All Activity

https://taxschool.illinois.edu/self-study/

OP asked how the fmv of the equipment is accounted for. If he is unable to repo the equipment the defaulted note is treated as bad debt.

Check out the Iowa State Center for Agricultural Law and Taxation https://www.calt.iastate.edu/

Does anyone have any suggestions for self study courses on farming and ranching?

The correct approach is still kinda tenuous since it's not clear whether any of the assets sold have been taken back?

You do not amend the 2021 return. You report it as a separate transaction where a portion of the note was given up in exchange for the equipment. You need to know two things; the FMV of the equipment and the basis of the portion of the note that was wrote off (including any related legal expense...etc). Since the installment method was not used you do not adjust the basis to reflect the gross profit percent. If the FMV is greater than the basis your client will have a gain on disposition of the installment note, which is ordinary income. If the basis of the note wrote off is greater than fmv of the equipment the loss is a bad debt (business) since the entire gain was recognized in the year of sale. The basis of the repossessed equipment is the fmv. The rules are different for real estate. So gain or loss was determined on the liquidation of the S-corp and the note receivable was transferred to the shareholder?

Jose This is not an official ATX website. This is a discussion board for current and former users of ATX. Please contact ATX support Thanks,

I agree with Lee to check for adware or malware. I am frequently signed in to Google, also use Firefox, and I do not have these pop up problems. Here is a setting that you should check in Firefox that may help. In the upper right corner click on the three bars ( the hamburger ) and then choose "Settings." Next, at left, choose "Privacy & Security" and then scroll down until you see the section for "Permissions." There is a check box in the permissions section that you can check to block all pop ups or list exceptions to that absolute blocking. It looks like this:

If you purchase a Win 10 computer, be sure that it is at least 8th Generation. Anything prior to that cannot be safely updated to Win 11. I think they are trying to drive us crazy.

I use Quicken 10 for several clients who do not have payroll. I have the disk and it just works and works without any problems.

I AM INTO THE E SERVICES AND I AM ADDING THE CERTIFIED ACCEPTANCE AGENT APPLICATION SUBMISSION AND THE SYSTEM SENDS AN ERROR MESSAGE WITH MY NAME IT SAYS THAT MY CREDENTIALS ARE NOT VALID.

I use Chrome, Gmail, Contacts and Docs and don't really have any issues. Yes I have occasional popups about other Google apps I don't use, no big deal. The popups that are much more annoying are from MS on my desktop.

I think calling the IRS about one of these notices right now would be an exercise in frustration. Have your clients check to make sure their payments cleared their bank and let the IRS clean up this mess. I see no need to do anything unless a second notice shows up.

I'd check for malware first, because I've never seen anything like that happen. Then download a good uninstaller like Revo and uninstall anything you didn't install and/or don't want. Be careful with removal of folders and registry entries if you aren't comfortable with that. Then remove any extensions in Firefox that you don't need or don't use. Good luck!

I also use Firefox but additionally have AdBlock Plus. You can block just about any thing with it and selectively unblock particular sites always or once. And I never stay signed in to Google anything.

"I have QB Desktop Pro 2003." Sometimes (great) minds think alike. My QB Desktop Pro is 2019 and going strong. I also do not use payroll and no longer update. It still works just fine!

On Screen 1 (General Tab) there are fields for a foreign address.

unfortunately, they will probably have to call the IRS. Client (who I did not have 2848 on) used direct pay on 4/11 received one (CP14). Since it had been 8 weeks, I recommended she call: the number on the notice didn't even work, (800)829-1040 was overwhelmed but she kept trying at 7:00 a.m. and got through. I don't know how this would happen with properly attributed direct pay but at least she had a confirmation number. Those who mail in checks...kind of like Coach Bo Schembechler's comment on the forward pass: Three things can happen and two of them are bad.

Where is the check box for taxpayers abroad? Ive searched and searched. What I have found is Go to 1040, General Info, check box THere isn't a General info tab.........

IRS Announcement dated June 12, 2024: "The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return. Who is affected: Taxpayers who paid electronically or by check with their 2023 tax return, may show their accounts as pending, although the IRS has received and processed payment through their banking institution. The notice may have been initiated before the payment was processed on the account, or the payment may have been processed but contained errors and requires additional handling to address the error before updating the tax account. No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible. Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly by the IRS. Taxpayers who paid only part of the tax reported due on their 2023 return should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives. For affected taxpayers, the IRS apologizes for the inconvenience this delay in processing your payment " I am sure we will have some panic phone calls from our clients.

Joan, Here is a link to Medlin's Accounting Software: https://medlin.com/accounting-software.html He has everything explained along sample reports.

I have QB Desktop Pro 2003. I have the CD (which means I need an external CD ROM drive to load it). When I bought the software, Intuit support gave me the install and registration codes. I kept the license agreement from when I bought it that says I can load it onto every computer I own. I never update it. The software is the same as the day I broke the seal on the case. Before I load it on a new computer, I turn off the internet connection because the first thing the program does is go out and look for updates. I turn off the automatic updates and then turn the internet back on. Since I don't use it for payroll, I have no need to update it. The software is bulletproof so I never need support. I feel like I got one over on Intuit, and it makes me smile... Tom Longview, TX

Sign out of google may do for you. 1.On your device, go to a Google page, like www.google.com. 2.On the top right, select your profile image or initial, or Sign Out. 3.On the menu, choose Sign out or Sign out of all accounts.

Any suggestions as to how to stop Google from taking over my computer? Google assumes I want to subscribe to their products, and nothing can be further from the truth. I want as little to do with Google as I possibly can. But casually doing anything on my PC, I am bombarded by pop-ups from Google wanting me to subscribe to their version of whatever application I am working on. My browser is FireFox and they have even planted on icon on Firefox that I can't get rid of. Most of you are more computer literate than myself. This is partly by choice on my part, and partly my own ignorance. Look forward to suggestions from the group.

Thank you to all. I will discuss with the person in question.