JimTaxes

Does this site ever work right.. every year I try and log in and every year it never works right

I had an email from there, or saw a link somewhere.. anyway. went to their site. was not going to switch to them but just curious about tax software in general... looked around less than a minute I think.. moved on.. out of the blue the next day or so I had a phone call from them seeing they saw me at their site?  kind of surprising to me to get a phone call like that. 

regarding the application of this to certain personal services.. the reply was truncated... correct me if i am wrong but i think 

The deduction would also be disallowed for specified service trades or businesses with income above a threshold.

if accounting/tax practice grosses 250,000 this cut should but ok right?

I keep hearing how the proposed tax law will have immediate write off of equipment..

Isn't that already there with Section 179 though?  I know Section 179 has limitations and parameters but every news

story that I read always says businesses under current law have to take the deduction over a number of years but that is not true with Section 179.

What about vehicles under new law?

THANKS!

I know W-3/W2s are not supposed to be folded. I send the soc. sec. versions in a large envelope.

What about 1099s/1096. I see nothing on form saying do not fold... can these be folded?

Does anyone listen to podcasts of tax news and updates?  If so can you point me to some that you listen to and are current?

I know I can read about the new tax reform efforts but would like to listen to discussions about it also. Thank you.

I don't know if it matters but I was looking to listen through my computer, not on my phone or through an app.

any time that I changed carriers they picked up the prior acts date but I had to have that on the application.

HOW ABOUT THIS.. THE 9/9/9 PLAN?

no prior attempts at tax reform to such as simple tax return have ever gotten this far where voting will take place on passage with a post card held up..  prior attempts have talked about post card filings but never made it this far in the process. 

I know for the sake of the country a simpler tax code is good.. from a tax preparer standpoint I saw the president holding up a post card yesterday saying most Americans will be able to file their taxes on that post card.. this sounds good for the country but cannot be good for tax preparers. 

rec'd email today from IRS for my PTIN

some items done this week

• finished my CPE
• renewed my CPA license through 12.31.2020
• renewed PTIN for 2018
• new website published

I logged in at IRS site.. drop down arrow does not have a link for 2018 renewal.. IRS letter from last month though said season opening up for renewal

anyone else get an email like this:  not even sure it is real. no mention of no fee or refunds for back years

In the next few days, we will begin accepting Preparer Tax Identification Number (PTIN) renewals for 2018. We will send another e-mail once renewal season officially opens.

In the meantime, we want to remind you that while you are required to provide an e-mail address for PTIN communications, the e-mail address is not required to be your company e-mail. It only has to be an e-mail account that you check regularly for PTIN communications.

If you have concerns about the misuse of your company e-mail, any increased potential for identity theft related to your e-mail, or cyber intrusions and scams related to your e-mail, please know that you are not required to use your company e-mail address on your PTIN account. Again, you are only required to provide an e-mail address that you check regularly for PTIN communications. It can be ANY e-mail address, but the e-mail address you provide WILL be included in published PTIN listings.

If you want to change the email address on your PTIN account, select "Edit Login Information" at the top right corner of the Main Menu and follow the prompts.

Thank you for your contributions to effective tax administration and I hope this information is helpful.

Carol A. Campbell
Director, Return Preparer Office
Internal Revenue Service

Who did you go with?

Does anyone else think that this has to be considered:

What Can I Deduct?

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.

just wondering how this comes into play:

What Can I Deduct?

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.

i have gotten a large number of new clients from thumbtack..

my profile: https://www.thumbtack.com/oh/medina/accounting/small-business-accounting-taxes

Brief history of my experience

• started on my own in the early 1990s
• used Parsons Personal Tax Edge (PTE),. Preparers Edition for1040s, loved it, forms based, window based, very intuitive, 
• used ATX/SABRE for business returns. never had confidence in the program.. basically program consisted of giant and interconnected excel sheets
• Intuit bought out Parsons.. dropped PTE.. switched to Intuit ProSeries (PS) for 1040s, stayed for short longer with with ATX for business returns. ATX program was error prone and in my opinion very poor.
• Got an offer from Intuit on the business side of things. never looked back in spite of PTE price I think was $ 79, yes $ 79 to over $ 4,000 to Intuit PS package that I have. Intuit PS really courted ATX customers and got a lot of ATX users.. I, and I think most users use the forms mode in PS though an input mode (not sure what they call that mode) is available but again, I think most users use the forms method.. program looks very similar to the old PTE)

well that is my story software wise. I use mostly Peachtree for accounting, now called Sage 50 and been using Medlin payroll software for many, many years.

the line that starts with  FMER shareholders   should read:

• FMER shareholders would get HBAN shares and option to get $ 5.00 a share in add't HBAN shares or take cash for the $ 5.00 portion

I am stuck on this.. I am aware of basis... in general, cost + reinvested taxable dividends 

• This one 1099-B has 3 lots
• two show basis
• one is blank
• client called computershare; claimed they don't have to provide basis for the bigger, older lot sold
• stock is FirstMerit (FMER).. taken over by Huntington (HBAN)

my understanding is the following.. (I could have this wrong but this is the best that I can tell what took place)

• FMER shareholders would get HBAN shares and option to get $ 5.00 a share in add't HBAN shares of take cash for the $ 5.00 portion
• taxpayer inherited the shares in 2010 with 18.3275/share stepped up basis for a total of $ 32,395.95
• Client got her HBAN shares but took the cash part of the $ 5.00 /share
• the two lots with basis shown seem to be the shares acquired from reinvested dividends since taxpayer
• the lot with the missing basis shows proceeds of $ 9,277.07 (the original # of shares inherited times $ 5.00 a share)
• what do I show for the basis on this $ 5.00 cash tender
• taxpayer still has the new HBAN shares
• the reinvested dividends that resulted in more shares and the $ 5.00/share on those shares show basis on the 1099-B
• I don't think the basis is 1,762 times $ 5.00 because those FMER shares turned into HBAN shares AND $ 5.00 proceeds per share

I am kind of stuck on this. 

thank you

I found the answer.. in case anyone ever runs into this type of thing.. following from ProSeries support so may be W-2 input different in ATX but same idea probably

Kings County is part of NYC.  When you input the W2, make it NYC.  That should carry over the local tax to the NYS return.  

I am in Ohio. sometimes clients move all over the country and still have me do their taxes.. kind of stumped on a new york return

issues

• 2016
• taxpayer lives in Brooklyn NY, zip 11215
• 2 W2s 
• both withheld NY state tax
• one withheld new york city tax
• one withheld city tax labeled "KINGS"

on the NY IT-201, page 4, Total New York City tax withheld, program only picking up the city taxes from the w2 where the city tax was labeled NYC in the federal W-2 worksheet, resulting in a balance due

is Kings really kind of like NY city and do I change on that W-2 federal city box the words KINGS to NYC or does it stay as KINGS and they owe then?.. 

anyone familiar with this return?

I did research this but cannot find answer..

SMLLC,  bought some trees, planted them.. some equipment. supplies, fence, etc about $ 4,000 in 2016

trees will not be ready for 2 or 3 years.. 

Can these expenses be deducted in 2016 or do they get capitalized somehow..thank you