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Showing content with the highest reputation since 08/19/2019 in all areas

  1. 6 points
    I was looking for a financial series I had written for my church a few years back and could not find it on my current computer (Win 10). So I pulled my Win 7 machine out of storage and hooked it up. Nope, not there either. So I pulled out my really old Win XP machine. Shocked that it fired right up (but it took a while - gotta love that new SSD in my current computer). It was amazing that I could plug in my Logitech wireless keyboard and mouse and they worked perfectly with XP. I remember I never wanted to leave that operating system and only did so when there was no other choice. Found what I was looking for, but it was different to see that old operating system. And no, I did not connect it to the internet while I was on it. I have no idea if there are any boogey men out there just waiting for an XP machine to connect to the interweb thingy and steal all my old data, but I was not taking a chance. Tom Modesto, CA
  2. 6 points
  3. 6 points
    I think a little poetic license is in order here. Especially since "K" doesn't always relate to dollars. Maybe it should be called a "clickometer". But without seeing it written, even that can be a problem for anyone who served in the military. After all, a "klickometer" would essentially be the same thing as an odometer. In any event, we've all come a long way together with this forum, metaphorically and practically speaking.
  4. 5 points
    Usually an S Corp would not be desirable in this situation, because down the road if any of the properties need to distributed back out to any of the partners, departing or otherwise the properties have to come out at FMV which could trigger unwanted taxable income. You don't mention, "What is the rationale for these partners to combine together ?" The combining of partners and LLCs into one umbrella organization seems to me to be overly complicated both for both accounting and tax purposes. Inevitably, with this many individuals involved, one or more partners will need to leave whether because of death, financial problems, disagreements etc.. Getting this many individuals headed in the same direction would be like herding cats or watching a train wreck !
  5. 5 points
    Very much miss KC's contributions. Does anyone have an update on her?
  6. 5 points
    Very true. However, I got a different company's card to replace BoA - and having too many cards also affects your score! I do not carry balances, and I don't actually charge all that much, so my "percent of credit used" is pretty low. Well, maybe Christmas is an exception. Some of the purchases for Gwen's wedding next month, too, for that matter. After the wedding I'll post some pictures! And if any like gory pictures, I can post during-and-after pictures of the ripping apart and re-building of my dress - required since it was perfect but did not come in a petite. It was 7" too long, plus the shoulders were too long as well. Gorgeous dress, and I have some dramatic photos of it in several pieces out on a sewing table.
  7. 4 points
    UPDATE. I think I have it all in place, now. I'll sleep on it and proofread tomorrow. I did have the 1250 gain flowing correctly. It flowed from the K-1 to a "statement" that is numbered sequentially depending on what's on each return, but is clearly labeled as Schedule D Unrecaptured Section 1250 Gain. The number I was afraid I was missing is indeed on Line 5. It gets reduced by a small loss, so by the time it shows up on Schedule D Line 19, it's a lower number than I was looking for. And, I was shaky enough on the flow to really doubt myself, so I really benefited from the detailed explanations you provided. I know I'd probably make some refinements if I had the corporate tax returns, but I think the wife won't deal with that firm any more. (I did find a revision on the redone CT corporate return that changed the taxpayer's PE payment for their joint CT return from what the CPA had on the original CT-K1.) I did track ALL the K-1s from the father's gift/father's basis to the dissolution of the company. Thank you, thank you, thank you.
  8. 3 points
    The instructions make it sound like you don't have to complete the withdrawal, before you file the return. The IRS can waive part or all of this tax if you can show that any shortfall in the amount of distributions was due to reasonable error and you are taking reasonable steps to remedy the shortfall. If you believe you qualify for this relief, attach a statement of explanation and file Form 5329
  9. 3 points
    Evan, in June 2019, I had a client to FINALLY take withdrawals to cover RMDs for 2017 and 2018. (They blamed the custodian, but come on, I told you two years running you had to take RMDs, the custodian probably gave you paperwork you didn't read, etc.) I completed Part IX of 2018 Form 5329 and attached a statement to it when he made the withdrawals in June 2019 (the due dates for both RMDs were in 2018: 4/01/18 and 12/31/18), and he mailed the Form 5329 by itself. I don't know the answer to your question, but I'd go on about my business and complete the 2018 Form 1040 and deal with the waiver request when the RMD withdrawal occurs.
  10. 3 points
    (Baby to family) "Did none of you people notice what this dog was licking before he started on my face? !!"
  11. 3 points
    Actually, for total # of posts since the beginning the leader is KC Jenkins with 8,353 posts, Jack is second, and Catherine is in third place: https://www.atxcommunity.com/topmembers/?filter=forums_Topic_Post
  12. 3 points
    I've heard that Microsoft was making it hard to download Chrome and other browsers. Can you download the installer on another computer, put it on a flash drive and install it that way? 10Mbs a huge upgrade? We should be ashamed that we haven't wired the whole country by now with high speed internet. It's as important as electricity for a business.
  13. 2 points
    i called them they gave me a 50% discount to stay.
  14. 2 points
    https://www.asimplertime.com/Accountant-Wood-Profession-Sign-with-Optional-Personalization/-1883111972707150096/Product
  15. 2 points
    The person who is already a partner may be comfortable with some sort of reworking. A potential new partner might not be comfortable without investigating current status. (Nothing is free...) So personally, I would setup a new entity, with the new partners, even if there has to be a slight variation on the "legal" name. My experience comes from resurrecting a long ignored social club (started in the early 1900's). I became involved in the 80's, and would not be part of the board until there was a revived corp (MC club, putting on events, substantial liability). Attorney said it was crazy to revive - even if complete books and documents were avaailable - and instead, started new, with a very slight change in the corp name.
  16. 2 points
    Actually my decision making process in a gray area like this is based on: 1. Discussing the issues/risks with my client. 2. Evaluating my client's level of risk taking or risk aversion. 3. Asking myself whether this is a "red flag" potential audit triggering issue. In 27 years, I have only undergone 3 audits, all over 20 years ago. One was for representation work on a return for a commission salesman prepared by H & R Block. One was limited scope, only involving whether my client had basis to deduct his large S Corp losses. The third was an audit of bank account deposits looking for unreported income. The auditor did find several deposits of totaling $ 3,000 or $4,000 from the sale of used equipment that my client didn't tell me about. To my surprise, the auditor closed the audit without assessing my client any additional tax ??? I will admit to being too lax in several areas. This year as I am easing into semi-retirement I have been tightening up on my client's compliance in those areas.
  17. 2 points
    This topic usually ends with someone being 100% sure everyone else is wrong.
  18. 2 points
    The input in Drake is based more on the forms that we get from clients, than on the tax form format. So you'll get a W2 screen that looks like the W2s we get. Ditto for 1099-MISCs and 1098s, interest and dividends, can even consolidated forms. There is a Drake Tax Basics free webinar next week (after t he entities deadline) where they will go into all that - why don't you take a peek then? Drake Tax Basics (Webcast) - September 17, 2019 - 1:00 PM - 5:00 PM Eastern. This 4-hour online webcast introduces the basics of Drake Tax. Learn to install and set up Drake Tax, navigate data entry, prepare and e-file tax returns, use tools such as the Tax Planner, Client Status Manager, Update Manager, and more. Chat with Drake reps and earn up to 4 hours of CPE for attending. Click here to register. (the "here" is this link: https://training.drakesoftware.com/classroom-training/trainingclasses/?type=1&format=2 )
  19. 2 points
    I would do the work around you suggested, entering the amount on Schedule C and then deducting it with an explanation on p. 2. Yes, of course, your client can ask the issuer to amend the 1099-K, and that would have been a really great thing to do seven months ago. I would do what is expedient for me, and call it a day, as my friend Abby says. Some would say just don't address it on the personal return, let the client get the letter, have a light stroke, (or get mad at you - they do that) and then charge client to explain to IRS what happened. I really can't charge enough to like fixing these things, and the "fix" is going to be saying exactly what you're saying now. Additionally, three weeks after you respond to the letter, the client is going to trot back in there with the letter that says, "We got [one of these six things] from you, and we need two months to let it lay around but we'll get back to you. That's your fault, too. /s
  20. 2 points
    The virtual receptionist companies use real people. They're just not at my client's site.
  21. 2 points
    https://www.forbes.com/sites/peterjreilly/2019/08/23/what-happens-when-you-are-a-full-year-resident-of-more-than-one-state/#2f83b52b399c
  22. 2 points
    But then most states will give at least some credit for tax paid - on the same income - to another state. Who gets precedence is a whole 'nother can of worms!
  23. 2 points
    I'm an EA, not a CPA. When I do bookkeeping for entity clients, I keep the books on the tax basis. Then, when preparing the tax returns, I have NO book-to-tax differences. I can't help you. And, the only things I want to learn about GAAP is when it might be required for a client, when it might come into play when preparing tax returns, if ever. I do think you need an accounting forum. If enough accountants are here and keep GAAP books for their clients, perhaps you could request a separate forum here. But, in the meantime, do look for a GAAP forum under CPA-specific sites, maybe AICPA.
  24. 2 points
    We are gaining a lot of circular momentum here, approaching Warp 1.
  25. 2 points
    Often these phone encounters are followed by a message: "Please take a survey to tell us of your customer service experience today." Customers are often furious, but these corporate giants use these surveys to chew out the poor reps that were on the phone. These guys(girls) are usually not the problem, and spend their time having to defend idiotic policy decisions made by people far above their heads.
  26. 2 points
    I won't go into the details, but I had similar experience recently with a B of A credit card in regards to setting up automatic payments. On the face of it their credit card website looks very professional etc, but when you go down to the next level I was going around in circles. Tried to get help from a real person on the phone, they emailed instructions telling me to do the same thing which had already not worked. I am in the process of closing this credit card and will never do business with B of A again. It's a tossup as who is the worst B of A or Wells Fargo !
  27. 2 points
    I believe it is standard in all 50 states that only CPAs can issue audit and review financial statements, and in general, non-CPAs are limited to only compilations or products that don't rise to the level of a financial statement. Edsel needs to check his home state of TN's regulations, and KY's if he is physically conducting business there.
  28. 2 points
    Did the Kentucky bank specify as to what level of service the financial statements should be? Compilation, Review, Audit? In my state NY, only CPAs can prepare Compilations. And even then, not every CPA can prepare Reviews or Audits unless they meet state mandated requirements of 1,000 hours of auditing experience a year and undergo a mandatory peer review program.
  29. 1 point
    The only trust eligible for the exclusion is a grantor trust. see reg 1.121-1(c)(3)(i) I believe it would have been allowed under a provision of the EGTRRA of 2001, but that was subject to sunset.
  30. 1 point
    If he meets the qualifications (small enough employer), then there is an up to 50% credit on the fee for the first three years. Info here: Retirement plan startup cost credit - IRS
  31. 1 point
    1. You have condensed the details to the point that it's unclear as to what the actual situation is ? 2. Who did the bank loan the money to ?
  32. 1 point
    Well, I like it, but...would the style lead a customer to expect maybe a 19th century saloon inside? Maybe okay though since lots of my office equipment is from that era (but I did junk the Comptometer - wasn't twain-compliant). Very catchy layout. Unsure whether or not to tout "college-educated" (went to a cow college here-not a sprig of ivy anywhere). But overall it's tasteful, price is right, and it carries a little sense of pleasant adventure (unusual for our profession). Nice find.
  33. 1 point
    Looks nice! Do they have one for EA's?
  34. 1 point
    You can't be that tired because you are correct, calendar year trusts are due 9/30, 5 1/2 months after original due date.
  35. 1 point
    You don't know what could be attached to that LLC, even if inaccurate, especially with missing partners. Person A can ask his colleague to dissolve it with the state -- if in your state that would free up the name. Then Person A can form a brand new LLC, choosing the now open name.
  36. 1 point
    I think all the guys' answers above (maybe yes, maybe no) are right on the mark. There's no bright line and mostly it's a matter of luck whether IRS reels him in (chances are good you'll be okay with a "D" nowadays). It's better to let the client decide (unless you can't count the houses on one hand) and get them to sign off on it. One thing I'm pretty sure of -- after you advise SE would be due, the majority will maintain those flips were incidental and no business was involved.
  37. 1 point
    One of the reasons I left and went to Drake. Also what was once included in the price of the package is now being pieced out (payroll module) and I think what really nailed it for me was the last time I renewed I was given a very special gift, the previous years books for which I threw away because I had already received them when I renewed the previous year. I was once a fan and defended the company, but I am so glad I left and went with Drake. I know exactly what to expect to pay from year to year.
  38. 1 point
    If you're not functioning as a CPA - then why pose the question(s) about GAAP?
  39. 1 point
    https://www.fiskeco.com/executors-can-be-personally-liable-for-unpaid-estate-taxes/ Failure to file can earn penalties from the IRS that the executor is personally liable.
  40. 1 point
    I think we're looking at two different windows. I'm on W10. Explorer. Right click on file c or e. Menu pops up. Last item on menu says 'Properties'. Click on Properties. Under General tab.
  41. 1 point
    I fully agree with bbstacker. If the mother held a retained life estate, or one was implied because she continued to live there, pay the bills, insurance, taxes, etc., the heir gets full step-up basis.
  42. 1 point
    In what state is the boat registered? If it is IL, that is your answer.
  43. 1 point
    I have an encrypted PDF of all my credit cards (front and back for phone numbers), passport, drivers license, insurance forms and so forth - it's saved in my email. If traveling I know I can get a copy of everything. You can order replacement debit or credit cards right off the BofA website. Why would anyone call? That's like mailing a letter.
  44. 1 point
    Thanks, that clears it up for me.
  45. 1 point
    I've installed an update that had become available while I was away on vacation. Also did some database cleanup. Between that and marking everything read, hopefully the issue goes away!
  46. 1 point
    I, too, got that message (didn't note the error code, though). But, I did get back to the forums without them being black/unread. Also, it was about the time a thread was moved to another forum. I don't think it's recurred. But, I do remember it also in the distant past, at least once. Yours is recurring now, right?
  47. 1 point
  48. 1 point
    ATX sells an add-on for this called PaperlessPlus, but I've always been happy scanning/printing PDFs to client folders, since 2003.
  49. 1 point
    I don't use ATX any more, so I can't speak as to whether there is anything out there that integrates. I have tried a couple of file cabinet softwares over the years. Arkworks went out of business, or got bought out (I don't remember which) so I tried eFile cabinet next. I liked some of the features of the program but as they updated and improved the program I liked it lest and had more problems with it that I just never seemed to find the time to resolve. So i have gone to using the storage space on the server and just organizing files in a windows tree. Not ideal, but at least i don't have to worry about my data being held hostage if I change my subscription.
  50. 0 points
    It surprises me to know that I ever did... Unlike CBSLee, your responses have never contained anything to bring helpful discussion, only consternation or belligerence.
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