jasdlm

Thanks so much to both of you!

Is there any way to populate the balance sheet on the client copy of the 1120S when gross receipts are under $250,000? I realize that you can print the balance sheet worksheet, and perhaps that's what I should do, but I was wondering if I'm missing some obvious toggle box. Thanks.

Dealer car?

Miscellaneous itemized deduction subject to 2%. I haven't seen anything that changes that.

Sound advice, as always, KC! I will make certain that my husband is also trained in this exit strategy. ;)

At the Sprint Center tomorrow night and Sunday afternoon. I am going to work like a trojan all night tonight, all day tomorrow, early Sunday morning, and maybe alll night Sunday night. I might regret it later (although I doubt it), but from 6:50 p.m. - 10:00 p.m. Saturday and 2:00 p.m. - 5:00 p.m. Sunday, I'm going to be sitting in the 2nd row catching dirt!! WooHoo!

Get a copy of the trust document. Sometimes the Trustee has discretion re: flow-through of capital gains. However, does not alleviate the need for a 1041/K1.

There is a website . . . www.transport1040.com . . . that seems address tax issues/benefits for Merchant Mariners. I know that you would want to do your own research, but hopefully this would give you a good start!

Rita . . . I feel your pain! I hope they didn't scream at you.

Bart . . . that's really funny! Thanks for making me laugh.

Thanks so much for all your moral support. I haven't mustered the energy to call him back yet. I'm too tired and grouchy, but I'll have to get over it and call soon. I just don't want to fight with him. Also, when something like this happens, I waste quite a bit of time searching publications, searching the internet, reading the form instructions, etc., thinking I must have missed something. Sheesh. Thanks again. I'm going to try to suck it up and call him back. I just finished 2 back to back meetings that went something like this . . . 'this is my W2 (hands W2); this is the interest I got on my bank account (hands 1099); this is . . . well, I'm not sure what this is, (and wastes time trying to read it and figure it out instead of just handing the whole stack over to me and leaving)' so I'm especially testy. Aaargh . . . I'm really a wicked witch today!

Client is screaming at me because I didn't include the long-time homebuyer's credit on his return. He did not buy a new home. He refinanced. He knows he is eligible for the credit. His bank told him so. (I actually saw the piece of paper the bank gave him. I can see why he thinks so . . . it's very misleading.) He's screaming at me because he 'refinanced for nothing'. (Didn't call me when he was actually refinancing, by the way.) He just left me another message. He says he has found something on the IRS website that says he qualifies. I printed off the little piece that is on the IRS website (the part that says purchase). He says that in a refinance transaction you actually sell your home back to the bank and then 're-purchase' it . . . hence the use of the word purchase. I don't want to call him back. If I'm missing anything glaring, someone please tell me. Thanks so much!

Can't think of a thing unless you are doing Father's 1041 or Father qualified as Son's dependent. Were you thinking of anything specific?

How do you enter the foreign tax credit for dividends paid by a mutual fund? You can't use 'various' for the date or the country, and it's not flowing through correctly. What am I missing? I'm sure this has been discussed before, but I have searched this website and the ATX site and can't come up with it. Apologies for the duplication. Thanks.

Seriously Michaelmars . . . you have a bar in your conference room?

Sorry, OldJack. I posted my 'don't trust anyone' message before I saw your 'my family is safe' post. Glad you've got it covered.

Please don't trust anyone but yourself with your daughter's/grandchildren's safety until the monster is dead or in a maximum security prison. Best to you. Listen to Eli.

You are already on return #201 for this season? Eeeegads!

I think that under IRC 197 you can amortize over 15 years. I also think that you can write off clients who 'leave' more quickly, but I don't know how you would go about tracking it.

Thanks to all. This board is the best tax resource there is.

Thanks, mircpa. Do you think the fix I've suggested is appropriate?

I do the payroll for an employer that has about 15 employees. I just learned that 3 are currently on F1 visas and 3 were on F1 visas in 2009 until 4th quarter, when they received H1 status. I hadn't been asking for Visas when they gave me the new employment information each time someone was hired (salary, W4, etc.). Clearly my error. So . . . now it seems to me that I have to amend my W2/W3s for 2009 and amend all 4 941s for 2009 because I should not have been withholding or paying FICA/Medicare for the employees. Does this seem like the appropriate course of action? Also, It seems most logical to amend the 941s and carry the 'credit' into 2010 (although the credit will be both for employer paid taxes and taxes withheld from employees) and simply have the company issue checks to employees covering all of the employee FICA/Medicare tax for 2009. Anyone familiar with this please let me know if this seems like the right approach. I have never dealt with employees with F1 visas before, so this is all new to me. I have talked with the Immigration Attorney for the company, but she is not conversant with the tax side of the issue; only enough to confirm that they should not have been paying FICA. The intent is that eventually all of these employees will be on H1 Visa status. It seemed to me in reading the information on the IRS website that perhaps this intent precluded the social security exemption. ***The exemption does not apply to F-1,J-1,M-1, or Q-1/Q-2 nonimmigrants who change to an immigration status which is not exempt or to a special protected status.*** However, the immigration attorney felt certain that the exemption applied until the start date of H1 status. Why doesn't the IRS language just state 'this does not apply to H1 visas'??? Thanks in advance. This is really bad timing. Aaargh!

Hmmm . . . I downloaded one from Fidelity. It downloaded as an Excel file. I did a 'save as .csv' file, and it uploaded into the schedule D with absolutely no problems. I wonder if it will be different for each fund company.

Is the client an S-Corp?

Booger - one more thing . . . I think it's only good for 1 year.