Leaderboard

Thanks and the wrong phone number is a possibility. However, I have had the same phone number for 18 years and counting. I normally deal with higher end clients who pay their taxes regardless of the amount due. None of them ever have any problems reaching me when needed. I must say, all of them respect my business hours and never call me on weekends or show up unannounced. Here is what I know, that for every client I loose, three new clients normally take their place. We added 18 new clients to our client base this last year so for a one man show dealing with the level I deal with, 140 clients is enough. Well, now it is 139. Just saying. Cutting my losses and moving forward.

From this IRS page, in plain language: Participation requirements are in IRC 408(p)(4)(A) and 408(p)(4)(B) here: https://www.law.cornell.edu/uscode/text/26/408

working at 70 1/2? Mentioned one day at the office that our rental condo would likely be our home in this metro area when we retire and we'd use our primary home to fund the purchase of a condo in Florida or someplace else. My 82 year old co-worker about fell over - the horror of retiring. Why would anyone want to do that????

QF says that is one of the advantages to employer and self-employed plans. Withdrawals must still begin by April 1 of the year following the year the account owner turns age 70 1/2 but, as long as the individual still has earned income, contributions are allowed. I did this and intend to do the same for the next couple of years that I intend to keep working. I am 70 1/2 this year.

All this hoopla which is another reason why I switched to Drake. Straight forward and no deception and no false promises. ATX has really plummeted in the last ten years.

Eset NOD32 antivirus and paid version of CCleaner. I also preview all email on my ISP's webmail interface; everything apparently non-spam (that wasn't caught at the ISP level) is downloaded to MS Outlook (simply by opening Outlook after deletions made in webmail) maintained on a laptop on which no irreplaceable files are kept -- my email "sandbox". (The only ransomware-accessible conduit runs through Dropbox, which automatically keeps a prior-to-change version of each file.) It sounds a lot more complex and time-consuming than it is. Like schirallicpa returns are prepped on standalone PCs. Like Abby, I foreswore Norton and McAfee years ago. Once I found Eset, I've used it for all PCs, Apples, and smartphones. Even my irrepressible daughter's iPhone hasn't been hacked.

Same Here.

I am not a computer specialist by no means. I agree that no matter what you do you are never 100% safe. One sure fire way is the shut the computers/servers down every day when closing the office. For most of us, that is not feasible.

Prayers and strength to you and the family.

http://www.journalofaccountancy.com/issues/2012/jan/20114540.html Regs. Sec. 1.6001-1(e) requires the taxpayer to make these records “at all times available for inspection by authorized internal revenue officers or employees, and shall be retained so long as the contents thereof may become material in the administration of any internal revenue law.” Rev. Proc. 98-25 clarified that the IRS has a right to electronic records.

True... HH filing status in that case. In order to comply with the court order, she would have to sign over the exemption with the 8332. Without that form, I don't believe he can claim the children's exemptions even if he has the court order in his hand. Didn't the IRS get out of that legal battle years ago, and now accepts the 8332 exclusively? I have many clients doing that dance, and I follow up with the 8332s in every instance. It gives the exemption ONLY to the non-custodial parent and the custodial parent maintains the HH filing status.

The IRS will follow its established regulations concerning dependency, etc.. The county judge has no authority over what the IRS regs are nor how they are enforced. This has been standard IRS policy since 2008. You may want to consider terminating your relationship with both of them. Or, buy stock in Excedrin Company.

do this all the time, line 21 in and out.

So so sorry Catherine.

Very sorry for your loss. Depression is a very misunderstood disorder, I trust your family has the support and comfort needed at this tragic time.

I am so sorry for your family's loss. Fighting depression is a terrible battle. Sending prayers.

Because they don't care about their customers. They've been doing this for years. The company also has a disconnect between the marketing and sales depts. They should give out those free toasters books to everyone that's already renewed.

I would think that if workstations can connect to the internet, and those same workstations can connect to the server, the server can get hacked. There are a lot of really brilliant hackers out there. Jack has a multitude of precautions to thwart them, but I've given up hope that anything on a computer is 100% safe.

Eset NOD32 antivirus, Comodo free firewall (does much more than just firewall) and free Malwarebytes (but that's not real time protection like the other two) Would never use or recommend Norton or MacAfee. Too heavy on resources and not as effective as Eset.

MalWareBytes, AVG, CCleaner.

I use Malwarebytes and AVG.

When he said carryover basis, it means that whatever those balances are on the books of the Sch C on the date of transfer come over exactly at those same values without adjustment to market value. If the Sch C was a full calendar year and the S Corp began on Jan 1 of the next, the fixed assets would transfer in to the S corp at their cost basis and accumulated depreciation would also transfer in at the value on 12/31. If the transfer happens part way through a calendar year, the depreciation isn't calculated as 2 short periods. You would have to calculate the full year as if it was one ongoing entity and split the full year depreciation expense for the year of the transfer into its 2 periods. Start with accum deprec at beginning of the Sch C's year and add the depreciation expense for that part of the year that the Sch C would report and add that in to get the accumulated depreciation at the date of incorporation. Then, on the S corp books, recognize the rest of the depreciation expense that relates to the remainder of the year. You might have to enter those periods' depreciation expense manually as overrides to get your program to report the correct expense, depending on what program you are using. In the S corp's first full year, your program should then be able to handle the calculations without overriding.

The carryover basis just refers to the fixed assets. You just keep the same depreciation schedule. Cash, inventory and any other assets also come over just as they are in the Sch C, as do all the liabilities. So, yes the ending Sch C equity is the beginning stock basis for the S corp. I would show it as Capital Contributions (line 2) on the ATX Shareholder's Basis Statement. ATX does a pretty good job of tracking shareholder stock basis. My one complaint is that when there are suspended losses due to lack of basis, it doesn't keep a detail list of what the suspended losses are made of (ordinary loss, Sec 179, charitable contributions, etc.). It just gives you one lump figure. It does keep a detailed list in the 1040, and since you're doing the 1040, it will be fine. I complained to ATX about the lack of detail in the 1120S (and 1065) basis worksheets and they told me I don't need it. I assured them that I do because suppose I'm doing the 1120S but one of the shareholders uses another preparer for the 1040. They need the detail. The main things you need to know is that basis can NEVER go below zero. Distributions in excess of basis are taxable as capital gains. ATX defaults them to short-term but after the first year they're long-term. And if distributions are not all allowed in AAA (M-2), you will have differences between AAA and retained earnings. 90% of my S corps have these differences. AAA is meaningless as best I can tell. I've never needed it for anything. Basis, however, is extremely important.