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I'm surprised he didn't say the return is probably very easy for you. Yeah, do you want to wait or go out and get a cup of coffee and a bagel and come back. This is going to cost him, especially for a new client. Have the defibrillator ready.

I believe the $10,000 would be a non-dividend distribution. Distribution to extent of capital stock is basis to shareholder. Then distribution to extent of Retained Earning is dividend income. Remaining distribution is liquidating dividend.. That is how it would appear on the 1099-DIV and how I believe it would shake out on the 1120. So to answer your question - the liquidating distribution does not necessarily tie to the M-2.

I dunno Bart. I always thought my brain could hold enough information to understand taxes or insurance - but not both at the same time - it would explode.

My preferred term is "legis-vermin" and it applies equally to ALL of them, whatever side of the aisle, federal or state. Actually used that term to one (state) person who is individually decent and she got *such* a kick out of it!

Three tax preparers I have known for many years via NY/CT-ATP partnered to produce Fingertip Tax Facts. Tom, especially, is an amazing researcher; he tracks down answers to questions posted on our NY/CT-ATP bulletin board with speed and appropriate cites. Kristin brought me in to work with her a few years ago, I to prepare an S-corp, she the 1040 with spouse’s Sch C, and a great remote QB expert to keep their bookkeeping straight for the two businesses and personal; so I know her thoroughness. I trust their expertise and already ordered for my practice. Website (with bios) is fingertiptaxfacts.com Facebook is fb.com/fingertiptaxfacts Just thought some of you might want to check out Fingertip Tax Facts for yourself. And, spread the word around your own networks. (If you don't want to click on links, message me to email you a .pdf file. It's too large to upload.)

Notice also (in ATX) that on your business returns there is an authorized signer sheet that pops into the return. There is a lot of information on that sheet. ATX says will not be needed this year except for the name and address. I think they are going to tighten up and make everyone prove who they are when they sign a return in future years. Tom Newark, CA

>I understand the program's just beginning and the VC is omitted on some returns, but for those that do include a number doesn't it sort of...um...uh...nullify the program's whole purpose if incorrect numbers are disregarded? < Maybe the objective is to see if the number could be used to detect problems - if they don't get enough mismatches it probably isn't cost effective to deploy the checking on a production basis.

Okay, thanks. I should've done a net-check before asking, but have to keep reminding myself that everything's online nowadays. That's a carryover outlook/habit/fault which was nurtured during the era of encyclopedias (every good middle-classer had to have a set). Just a note on this VC pilot program; here's a quote from an affected company: "...this helps IRS validate that the return is real, but don't worry - the IRS assures us that returns with omitted and incorrect W-2 verification will not delay the processing of a tax return." I understand the program's just beginning and the VC is omitted on some returns, but for those that do include a number doesn't it sort of...um...uh...nullify the program's whole purpose if incorrect numbers are disregarded?

Yes, ATX has the same thing.

Do they still make car air freshener with that smell? They did at one point - I remember seeing it in a car parts store and getting a chuckle out of it.

I have more than 100 returns accepted as of this morning. A few people without children have Federal and MD refunds already.

2017 Tax Filing Season Opens Today IR-2017-06, Jan. 23, 2017 WASHINGTON — The Internal Revenue Service said today that it successfully started accepting and processing 2016 federal individual income tax returns on schedule. More than 153 million returns are expected to be filed this year. https://www.irs.gov/uac/newsroom/2017-tax-filing-season-opens-today

Now I see it -- the extra digits in the MFJ table. Yes, you were right to let them know, Abby. And, there's nothing like that new car smell, FDNY. I had a brand new (1,000 miles) loaner from the Subaru dealer for a few days and really enjoyed that new car smell.

Not enough to make a difference, but living in MA I will have a stress outlet very soon.

I've been reviewing mine the last few mornings and must say, it smells really good, like a new car.

I have used AFSB www.afsb.net with very good results. Easy setup, had a newsletter, email, file transfer, reasonable pricing and other amenities. They specialize in tax and accounting websites. I found them to be reasonably priced.

Thanks for the heads up. Just checked and mine was there too.

Better than our Congresspeople!

An insurance agent who actually reads insurance policies? Wow.

Is this the result you want? Or are you trying to zero out the balance sheet? Methinks you over distributed the ordinary dividend. Part of the distribution would have been return of capital. That portion would not be included in the M-2 amount.

Look at it as a positive. They long ago forced you to work as their unpaid data entry clerk. So becoming an auditor is a promotion.