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Showing content with the highest reputation on 12/21/2018 in all areas

  1. You can make a Section 643(g) election to do this, but there are a lot of restrictions. See the instructions for Form 1041. But why would you want to do this? The estate is not responsible for the beneficiaries' paying their taxes. Further, you have no idea what each B's tax bracket is so you might pay in way too much or way too little. Let them handle it.
    3 points
  2. ATX will calculate the correct depreciation for the year when you choose standard mileage. And, unless they need a huge 179/depreciation expense in 18, I would choose mileage to keep the option open to switch to actual later on. If you use actual in the first year, you must use actual forever for that vehicle. And if you do use standard mileage the first year, you must use SL depreciation in years you switch to actual. Eventually, this chart will be updated with the 2018 depreciation portion of the standard mileage rate: https://www.irs.gov/publications/p463#en_US_2017_publink1000298667
    3 points
  3. After 20 years with ATX, I switched to Drake last tax season. However I continued to use the Payroll Compliance program this year, since it has always performed well for me with minimal problems. Now I am switching over to new Drake Accounting program for payroll compliance filing because: 1. July 1st, 2018 Oregon's "Statewide Transit Tax Withholding" went into effect, which requires the quarterly filing of 3 new forms, OR-STT-1, OR_STT-2 & OR-STT-V. The 3rd quarter forms were due October 31st. ATX created the forms, but they are still not approved for filing. Called support, but they were not aware any effort to get the forms approved. 2. I filed a Form 4419 with the IRS which was returned because the ATX version was not the current version. Just checked, the current version of this form is still not available from ATX. So, now I am severing my last connection to ATX. Used to be a great organization and a great program. Now, not so much. C'est la vie
    2 points
  4. Thank you. Paper file it is. He owes money to both so will save some interest.
    1 point
  5. I've been getting that solicitation for at least 3 years. Saw a company on Facebook advertising that they were looking for EAs and CPAs to do expat tax returns and some offer in compromise work from home. They wanted only full-time type workers and they paid you a portion of what they collected (something like 30%). It was a good hourly rate that they "predicted".
    1 point
  6. I have two fairly complex returns that I gave the options to the clients. Both ended up wanting to wait to e-file. I agree, because I don't want some part-timer doing the data entry with potential errors after I've already proofread the returns. Even scanning is not error proof. They both owe, but want to pay the extra month's interest to have an accurate return and the acknowledgment (one client works in Singapore, other is very elderly and frail).
    1 point
  7. Yes, paper filings are still being accepted. It's only e-file that is shut down for retooling.
    1 point
  8. Virginia insists that you are a domiciliary resident of Virginia until you change your residence to another state as a rule. If you are living overseas and you left from Virginia, you are still Virginia resident if you are filing a federal tax return. There are a few exceptions, but if you ever filed in Virginia, and are still using a Virginia address, Virginia is going to try to collect state tax if you reach the filing threshold with your federal income.
    1 point
  9. See IR 2017-204 See Notice 2018-3 See Rev Proc 2010-51
    1 point
  10. I've never had a QCD not done correctly by the trustee. For me the biggest problem is ensuring the client doesn't include, and we don't deduct, the charitable contribution. That is WAY to easy to do.
    1 point
  11. I found this script many years ago and use it many times a day to unmask passwords, security question answers, PINs, Social Security numbers, etc. on many websites. It really makes life easier. Some secure sites are able to block it from working sometimes, but it works on a surprising number of sites, including irs.gov. The script is attached for your download, but I was not able to drag/drop into the latest version of Firefox. I haven't tried it in Chrome. So I'm just editing the script as a text file and copying/pasting into the bookmark. The text is: javascript:var%20els%20=%20document.getElementsByTagName('input');%20for(var%20x=0;%20x<els.length;%20x++){%20if(els[x].type.toLowerCase()%20==%20'password'%20){%20var%20test%20=%20els[x].type%20=%20'text';}} Please don't ask me what it all means. I did not write this. You could save the script in a txt file instead of a js file so you don't have to right-click, and choose edit to open. The instructions for installing it to FF are: Add a new bookmark to the bookmarks toolbar. Copy and paste the text into the url field and enter unmask for the name (or whatever you want it to be called). IE has an unmask eyeball for most or perhaps all masked fields, but it's temporary, and sometimes disappears. This script is persistent, while you're on the page. In IE I had to favorite a random site and then edit (using properties) the favorite to paste the text into the url field and rename it. Happy unmasking! Unmask.js
    1 point
  12. Also, tell the WF rep to check with WF tax department or higher ups. Get it right before the checks are issued.
    1 point
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