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You might want to consider the Louisiana income tax ramifications. Distributions from most Louisiana and city/parish retirement plans are not subject to Louisiana income tax. However, once you roll it over to an IRA, distributions are subject to Louisiana income tax when distributed from the IRA.

re: Filing past years tax returns

Posted by BrandNew on 7/16/12 at 12:28 pm to
The IRS can go back forever if you never file a return.
If she wants to avoid the case being referred to criminal, she should file before the IRS figures out she hasn't been filing. However, there is no way to guarantee the case won't get referred to criminal.
You only file the 2553. The 8832 is not necessary if filing a 2553. The instructions to the forms are pretty clear, and there is a rev proc too.
Simonizer is right here. There's a lot of fail in this thread, much like the ORRI thread. Sadly, some of these posters practice law :casty:
You need to call TAF. They handle all the priority points and restrictions on transferring them. The athletic office just gets the rankings from TAF for upgrades, etc. You will probably encounter resistance on transferring them because if they allowed it, people could pool points in an LLC to improve their chances for better seats. Not what TAF or the athletic office really wants.

re: Okay guys, I need help.

Posted by BrandNew on 11/28/11 at 1:01 pm to
The lifetime gift and death exclusion amount is 5 million for the time being. Their unified now, so it's one amount you can give during life or leave at death. Do yourself a favor and see an attorney who does estate planning. You will need one to do a revocable "living" trust, which work well in most states. Also, given the stroke and bad health, you could have capacity issues that you would want to consider and protect against a challenge to whatever is done.

re: Roth 401K

Posted by BrandNew on 11/23/11 at 1:08 pm to
Just make sure you have enough money outside of these retirement accounts. The best thing about Roth accounts is the earnings on growth within the account are never taxed. However, the rules for distributions out of a Roth 401k are more restrictive than for a Roth IRA, preventing withdrawals outside of very limited circumstances which I believe are the same as for a traditional 401k. I wouldn't be concerned with the money all being with ING only with their limited investment options. The 401k funds held by ING shouldn't be subject to their creditors and SIPC may cover you.
Yeah but they will save on not having to hire a CPA to prepare their return and make sure they got all of these "special interest" tax benefits that are constantly being enacted.
What is the applicable federal rate? This is Jeopardy right?
I believe you mean "What is the difference between a partnership or sole proprietorship and an S Corp?"
Or start paying for your own insurance. This farce of having insurance subsidized entirely by employers is why no one knows how expensive healthcare really is.

To the OP, I fail to see where you described both options. It seems like you only described the HDHP, which I always the cheapest. It is what most self-employed people get because insurance ain't cheap and never has been.

re: Louisiana LLC question

Posted by BrandNew on 8/29/11 at 2:48 pm to
Technically there are no officers for an LLC. Instead, the people running the company (akin to directors in a corporation) are the managers if manager-managed or members if member-managed. You can create an officer position through agency/mandate but there are none by default.
Plea of nolo contendre to simple battery anybody?

re: Second Degree Battery

Posted by BrandNew on 8/22/11 at 7:43 am to
Second degree battery is this:

quote:

§34.1. Second degree battery A. Second degree battery is a battery when the offender intentionally inflicts serious bodily injury; however, this provision shall not apply to a medical provider who has obtained the consent of a patient. B. For purposes of this Section, "serious bodily injury" means bodily injury which involves unconsciousness, extreme physical pain or protracted and obvious disfigurement, or protracted loss or impairment of the function of a bodily member, organ, or mental faculty, or a substantial risk of death. C. Whoever commits the crime of second degree battery shall be fined not more than two thousand dollars or imprisoned, with or without hard labor, for not more than five years, or both.
Have you ever seen the 4 year olds play soccer? All it is a mass of kids following a ball, kind of like MLS. At that age, it doesn't matter where you play. Once the kids get around age 6, then you should worry about the organization they are playing for.

Eta: Soccer snob!

re: LLC Question

Posted by BrandNew on 8/16/11 at 4:47 pm to
Make sure you get the bank's consent to the transfer if the transfer triggers a default under your mortgage and you want to do it by the book.
35 percent of assets exceeding 5 million is the general rule until 2013. Then it is 55 percent of assets exceeding 1 million. Die early and often.

re: 1099 subcontractor

Posted by BrandNew on 7/19/11 at 10:56 pm to
You're not going to find many, if any, cases in Louisiana or Texas where a court pierced the corporate/LLC veil where there was not also a finding of intent to commit fraud or to defraud creditors, usually evidenced by commingling of funds, undercapitalization and other bad factors.
Hypothetically speaking, if you were a resident for less than 6 months, you could just file a part-year resident return. Here is the Revenue Ruling on how to complete a return as a part-year resident: LINK

As an aside, how many students do you think file documentation showing change in residency when they take full-time jobs in TX after graduating from LSU and having lived in La their entire lives?
The sad comment was directed at the poster to whom I responded and his tax cheat father.

It does suck that you're considered a resident for a whole year is you reside there for more than half the year, but it is an arbitrary rule of administrative ease to prove taxing jurisdiction.

FYI the US attempts to do the same thing to foreigners present in the US for more than half the year.

re: Real Estate Deposits

Posted by BrandNew on 7/18/11 at 3:39 pm to
quote:

They really should change the law


Why change the law? All you have to do is change the contract. It is not complicated, even a realtor could probably help you with it. The government should not have to solve all of your problems.