cbslee

At this income level, you should be looking at is a custom designed pension plan.

If you haven't renewed with ATX yet, just be aware that your sales rep still has the ability to offer your the same discount that was offered to you in May. Twice in the last 5 years, I received the May discount when I renewed in November. My sales has told me that he can hold open my discount until I decide.

"On December 1, 2015, Mozilla Executive Chair Mitchell Baker announced in a company-wide memo that Thunderbird development needs to be uncoupled from Firefox. She referred to Thunderbird developers spending large efforts responding to changes to Mozilla technologies, while Firefox was paying a tax to support Thunderbird development. She also said that she does not believe Thunderbird has the potential for "industry-wide impact" that Firefox does. At the same time, it was announced that Mozilla Foundation will provide at least a temporary legal and financial home for the Thunderbird project" This is what I had read, so it's not really a Mozilla program any more.

I thought that that Mozilla had stopped supporting Thunderbird

The Internal Revenue Service, state tax agencies and the tax industry today warned tax professionals to be alert to a new phishing email scam impersonating tax software providers and attempting to steal usernames and passwords

What I find interesting is that CCH mentions improvements to Prosystem fX and to CCH Axcess and doesn't even mention anything about ATX or TaxWise. It's at the very least a curious approach to marketing and public relations.

Accounting Today has an article about "What's New for next Tax Season" There are no new enhancements listed for ATX ? Frankly, this just confirms my sense of where ATX is headed. It appears that CCH is pushing them to cut costs and send as much profit and cash upstream as possible!

I think it would be easier to deliberately terminate the S Election. Suggest you review the reasons that terminate an S Election.

Where are you going to deduct the depreciation ? What if the cow grazing never happens ?

I had a client in a very similar situation several years ago receive a state grant to reimburse him for brush control. He also received a 1099, which I reported as misc income.

Interesting, since I had just the reverse happen to a payroll client of mine who had two Schedule C businesses, a Espresso stand and a Garden Supply Store. The IRS forced to him to consolidate his payroll form submissions. I was doing payroll for the Espresso Stand and his bookkeeper was doing payroll for the Garden Store. Ended up being total mess, which dragged on for several years after the Garden Store ended up in bankruptcy.

If the FMV is 100 K and they sell it to the kids for 20 K, then they have made a gift of 80 K to their kids which would require filing a Gift Tax Return for the 80 K.

Many years ago my first job after graduating from college, was on the audit staff of a national accounting firm and I did not do any taxes. In my office the audit staff was triple the size of the tax staff and this was in a city of about 120,000.

In my experience, the IRS will not issue two EIN numbers to a sole proprietor. So you need to find out if the IRS considers the old number to still be an active number or you can apply for a new number and if the old number is still active, your application will reject. Pick your poison.