jasdlm

Hello, all.  Does anyone know of a good 'primer' for taxation on futures trading, the 60/40 rule, offset possibilities for capital loss carry forward, etc.?  Mr. Google has not given me much to go on.  Perhaps I'm using the wrong search terms.  I've tried 1256, 6751, futures, etc. in combination with tax, losses, etc.  I'm not a good sleuth today.

Thanks.

17 hours ago, JohnH said:

My high school football coach was a survivor of the Bataan Death March. Ironically, his name was Max Beam. 
 

Coach Beam didn’t have any patience with slackers, and he always said we were too soft & had no idea what hardship was.  Wonder what he’d say about today’s generation? 

Wow.  I just googled the Bataan Death March.  I'm embarrassed that I didn't know about it.

Now, to embarrass myself a second time, what is ironic about the name Max Beam?  No luck figuring that out via google.

Thanks for your patience with me.

3 hours ago, BLACK BART said:

1. Now here's a waiter (beg pardon, I mean bar-easta or however you say it) with direction and a goal (cain't say the same cause I'm still hackin' at various gigs 50 years later).  Good information jsd, but '84 was my last time through Dodge so don't wait up. Can customers  maybe express themselves with an excellent Slurpee?  Coffee at a dollar was okay but $5 a cup seems a bit much.
2. P. S. First guy I ever saw who's further off-topic than me.

First Gal ;).

I have 3 notices this week -- all adjusting the stimulus I calculated downward.  No fun.

I want to be a barista.  I make excellent espresso drinks if I do say so myself.  If any of you pass through KS, let me know ... I'll deliver carside ;)!

I converted 200 returns to ATX (from another practitioner) in the fall of 2019.  Every single depreciation schedule had to be adjusted, so I would recommend converting soon so you have time to review every return.

Second what everyone said about checking carryforwards, NOLs, etc.

There were also random, inconsistent transfer issues, so just leave yourself plenty of time to open and review each 2020 return prior to the 2021 season.  This was my second season with the new peeps, and it was much smoother, so when it feels unmanageable, remind yourself it is a one year issue.

Beautiful and amazing.  Congratulations!

He's a sole proprietor.

Client owns rentals.  Is a contractor and also flips houses, so schedule E and schedule C.  He bought and sold a house in 2020 (flipped) except he took a small portion of the proceeds and did a like-kind exchange into another rental.  I'm shutting down trying to think about this.  The $25k would have been subject to SE tax, so I can avoid that with a 1031?  I'm having trouble wrapping my mind around how to report this.  How do I get income off schedule C and over to the fixed asset schedule?

If I'm asking a ridiculous question, go ahead and chew me out, but please help me.

This is a serious question:  What does one go to the official ATX site for?  I haven't logged in since this forum started.  I know this discussion started on another thread ... is there something there I'm missing?  Something slick we can look up/access?

Sorry to hijack your thread, Joan.  I've got nothing on the sign in issue, unfortunately.

7 minutes ago, cbslee said:

Do you prepare and file their quarterly and annual payroll reports for your client or does your client do their own?

I don't prepare it, but it's my Church, so I'd like to get them sorted out on doing it correctly going forward if possible.

Client uses Quickbooks.  Deductions set up for pre-tax AFLAC Accident Ins, Pre-Tax AFLAC Cancer Ins, and after-tax Disability insurance.  Also FSA.  

W2 excludes FSA from boxes 1, 3, and 5.  Fine.  Includes disability ins in both.  Fine.  The issue I'm struggling with is that the W2 adds the Pre-tax AFLAC Cancer Ins and Accident Ins to Box 1 but not box 3 and box 5.  Is this accurate?  I might need to go back to 'payroll school'.  I would think it was either all in or all out (for boxes 1, 3, and 5).

Thanks much.

1 minute ago, Jack from Ohio said:

And you do not have State, School, or municipal tax returns.   If I only dealt with 1040, I could triple my return count.

I have not figured out how to make the RITA return and ATX be friends.  I have resorted to paper filing since I only have 3 clients affected.  I do not enjoy the Ohio State/Local/School District tax returns.  

Does anyone have any experience in reporting 988 transactions?  I have read the instructions, but I still can't figure out exactly how/where to report.  What I think I'm supposed to do doesn't appear to be supported by ATX.  I think I'm doing this incorrectly.  I *think* I just net the gains/losses and report on what used to be Line 21 (now line 8 of Schedule 1), but it is not in the ATX list in a way that I recognize, so I just label it 988 exchanges and put the net number?  (In this case a loss).

Thanks for any advice!

How many returns are people usually able to get through in a day?  I can do maybe 15 on a Saturday or Sunday, but weekdays are much less productive.  

I think Jim on this board does 1000 per season by himself.  Unreal!

Curious to know how others pace.

"I ’m so glad for your sake that your deadline isn’t as tight as usual this year."

I so wish this were true.  Trying to muster the strength for 17 more days (16.5 but who's counting).

I have to finish 10 returns/day to make it, and the returns I have left are stinky :(.

They're actually mostly all stinky; why don't I get clients with 2 W2s and a 1098?

Pity Party, right here at my desk.  I'm drinking a latte and a soda at the same time!!! 

Mine went through with yes on 2a; uncheck 2b - leave blank.

I efiled one that was accepted on 3 April.  Please don't cry.

I think the most important thing is checking yes on Box 3.

Did you scan letters testamentary in as a .pdf before efiling?

I assume you left the second box (2b) blank?

3 hours ago, FDNY said:

The official ATX discussion board, log into your account and you’ll see it, Ask the Community 

I have never (to my memory or knowledge) logged into the official forum.  Once we got the boot, I never went back.  Am I missing important discussions?  (This is a serious question.)

Are you using ATX?   I only have a couple of Oregon returns, but I have not gotten this error.

43 minutes ago, schirallicpa said:

well -can I also keep my vehicles on the schedule C vehicle worksheet?  Is it really necessary to put these on the fixed assets when youre just taking standard?  I've added my own line on page 2 of Schedule c - "mileage expense that used to go on line 9"

PLEASE!!!

AND the authorized individuals and their EINs in Fiduciary/Corporate/Partnership returns.

37 minutes ago, Catherine said:

STOP IT. STOP IT RIGHT NOW.  If you don't take care of yourself, you will burn out and get stress illnesses.  I came to this realization some years ago and stopped working one day a week.  Usually, but not always, Sunday.  Found out that if I took a day for myself I got more done the other six days than in uninterrupted seven without end.  Any client who expects instant response any day or any time of day is a client who does not respect us and who is definitely under-paying us.  For me, if you want 24/7 instant response, you had better be be a close family member.  Anyone else gets me as I choose to respond.  If they don't like that, they can go down the street to someone else, and (likely) pay more for poorer-quality work.

I definitely aspire to reach this level of comfort/confidence in my practice management.

42 minutes ago, NECPA in NEBRASKA said:

feeling guilty every time I do something not work related.

THIS!!!

Client sold land (at a substantial loss) and a vacation house (at a substantial gain) in SC in 2020 (not SC residents).  That 40% capital gain deduction is pretty slick.  

SC Sch NR is also allowing a deduction of $10,000 per client 'retirement deduction' even though they are not SC residents.  The two combined (40% deduction and $20k retirement deduction) result in no SC tax even though clients had a $30k capital gain in the state.SC peeps, am I reading this correctly?  The instructions say 'SC taxes retirement income for individuals who are residents of the state'.  I have no income listed on the NR for retirement, but the software (ATX) is calculating the deduction by pulling the numbers from the Federal return and then allowing the deduction (on the Schedule NR) even though there is no retirement income on the NR.  I'm assuming I should just override the software and remove the $20k deduction?

Thanks much!