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jklcpa

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  1. The license is per EFIN per location, so if the secretary of the licensee is working at the same location and the laptops stay in one location, installation is allowed on both laptops. Secretary should be set up as a separate user with her own log-in and password, not granted admin privileges, and I believe the primary administrator can choose to further limit what the secretary has access to. Ideally the the laptops are networked, otherwise if standalones each data file worked on would have to be manually transferred between machines, at least I *think* that is possible. It would be best to check directly with Drake support. Here's the part of the license agreement that covers the EFIN/site location issue:
  2. As cbslee said, we could come up with a variety of labels, but client and "partner" need to describe what their intentions were and provide available documentation.
  3. Technically speaking, the sec 266 election is made by attaching a statement to the timely filed (including extension) tax return for that tax year. The election must be made each year the taxpayer desires to capitalize those costs. Also, sec 266 says that only those costs that would otherwise be deductible may be capitalized.
  4. The new fingerprinting rules are for new applicants or for modification to add new principals or responsible parties to an existing account.
  5. Need some clarification about exactly what the trust document says concerning the wife and when the assets of the trust are to be distributed. Does it say that the children only become beneficiaries if the wife should predecease the grantor? Does it say that the assets should belong to the wife and should be distributed as part of the settling of deceased husband's estate? Does it say that the rental is held in trust for the wife's benefit during her lifetime with her receiving benefit of the income or corpus, and then it passes to the children at her death? Something else?
  6. Does your state have any other filings where officers of the corp are listed? My state has an annual franchise tax for corps filed with the Sec Of State to keep the corp in good standing and that allows it to operate legally as a DE corp. That filing requires the officers be entered. Anything like that with St of NY that you could ascertain? You might try googling to see what comes up and if officers are listed. Also check LinkedIn for wife's profile to see how she lists herself
  7. Hmm, the error that M 7047 is getting looks familiar.
  8. I don't remember now but most likely had internet on at the time. Makes sense. Thx.
  9. Has anyone here actually installed a very early version of QB on a Win10 computer? When I purchased my current computer at the end of 2016, I could not get QB Pro 2011 to install, so I'm now with the 2017 desktop version but still have the 2011 software disks & license code.
  10. And that is why I said Tom must decide how this applies to his client's specific situation because I did not want to continue making assumptions and (probably again) misinterpret what was meant by the original post or what was included in the client's "travel." Tom, if the travel was only pre-purchase and investigative in nature, that would be start-up, but if once the property was identified and if client incurred additional travel or other costs to attend the actual closing and purchase of the ID property, those subsequent costs would be capitalized.
  11. To answer Tom's original question, "Is it part of the exchange costs for calculating deferred gain?," no, these costs do not belong in the exchange calculation on the 8824. Tom will have to decide whether or not it is recoverable as a start-up cost on Sch E. From the way Tom worded his original question, it sounded to me as though the Idaho property was already an existing rental. Especially if there is a current existing tenant(s), I would still say to capitalize the travel. From Sara's link, see the last section, specifically the last sentence, about purchasing an existing business. For Tom an anyone else not wanting to click Sara's link, here is the complete text from the IRS site:
  12. Because this is to acquire the property, I would treat this as an addition to the cost of that property.
  13. In addition to above, going back to your original facts, the client will offset the LTCG by the STCL and will have a net gain on schedule D of $23K. There is one other place that the ordering rules and these offsets can affect the tax and is taken into consideration, and that is the tax calculation if using the cap gain tax worksheet to Sch D, and that is also dependent on other items of income on the client's return. In your client's case, that net gain should produce the cap gain tax worksheet and may possibly yield a lower tax. If you are unsure how this all works, perhaps it is best for you to run a projection through your software and see the flow of these individual components on Sch D and that tax worksheet.
  14. I'm not sure what you mean, because in your wording above you have both types of gains but no losses. The way the ordering rules work is this: NET short term gains are determined, and NET long term gains are determined, and then those two are combined. It is possible that one or the other of those,or both, ( short or long) are losses and will be combined to determine the net overall gain or loss. If that overall net figure is a loss, you can deduct down to a net $3000 loss on that year's tax return. It may be helpful in your understanding to picture the flow of these items on the actual form 1040 scheduled D. Perhaps some of your confusion here is that the ordering rules do come in to play again when there is an overall net loss after using down to a $3000 loss in the current year and where the taxpayer still has a loss carryover to the following year and must determine the breakdown of the carryover between short and long.
  15. Whether or not the production goals are duties of his supervisory position is irrelevant. The fact is that these bonuses are tied directly to his employment with the company, not independent of it. In fact, it could be argued that his position as a supervisor directly influences overall company-wide production by making sure his department or employees under his control are working at their peak efficiency, or that his department is meeting its deadlines so that the company as a whole works more efficiently and is able to meet those production goals.
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