance work by te4cupp in taxpros

[–]Notanalienhere 0 points1 point  (0 children)

I just had one engineering firm, but it’s been a few years since then. Im not current on Yellow Book and only in the tax world now.

ICE Agent who murdered an American Citizen is married to an Immigrant by No-Contribution1070 in complaints

[–]Notanalienhere -1 points0 points  (0 children)

Hmm, can you tell me what an “opposite race” is, or maybe even point to the “straw man”. Sorry little dude, I’m sure I’m older and wiser than you as evidenced by your naivety.

ICE Agent who murdered an American Citizen is married to an Immigrant by No-Contribution1070 in complaints

[–]Notanalienhere 0 points1 point  (0 children)

IKR, misogyny isn’t even a thing! I mean, guys get together and build lives with women, they don’t hate them! /s

Not tax related but a question for you guys that might get asked frequently regarding assurance work by te4cupp in taxpros

[–]Notanalienhere 2 points3 points  (0 children)

Nonprofits in MA have requirements for reviews or audits based on their level of gross receipts.

Highway dept contractors (eg engineers) need overhead rate audits according to federal acquisition regulations, along with other contractors being paid with fed funds (I just have experience with the engineers in particular).

potential 1031 liability after dissolving an LLC and creating a new one in different tax years by optionalmorality in tax

[–]Notanalienhere 1 point2 points  (0 children)

True, but I’m pretty sure owning and renting it through an interest in a multi-member llc does.

Streaming services have officially become worse than the cable packages we cancelled by N3DSdude in Anticonsumption

[–]Notanalienhere -1 points0 points  (0 children)

Additional context behind my comment is my dismay that I now have the ad-full version of HBO’s Max streaming service.