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I can not remember the year that I did not increase fees. Akin to that - there has never been a year that my costs of doing business have not increased. The trick sometimes, has been making sure the increased fees surpassed the increased costs. How else could I get the raise that I so justly deserve every year? I have no interest in earning the same amount of money every year - or even two years in a row. If it came to that, I would close the doors on this practice.

They will be increasing but I have not determined how much. Office rent is up, utilities are up, CPE prices are up, supplies are up.... if prices don't go up I will be making even less than I do now which is already less than it should be.

Just had to write a letter of explanation to IRS because my 87 year old client received a 1099 from Wells Fargo. This was as a result of class action lawsuit against WF for excessive charges of mortgage interest. They really laid this elderly lady away. Had to straighten out that mess in 2013 and get the money back for her. It was her own money. Now the IRS wants her to pay tax on all of it. We had already claimed the amount she had claimed on Sch A in prior years. Somebody is trying to drive me nuts.

Seems to me, they usually 'accept' the ones in their favor, i.e. more tax owed, and reject the ones in the taxpayer's favor.

The part that gets me is the IRS will take as gospel the reporting of a third party. Those same third parties will get a deficiency notice if a different third party erroneously reports income about them. So the IRS will take the same company's reporting as gospel in one case and totally disregard their reporting on their tax return and books at the same time. Just Crazy. Tom Newark, CA

COPIED FROM ACCOUNTING TODAY: Changes Coming to W-2, 1099 and 1095 Forms The Internal Revenue Service is making yearly adjustments to W-2 and 1099 forms, while adding brand new 1095 forms related to the Affordable Care Act to the list of required forms for filers this year. Greatland Corporation, a provider of W-2 and 1099 products for businesses, has compiled a list of what businesses need to be aware of when filing this year. 2015 Affordable Care Act Forms Required for 2015 Reporting Under the ACA, or Obamacare, all providers of health care, including employers that provide self-insured coverage, must file returns with the IRS that include information about the coverage and each covered individual. Employers should report this information on Forms 1095-B or 1095-C, depending on the size of the employer. Providing 1095 forms became mandatory starting in the 2015 tax year and filers must send the forms not only to their eligible recipients but also to the IRS in order to remain in compliance with ACA reporting requirements. Filers with 250 or more forms must file them electronically. Incorrect filings will not be penalized for calendar year 2015 filing (reported in 2016) if employers/insurers file on time and make a good faith effort to comply. Below is a summary of each new form related to the Affordable Care Act: • Form 1095-B—Health Coverage Insurers and self-insured employers that provide health plans are required to report data on all covered individuals. • Form 1094-B—Transmittal of Health Coverage Information Returns Form 1094-B is the transmittal for Form 1095-B. • Form 1095-C—Employer-Provided Health Insurance Offer and Coverage Employers with 50 or more full-time employees (including full-time equivalent employees) are required to report (whether or not they offered coverage to their employees) by providing each full-time employee with Form 1095-C. This form requires information such as whether the employee was offered coverage, for which months, and the employee's share of the lowest-cost monthly premium for self-only minimum value coverage. A large employer with a self-insured plan will only be required to submit Form 1095-C, as the information on Form 1095-B can be included on Form 1095-C. • Form 1094-C—Transmittal of Employer-Provided Health Insurance offer and Coverage Information Returns 2015 W-2 Form Changes Medicaid Waiver Payments Certain Medicaid waiver payments are excludable from income for federal income tax purposes. See Notice 2014-7 for additional information. Third-party Sick Pay Recap Reporting For wages paid in 2015, Form 8922, Third-Party Sick Pay Recap, will be used to report total third-party sick pay wages paid to employees when liability for the employer and the employee portions of Federal Insurance Contributions Act (FICA) taxes on the wages is split between the employer for whom services are normally rendered and the third-party payer. Form 8922 replaces the Third-Party Sick Pay Recap Form W-2 and W-3. Form 8922 is filed with the IRS rather than the SSA. Virtual Currency The fair market value of virtual currency (such as Bitcoin) paid as wages is subject to federal income tax withholding, FICA tax and Federal Unemployment Tax Act (FUTA) tax and must be reported on Form W-2. 1099 and Related Form Changes 1096 - Compilation sheet that shows the totals of the information returns that you are physically mailing to the IRS. The check box for Form 1099-H was removed from line 6, while a check box for Form 1098-Q was added to line 6. The spacing for all check boxes on line 6 was expanded. The amounts reported in Box 13 of Form 1099-INT should now be included in box 5 of Form 1096 when filing Form 1099-INT to the IRS. 1098-C – This form is for contributions of motor vehicles, boats, and airplanes. A donee organization must file a separate Form 1098-C with the IRS for each contribution of a qualified vehicle that has a claimed value of more than $500. All filers of this form may truncate a donor’s identification number (social security number, individual taxpayer identification number, adoption taxpayer identification number, or employer identification number), on written acknowledgements. Truncation is not allowed, however, on any documents the filer files with the IRS. 1099-B – This form is issued by a broker or barter exchange that summarizes the proceeds of transactions. For a sale of debt instrument that is a wash sale and has accrued market discount, enter code “W” in box 1f and the amount of the wash sale loss disallowed in box 1g. 1099-DIV – This form is issued to those who have received dividends from stocks. A new check box was added to this form to identify a foreign financial institution filing this form to satisfy its chapter 4 reporting requirement. 1099-INT – This form is used to report interest income from banks and other financial institutions. Box 13 was added to report bond premium on tax-exempt bonds. All later boxes were renumbered. A new check box was added to this form to identify a foreign financial institution filing this form to satisfy its chapter 4 reporting requirement. 1099-K – This form is given to those merchants accepting payment card transactions. Completion of box 1b (Card Not Present transactions) is now mandatory for 2015. 1099-MISC – This form reports the total paid during the year to a single person or entity for services provided. Certain Medicaid waiver payments may be excludable from the income as difficulty of care payments. A new check box was added to this form to identify a foreign financial institution filing this form to satisfy its chapter 4 reporting requirement. Important Dates to Remember • Feb. 1, 2016 – due date to mail recipient copies for W-2, 1099, & 1095 • Feb. 29, 2016 – due date to send paper format of 1099 & 1095 Federal (IRS) filing • Feb. 29, 2016 – due date to send paper format of W-2 Federal (SSA) filing or • March 31, 2016 – due date to send e-file format of W-2, 1099 and 1095 Federal (SSA/IRS) filing • Form 1095 does not need to be filed at the state level

My SEHI increased by almost $1500 this year, my tax prep fees jumped, too. I always increase my prices. Always.

The Wife Song https://youtu.be/XpFD-kgQxnI

Hey, lets be reasonable. If we password protect it, it's probably as safe as mailing the client a paper copy is. They can be stolen too. Odds are, unless your client is extremely rich or famous, the chances of their pdf being hacked are not likely. Yes, it's possible, but it involves the hacker first getting access to the pdf file. Not likely for ordinary folk, unless it's an inside job. And WE should not have to feel responsible for that.

Thanks - I think....

I got it to work! Thanks for your patience, I truly appreciated it.

Also, it's limit at the entity level, so the partnership would need to show a profit to begin with. On another note, what happened to the assets? Were they junked, sold or distributed to the partners?

That link will probably open in view mode. The file is attached to this message. 2014 Blank Organizer-Fillable.pdf

No, if they sold the asset in the same year they bought it, there is no Sec 179 deduction. While the code does not specify this, it does specify that Sec 179 deduction is recaptured in the year the usage has dropped below 50%. Usage is below 50% if sold. So if you took it you would then have to recapture it, zeroing it out.

There's always double taxation with selling a C corp structured as an asset sale when there are distributions paid out to the stockholders, no matter whether those distributions represent liquidating distributions, return of capital, or ordinary dividends, unless the amount distributed is so small that it doesn't even cover the stockholder's basis. The label that is put on it will only affect where it is reported and the rate at which those are taxed on the stockholders' personal returns. It sounds like David will find out soon enough whether or not there is any remaining NOL worth keeping the corporation alive. There are risks to keeping the corporation alive, and those are future claims by creditors or other parties that may file claims against the corporation. Besides a purchaser getting a step-up in basis in an asset sale, this is another reason why the buyers favor sales structured as asset sales over simply purchasing the stock.

That's creative. You need to go through that holding account piece by piece and look at all of the entries. An account to be written off wouldn't go to a holding account or against goodwill, it would be written off against where it would ordinarily be written off to. Example, ppd insurance would be written off against insurance expense. BOY accrued payroll that hadn't been reversed would be credited against payroll expense. Accounts receivable that are uncollectible and that weren't sold would be written off as a bad debt. Handle these like you would at any other time, not against anything to do with the sale. Separating the assets into their various asset classes (as used on the form 8594) is basically the residual method of valuing the various components of a sale of this type. Values are negotiated between the buyer and seller moving down through the classes one by one, and anything left over and unassigned is thrown into goodwill. That's not something you or the bookkeeper comes up with. Unless there is goodwill on the books of this company, the goodwill that is assigned in this sales contract will be 100% profit from that component of the sale, taxed as ordinary income with no cost basis against it.

I meant doc to mean document not a Word doc. Sorry about that. I am asking about a fillable .pdf document.

Then you are ahead of me. At this point, I don't even bother to ask as I have easier ways to waste my time.

Absolutely deductible. Just like you taking a class on trusts would be.