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Yes, I signed up yesterday. As I have posted before, a few of their webinars are good, a few of their webinars are terrible. I have taken a number of their webinars and a scale of 1 to 10, I would rate most of their webinars about a 5, but hey they're free. They can be annoying because they spend too much time on administrative stuff.

Thanks all! I forgot about this community; I have been with ATX since 2006, I sure have missed a lot.

Terry, your client ending up with the home and ex with the mortgage may have all been part of the divorce settlement. If that is the case, sec 1041 says that a transfer “incident to a divorce” is one that occurs within one year of the divorce and not more than six years from the divorce. Existing basis would shift to the person ultimately holding the property, and because your client owns 100% of the home, then she would report 100% of the sale, basis, and gain. She would also be entitled to the full $250K exclusion if she meets all of the requirements in sec 121.

I generally inform the client that they have a reporting requirement and offer to prepare the 1099s for them (for a fee, of course). If they decline my offer, then we have the discussion about deductibility and audits and losing audits and paying taxes and paying penalties and paying interest and possibly finding someone else to prepare their returns. I like to educate, and it is not my job to disallow deductions - that happens at audit by the IRS or the tax court. If it is a one off oversight, then we do what we can to make the return correct for filing. Tom Longview, TX

The fact that 1099s aren't issued doesn't mean that the deduction isn't a valid expense of the business, but that the taxpayer isn't compliant with reporting and backup withholding requirements. You may also have clients that have unreported income because some people believe that amounts below the $600 threshold aren't taxable income because the IRS form wasn't issued. I'd suggest that you review the reporting requirements with each of your affected clients that are disregarding the rules and then decide how to proceed ewith those clients, if at all.

d'oh.

In the title of the post, he is under 59 1/2. Terry, you will need to complete form 8606, part III for the distribution. Afaik, custodians don't complete box 2 for the taxable portion of ROTH IRAs. Instead, it is up to the taxpayer and preparer to figure that amount.

you need to locate the foreign income worksheet in your software, then choose between earned income and pension. You should be able to still e-file the return even without a tax i.d. number. If you try to do it from a tax form (like 1099-R), the software will demand an EIN.

"Probably a lot more to this story." The temp officer (at least in action) employee was naive (at best). Their testimony was 100% incriminating, tough to believe they even had representation. Oddly, I often get flamed when I point out how anyone who is part of the payroll process needs protection from this very issue. Even those who have no signatory power/responsibility. A payroll keypuncher who could have seen no withheld items were ever paid, those who login only to make deposits, etc., can all be named in a suit, and at best will have to pay to defend. I carry insurance for frivolous suits, even though I am not liable at all, defense is expensive. I bet all here do the same.