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imjulier

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  1. Hey- I am just winding up my practice and have 3 returns to file this year. I see that Drake has a pretty good pay per return option at $300 for 15 returns. Turbo tax seems like it will be about $70/return including state. Does anyone have some other options? ATX is $509 which is crazy. Maybe I will offer to file free returns for a few friends if they pay for the software. Thanks for any input, Julie
  2. I think they are trying to fabricate a loss. Purchased inventory for $150K but it is worth $40K. Sounds fishy to me. Follow rfasset's advice and make them document the loans.
  3. I'm just guessing becasue I'm not at my desk but maybe check that 1099R has a 0 in the taxable box.
  4. Tony- I am a CPA and just closed my practice as of 12/31/14. As such, I looked up the PTIN requirements. You only need the PTIN if you will be compensated for your work. I will be doing a few retruns to wrap up some situations for people this year and will file only family members after that. So, I decided to do the few I do this year not being compensated and did not renew my PTIN. I fully disclosed this to the people whose returns I will do this year and of course they had no problem with it. I stated that I would not be signing it as the paid preparer since they won't be paying me and they said OK. The EFIN is needed to be able to e-file and I will keep that since it costs nothing and doesn't require annual renewal. Like easy tax said, cookies, cakes, smiles, and hugs don't count as compensation. This is how I'm handling it anyway. Julie
  5. Thanks to all for your responses. Confirms what I was thinking but Jack was right, I was over-thinking it.
  6. Hey- Just a quick question. Client will inherit stock from mother that she inherited from her husband when he died. There was estate tax paid at the time. Mother is now below the threshold for estate tax. Does son still get step up in basis for the inherited stock? I think yes but if anyone knows any different, please let me know. Thanks, Julie
  7. I went with Win 8 on a stand-alone desktop. Converted some time in summer 2013 and ran this past tax season on it. No issues. I do about 10 Scorps and about 70 individuals on ATX. Not big, but still, No problems. I was happy. No problems with payroll either but I only do quarterly payroll for single owners of s corps.
  8. I've used "the taxpayer intended to be an S corp but did not understand the requirements for filing. Therefore, the request is being made now."
  9. Yes, 351 election is how you do this. Its not a sale/purchase because its a tax-free transfer of assets....which is not a sale. I'd convert to personal use on the Sch C and put in the S corp at book value. When I did this years ago, it required an explanation be attached to both returns.
  10. Thanks Joan and Max for your responses. As it ends up, I had this backward in my head, no NQ use if it went from personal to rental and the requirements for the exclusion are met. All except depreciation will be excluded. Instructions say to put it on the 4797 so that is what I will do and tweak it so I get the right bottom line. This definitely is not working as it should in ATX but everything can't be perfect. Yeah, one problem down.
  11. Yes, the only way I can see to make this work is just to override and make it manual.
  12. Hey- I wanted all my big issues to be done after tax season but then I find out a client sold a rental (was primarily primary residence) at a considerable gain. So, its been a rental for a year after she lived in it for about 3-4 years (I still have to get the details). I do know she will qualify for the section 121 exclusion except for the non-qualified use during the rental period. I believe I am just asking a "how do you do this in ATX" question. So, calculate gain on form 4797 part 3 as $60K. Sec 121 exclusion on line 2 is -$250K (just like the instructions so far). Passing thru to line 14 of the 1040 the remaining part of the exclusion of -$190K. Can't change the exclusion to be just amount used on line 2 of 4797 or in the detail tab. How do I do that? Do I need 8949 or Sch D? Also, I will have to calculate the gain that can be excluded due to non-qualified use, this appears to be a manual calculation but would I just adjust the -250K in form 4797 as appropriate? So far, I have just done a bulk disposition and marked it as personal residence. Appreciate any help....I know what the bottom line should be, just can't get there in ATX. Thanks, Julie
  13. Hmmm....hope I don't offend anyone but I would take my boobs off each day if I could as well.
  14. Gail- I did the same as Yardley. However, I wish I had attached the explanation as a pdf when I e-filed the retrun but I forgot this option existed. I too am now just waiting to see what the iRS does with it. If I found out about one now, and if the return was already filed for 2013, I'd file the 5329 separately with some explanation and hope for the best. Begging sometimes helps in my experience if there is no good reason.. Be sure to mention that the situation was rectified, the tp doesn't generally have to file a retrun even with the RMD since income is below the filing threshhold, and maybe just say that she is old and therefore can't remember to do everything she is supposed to. Probably not a valid reason but it is at least reasonable. How are old people supposed to remember to do their RMD anyway? I'm pretty sure I will have that same problem some time in the future. Julie
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