Leaderboard

My research indicates that we are really happy to have you back, too.

This should come as no surprise. After the fiasco of 2012, it was pretty well understood that the 2013 was going to problematic on a network. I stated very often that from what I read and heard and saw, those running ATX 2013 on a stand alone system would have an incredible product to work with; but those on a network were going to have issues. That was my biggest impetus to leaving ATX after the 2012 year. My firm IS network based and I was just not willing to take the risk after the way the 2012 product acted. My research indicates that those problems have been addressed and that is why I came back to ATX this year. I also was a long time user - going back to 1995, I believe.

So we have to think now, instead of depending upon the software to check everything for us. THIS is a REMARKABLE idea!!!

I will check in as I can, assuming we have power tomorrow. If we do lose power, we have a fireplace with a clean flue, a good bit of burnable wood, and ways to heat food as well. We surely would not worry about stuff in the fridge and freezer; in extremis it could be packed in clean trash bins filled with snow. Thank you for all your good wishes; I am sending them myself to friends and family members who live closer to the coast and on Cape Cod.

I feel more like the mine-sweeping unit. *sigh*

Aaaawwwww - now I am blushing.

The yellow to red question was asked: Answer is basically that since IRS allows the submission (e-file) of the return without the check mark, ATX CANNOT enforce it to a red box as red means it cannot be e-filed --- as stated it goes to a "review" state but WILL accept through e-file --- ATX is prevented from enforcing something NOT there - it CAN BE e-filed. Supposedly the "affordability forms" will be added this week (I believe next update is Thursday). This will be along with adding several drop down boxes showing tax payers, etc. (if I understood properly) in the various sections of the two ACA forms. There is also some mention of them adding (automatically when required) the cost of the bronze plan and lowest silver plan where appropriate too.

Just got IRS email with this link. Nice ACA Chart about what to do? Check it out. http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTUwMTI3LjQwODAzMzQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE1MDEyNy40MDgwMzM0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTY1NjQxJmVtYWlsaWQ9Ymo0aW5zdXJhbmNlQGhvdG1haWwuY29tJnVzZXJpZD1iajRpbnN1cmFuY2VAaG90bWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&131&&&http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Health-Care-Law-and-Your-Tax-Return Individuals-and-Families.pdf

Have him bring it up to our place. We live on the south side of a mountain with a west to east wind blowing most of the time and drifting in my driveway pretty regularly. My drive is a about a third of a mile long and winding so he can blow snow in the wind to his hearts content. Our next significant snow is scheduled for Thursday. Glad to hear the good reports. The extra 5" we were suppose to get overnight turned into about 2". I think Thursday is to bring another 3 to 5.

My question might be: How in the world is IRS going to check all this stuff when we have a hard time grasping onto the various situations presented to us. I don't like being the K-9 unit. Just my 2 Cents

Excerpted from a long post on the ATX Board: "Upgraded Server cannot run ATX 2013" . . . . . ...................................................... " The final explanation given by tech support is that the 2013 program was not really developed for a network and just will not run properly on Windows Server 2012r2" I really feel for this longtime user of ATX because he did everything right.

So far here we've got us an ANSI standard winter snowstorm/blizzard. Windy, much stronger gusts, about 20" but hard to tell for sure because of all the blowing and drifting. The wind is scouring the (very small, light, fluffy) flakes off roofs. I did have some fun watching some idiot woman driving despite the travel ban. She got stuck (several times!) in her 2WD car on my poorly plowed, deceptively uphill street. A couple of plow drivers got her unstuck and on her way. Couple of teen boys came by asking if we needed help shoveling (they came by last year too and did an excellent job with some nasty gloppy heavy snow). I sent them to an elderly client around the corner who really needs the help. His children usually come but they can't get here until after the travel ban lifts. Nantucket has 12.000 homes without power. Another 1,000 elsewhere. They're still getting gusts over 70mph out there. Probably no more than 45mph gusts here. The wind is a dull roar. A few plows are going by occasionally. We're just taking it easy. More as appropriate.

It sounds like a withdrawal from his Capital Account; which will not affect the bottom line as long as he didn't withdraw more than he put in originally. I doubt that he used the money to purchase more stock. If he is a 75% owner, it would not be a GP; but just a withdrawal. With Partnerships, you have to remember that Capital Accounts and the bottom line (Profit or Loss) are two totally separate things. The bottom line is what determines the Partners' income or loss. (I, just this morning) transferred $5000 from our personal funds into my husband's Partnership to cover checks that are being written this week. That will increase his Capital Account and have nothing to do with the P/L of the business. When, or if, he withdraws it; it will reduce his CA. (Or, if the Partnership has a loss on the bottom line; that will also decrease his CA)

I had a similar situation and I really think that if you are choosing the option that they are below the filing threshold it puts a checkmark in that box and that's all there is to it. If you are choosing any other exemption you have to fill out the next section were you pull the name and social security number and insert a code for the reason. This stumped me because it felt too easy, but went back and read the instructions and this is what it seems to imply. So here's hoping we did it right!

Copied from the website of the Maryland Society of CPA s: Posted By: Bill Sheridan on January 22, 2015 in Taxation That didn’t take long. Tax season has only just begun, and the MACPA’s federal tax listserv is already lighting up with questions from tax pros. The issue at hand involves the IRS’s tangible property regulations. The final disposition rules for tangible property were issued in August and largely adopted the proposed regulations that were issued in 2013. The IRS also recently issued procedural guidance, but if the listserv is any indication, a ton of questions still remain. The MACPA is working on digging up some answers, possibly in the form of CPE programs and other guidance to address the issue. Stay tuned. In the mean time, here are a few resources that might provide some answers. AICPA resources: Tax treatment of expenditures related to tangible property resources FAQ: Forms 3115 and the new tangible property regulations IRS updates accounting method change procedures IRS Rev. Proc. 2015-13 IRS Rev. Proc. 2015-14 AICPA: Repair regulations’ de minimis safe harbor is set too low Regulations govern dispositions of depreciable property The five actions for IRS tangible property ‘repair’ regulations It’s not too late to save tax via IRS tangible property regs Post By:

Your client sounds EXACTLY like my couple. Hopefully, I can train them on proper bookkeeping since they just started and seem eager to do it right.

thank you

You must not have noticed my sarcasm when I said husband was disappointed. He really did purchase it for me because I asked for it. I don't mind working the snow as long as it's not in the single digits or heavy, wet feet of snow. I'd love to try plowing!

Yeah, but that would have to assume that I WANT to start it. If I get it started I risk having to use it while standing out in the cold. Whereas, I can sit in my warm pickup with the Snow Dog plow on the front and look like I am working just as hard.

"I told him he had to pay the penalty." Hope you pointed out that was the cost of NOT asking you first?

I think this happens to all of us. When a TP makes a stupid mistake (in this case he had to wait less than 15 days), you hope you misread something and you wish that someone will tell you that you are wrong and that's why you post the question. Ironically this person didn't need the money until late November. I told him he had to pay the penalty.

Oh, and I probably need to talk to your husband anyway. Back several years ago when we were living in town, I bought one of those big walk behind snow blowers - 2 stage, self propelled with tracks, brake type steering, electric start - the whole nine yards.........for my WIFE. I had very little interest in messing with it but she would get all bundled up and go out and clean up the whole dang block - both sides of the streets - sidewalks and driveways. The thing was sitting in the garage a couple weeks ago and I was going to use it to clean up in front of the garage (because my wife broke her ankle and had surgery five weeks before) and then I realized that I did not even know how to start it. How cool is that?

You have two choices: 1. Use the import/export function to move the client files from the old computer to the new computer. This is what I have always used and it works pretty smoothly, never had any issues, but it does not transfer each clients efile info. 2. Use the backup/restore function to move the client files from the old computer to the new computer. Have never done it this way other users say it works fine and it brings over more client info. Either way, it doesn't bring over everything ie payer files, several days ago, ATX helped a user bring over all of the other misc files per a post on the ATX Board

We got less than anticipated; although, it'll take a while to get the streets clean. We'd had Code Red robocalls from the state and from Weston leading into the storm, but the call late this morning said all is well but please don't drive until roads get plowed. Our plow guy did plow our driveway during the night, so there aren't very many inches of snow on it and we have an Outback. We did not lose power, but finally have a generator so was not as worried about that. I'd been hearing about Nantucket. Steve has some cousins in several MA towns. One along the MA coast just had his appendix removed so was worried about having to shovel. Haven't seen them post on FaceBook yet to know how he fared. Be kind to your back as you dig your way out.

We were very lucky that the forecast to only have about an inch. ONE inch that's already melted off the driveway. We were between the large part of the storm and the other part to our west. My husband is very disappointed to not use the snowblower in the wind. /s

The military i.d. card is presented to gain access to benefits like Tricare, commissaries and exchanges. You could ask for a copy of that. Jack asked about active military, but for anyone else reading and wondering about veterans, vets that are enrolled in the VA health care program now receive a health insurance card. Those new cards started being issued in Feb 2014.

I concur!

My thoughts and prayers are with you folks as well. I am on the western most edge of this storm and we have had snow continuing most of the day. We have about 3 inches of new snow and the prediction is another 5 overnight and into early tomorrow. But that just is not a big deal here. What you folks in the direct line of fire for this storm need to be concerned about, as you are already aware, is the wind. Please check in when you can so we will know how you are doing. Good luck! And God Speed!

THANKS Catherine, now I am hungry for one of those marshmallow fluff and peanut butter sandwiches --- originated in Maine.

Here is a reference that states basically --- if caregiver is not in business, and a family member, etc. then NO self-employment tax but still compensation must be reported: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Family-Caregivers-and-Self-Employment-Tax . If doing it as a business, it is a business and all taxes are due. The reference Tom makes is I believe to a Medicaid reimbursement for care givers and can be referenced here: http://www.irs.gov/irb/2014-4_IRB/ar06.html . Please note that the original post (I believe) references that the receipentent would NOT be doing the care but would just be managing, etc. so (not being an attorney - my disclosure) my personal opinion is that the "attorney" was "blowing smoke" and a 1099 would be the proper way to go.

You are welcome, and I sent you the explanation as a PM at the same time. Look at the top of the page to see the little red note on the message icon.

OK, now I think my lack of pulling was alright as the option that applies to her is not listed, and I get a red error message if I fill in name and SSN and leave the exemption blank. So I guess we'll see. This is Science, y'all!

I felt like they may not have had enough information from the poster to give the answers they were giving. That being said, they seem to have made a conscious effort to be up on the ACA as it relates to the tax return. I saw something that they were planning to include the affordability worksheets in the software in the next update this week because it is so hard to do this outside the software on the worksheets in the instructions. Crossing my fingers that this is true because the affordability exception seems to be causing the most headaches for preparers on that board. Tom Newark, CA

To all you northeasters

No, I used one of those about 20 years ago and know how they work, and how they have extensive interview features to help the user along. They aren't bad programs and serve many people well, but those aren't the type of clients I currently have, or that I want to market and expand into. I'm also not worried about any of my clients leaving me to self-prepare their own returns. Also, I don't base my pricing on outsiders' costs, whether it be from these self-prep programs or the big box outfits of HRB or JH.

This may not be exactly relative to your situation, but I'll post it anyhow. I once had a client who was selling his business to another company. The lawyer kept telling me it was a non-taxable event because of the way he had it structured. I kept telling him there was no way, but invited him to give me any tax-specific cites he could provide. He sent me a quirkly little article written by another lawyer, but it just tap danced around the tax implications. I finally asked him if he would be interested in preparing the return, which of course he was not. But he kept insisting that this was commonly done, and he knew lots of CPA's & tax preparers who were following his advice. TRAP SPRUNG ! I asked him to provide my client with the names of 2 or 3 tax pros so the client could retain one of them to prepare the return. I told the client I would not follow the attorney's advice and that he should be giving the client a referral. Last I heard, the attorney never followed through and I think the client self-prepared his own return. (I think 7 years have passed, so the fact is he probably got away with it. But in any case it wasn't my problem.)

Another point, most likely not required on your 1065, but I ALWAYS do the balance sheet even if not required. Keeps things cleaner from year to year.

I am a lifetime member of the NRA. Does that get me any points?