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About jklcpa

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  1. For those that don't click links:
  2. I merged the two topics and corrected the date in the title.
  3. jklcpa

    Efile Error

    Because the address containing the incorrect city will be updated in the IRS system for all years, I would file Form 8822 to correct this because you never know if a notice or AUR issue may be coming for the current or earlier years. Unless the State of VA has its own similar form, I'd send a letter requesting the city be corrected in the state's record too.
  4. jklcpa

    Investment Fees

    Have you considered that some investment portfolios are geared more toward increase in value and not on current income payouts?
  5. Rich, I'm confused by your statement that an NOL can not be carried back if the election to roll back is not elected. Whether an individual or a corporation, the election is to forego the NOL carryback. Without that election, any NOL must first be carried back before any carryforward is calculated. If the prior years have no income to which the NOL can be applied and if the election to forego is not filed, the taxpayer must still show the calculation that the carryback to prior years has been considered and results in no reduction in the NOL before carrying it forward. I haven't weighed in here until now because I'm still unsure of what was or wasn't elected because of the way Edsel worded his response shown below. Does "indicating desire" mean that the election to forego carryback was included with the 2015 return?
  6. Thank you, Eric, for everything!
  7. jklcpa

    ATX Renewal

    The QR code box appears on the desktop or laptop running the Drake software, and then the phone or tablet's camera is used in conjunction with the MFA app to authenticate the user trying to log in is who they say they are. It's similar to how financial sites and other secure sites will text a code to a cell phone that the user enters as part of the log in process.
  8. jklcpa

    ATX Renewal

    As far as security with Drake, the company has set up the multi-factor authentication (MFA) that is available but optional for this year and is supposed to be required next year. It requires the user to set up an app on a phone or tablet and within the system, and then scan a QR barcode from the computer's screen using the camera function. One thing I'd like to see changed is for the log out time for inactivity to be lengthened. As it is now, I get logged out frequently during the day for things like phone calls or using other programs where I may be summarizing some of the tax data or creating a document for attachment. When doing so, I like to leave that client's return open in Drake so that the program continues to track the accumulated time worked on that return for me.
  9. Maybe more users will find and join this forum. We seemed to have more than the usual number join this year already.
  10. Try your phone number. Sometime in the past I recall having a similar issue and called the help line and was told that the 10-digit was the phone number I provided when the account was originally set up.
  11. I haven't had to do this myself, so with that being said, supposedly this can be checked through SSA's BSO. Log on and click "Report Wages to Social Security" and "accept" the use of that function. The next page is the EWR Homepage, and on that page you'll see a link toward the the right that says "View Employer Report Status". I hope you will report back to us if it worked or not.
  12. WIFI is allowing the computer to connect to the internet through a wireless connection. Hardwired is connecting the modem/router to the computer using an ethernet cable. Older wired connections used a phone wire for dial-up.
  13. You are correct that the taxpayer has only a certain amount of time to reinvest under IRC § 1033(a)(2)(B) Here is an article from BNA that describes what is happening, and see specifically under the heading "State Liquidation of Securities." If not reinvested within the time prescribed under 1033(a)(2)(B), then it should be reported as a sale of the security and recognize the capital gain or loss. I would use the date the funds were made available to the taxpayer as the date of sale.
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