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  1. Today
  2. jklcpa

    1120 with payment due keeps getting rejected

    Yes, definitely try that.
  3. JohnH

    Sec 199A QBI deduction and the W-2 income

    Wow. That is comprehensive. Lots of excellent info in there, plus creative writing. (Probably the first time I've ever seen a tax discussion say something to the effect that "If taxable income is greater than $XXX, then you are hosed.") This is definitely a link to be bookmarked, and its clear they plan to update the info. Thanks, Max
  4. Catherine

    4797 - Capital Gains Portion

    Yes. All remaining loss is taken in the year of disposition.
  5. Catherine

    Clergy exempt from SE Tax

    I think one is Korean.
  6. Catherine

    POA CHANGES IN THE WORKS

    It keeps getting harder and harder to advocate for our clients. They are also going to have to extend the response time, if it will take weeks to get a POA on file!
  7. Yesterday
  8. cbslee

    POA CHANGES IN THE WORKS

    The days of faxing in a POA while on the phone with an IRS representative may be coming to an end. "The Internal Revenue Service has not implemented sufficient processes to authenticate the validity of Forms 2848, Power of Attorney and Declaration of Representative, and Forms 8821, Taxpayer Information Authorization, the Treasury Inspector General for Tax Administration said in a report released Aug. 30. The forms are used to designate powers of attorney or representatives on behalf of taxpayers, TIGTA said. “Tax examiner reviews of these forms do not include steps to verify that the legitimate taxpayer submitted or signed the form to authorize access to his or her tax information,” the report said. TIGTA, which provides independent oversight of IRS activities, made seven recommendations, including that the IRS develop a confirmation letter program to ensure that taxpayers authorized third-party access. The IRS agreed with six recommendations and partially agreed with a recommendation to correspond with representatives and designees assigned multiple centralized authorization file number."
  9. Richcpaman

    Vehicle Donation of $5k+

    So, If a Donor says this $5,000 can only be used to buy food for the hungry... The donor doesn't get a deduction? I do not think that is how it works. There are ALL sorts of donor restrictions placed on contributions. I have had major donors ask for their money back when the organization decided NOT to pursue what the donation was for... We want to do project X, we need $100k to do it, but we only raise $35k, so they do not pursue the project, so they have to return the money. Donor restrictions do not preclude a donation deduction. "Some" donor restrictions CAN limit deductibility. That is not the case here. The client donated a car to a charity that needed some repair work. They paid for the repair work. I like Pacun's suggestion to have written a check to the NPOrg for the amount of the repairs. The NPOrg, if using the vehicle for its charitable purposes, (whatever they are), then a 1098-C is not required to be issued. The 1098-C is issued by the NPOrg when they receive a vehicle and then sell it and use the proceeds to fund what they are doing. So, the client could have donated a delivery Van to a NPOrg that delivers food to the hungry. Rich
  10. Edsel

    4797 - Capital Gains Portion

    Thanks Max & Gail. Gail, you're correct, there is depreciation, and it affects 4797 income, but does not affect LTCG. Max, I think you're telling me that the $5K loss will be allowed on Sch E, and thus will not have to be added to basis.
  11. Lion EA

    Clergy exempt from SE Tax

    Print Pub 517 and highlight the relevant paragraphs for him to read.
  12. Medlin Software

    2019 W - 4 DELAYED

    Projecting the calculation algorithms to comply with the proposed changes (as well as allowing the existing form) took no more than a few minutes for me. What took longer was making space, and making readable, the proposed new parameters on pay stubs. The real push back (I suspect) is caused by the lazy you know what states and tax agencies, who continue to use federal withholding for any part of their own revenue stream calculations. Employees, under the proposed changes, can do nothing and continue to use any existing w4 they have in place (2018, 2015, etc.) Any new W4 would have to be the current year (as always). Employers will be encouraged to get new forms, but do not have to. Any media report of complication for software developers is simply untrue.
  13. schirallicpa

    1120 with payment due keeps getting rejected

    hmmmm - so should I put the day that I am transmitting? I had had it on the sept 15th when I transmitted on 13th and 14th and I was rejected with the same error on both of those tries.
  14. jklcpa

    1120 with payment due keeps getting rejected

    I, too, think this is the problem. I was getting a similar error check message from Drake's program on an individual return where I'd entered a payment withdrawal date a few days after the filing date so there was no actual reject, but the issue sounds the same and the program would not allow the e-flie creation. The only date acceptable was the same date as e-file submission.
  15. Tax Prep by Deb

    1120 with payment due keeps getting rejected

    Sounds like the problem is you are trying to push the payment date out beyond the day submitted. From what I am seeing because it is past the original due date it will have to be paid at the same time they receive the return.
  16. TaxmannEA

    Clergy exempt from SE Tax

    This guy is from Tibet. Fortunately he reads English reasonably well, but he has trouble when you explain something verbally. He's a great guy, but when we converse it's like we're speaking different dialects. Than God he has a good sense of humor!
  17. schirallicpa

    TP receives ins > cost basis. Gain? Or can he use on imprvs

    But do gains on sales of properties count for TCJA. Otherwise he has a loss on schedule E
  18. schirallicpa

    TP receives ins > cost basis. Gain? Or can he use on imprvs

    Sorry - I just assume everyone is still in 2017 like me. Heck - I'm still in 2016 sometimes! This is 2017
  19. Form 7004 was filed. It is a regular calander year C corp with payment due. Have set up bank info for direct debit. Have debit date set at 9-30-18. Have checked that there are not dates in the fiscal date area at top of first page. Have removed the 7004 and tried again. Have deleted and re-entered info on the efile form. I'm not sure exactly what the error means unless it is just not taking money with a return filed after original due date. Have not tried to efile with paper check option. This is a corp that always goes on extension, and I have never had any problems with in the past. Please advise. Reject Error Report Error Title and Description Number FPYMT-096 Federal 1120 If the timestamp (in the GTX key or Response to Send Submissions Request) is after the due date ofh te return (three and one half months after the 'TaxPeriodEndDt' in the Return Header if the month in the 'TaxPeriodEndDt' does not equal June), then the 'RequestedPaymentDt' in the "IRS Payment" [IRS Paynmt]e must not be later than the date the return was received and must not be prior to five days before th e date the return was received by the IRS.
  20. You didn't say whether this happened in 2017 or 2018? It matters because of the TCJA.
  21. TP has Sch E rental house that he paid peanuts for ($16000) but has a decent value and insurance gave him $50000 after a fire. Then he sold it as it stood for $10000. But he has other houses that he rents. Is he having to report all gain on the insurance proceeds or can he invest in his similar business assets?
  22. Lion EA

    Clergy exempt from SE Tax

    When I chose Language from the IRS.gov menu, I was offered information in five languages besides English: Espanol, two with symbols that might be Japanese and Chinese, Russian (I know the cyrillic alphabet), and Tieng Viet with a lot of pronunciation symbols above and below the letters. I know preparers who use a translation app on their phones, but I haven't tried that for specialized vocabulary such as taxes.
  23. Max W

    Sec 199A QBI deduction and the W-2 income

    Here is a much more comprehensive web site. https://www.watsoncpagroup.com/section-199a-deduction/
  24. Randall

    Dell Computers - Good Bad or Indiferent

    Yes. I bought from HP but when I custom my purchase on line, I then call and talk to a person to walk me thru it.
  25. Randall

    Clergy exempt from SE Tax

  26. Gail in Virginia

    4797 - Capital Gains Portion

    Can I answer E? There should be some depreciation.....
  27. Max W

    4797 - Capital Gains Portion

    Is this a question from the EA exam? Answer -C. The $5K goes to Sch E.
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