Jump to content
ATX Community


  • Posts

  • Joined

  • Days Won


Everything posted by jklcpa

  1. Of course mine has 11.
  2. I also had no difficulties with Login.gov. If you got a confirmation, it should be ok. I suppose you could always log in again to double check the payment history or scheduled payments.
  3. Doesn't sound like Frank at all, and I agree that Freddie was better.
  4. It will depend on the tax reporting type that the LLC will use. Corp, partnership, or disregarded each have their set of rules. This is an older article from The Tax Advisor but may be helpful: https://www.thetaxadviser.com/issues/2009/oct/contributionsofpropertytoanllc.html
  5. jklcpa


    Maybe so, but I'd still try file as it stands first before contacting the widow. It's my understanding that in most cases it is the funeral home that notifies the SSA of death, so TP's account may not yet be locked. If the return does get rejected, it is only then to add the DOD and indicate that spouse's signature is as surviving spouse on their joint return. That 8879 doesn't go anywhere but in the preparer's file anyway, and this rejection is easily explained and corrected if necessary.
  6. jklcpa


    See what others say, but I think you can file it. TP signed it before his death with intention that it should be filed. If TP had still been alive, signed it, and dropped it in the mail to you and you just received it, you would file the returns when you have the signed form in your possession.
  7. The "Donate" function will provide Eric's address during the checkout process after adding the donation amount to the cart and selecting the method of payment by check instead of plastic.
  8. This annoys me. It has been the same thing for my rare uses of e-services. Each time I'd try to access it, it was starting over with a new process. This last time I finally gave up. I got in and could never get to what I needed and kept getting a message that I wasn't authorized to access the report for that-whatever-it-was that I needed. Useless.
  9. I won't delete Tom's post, but for those of you mentioning security for paying taxes, this isn't that. This is to more secure our financial information that is stored there including banking information, SSNs, EINs, and payment history. Thieves could used all of that in a variety of ways.
  10. I was on around the 3rd or 4th of this month and didn't see any notice either.
  11. Terry, even though we know the rules, we are still required to prepare the return with the transactions and fact pattern that occurred. If there was no salary and only draws, then that is the return to file whether or not it violates "reasonable compensation." In these cases, what we should try to do is educate the client and correct these problems going forward, or choose to terminate the relationship. As someone already said above, report what actually happened, not what we wish had happened. That goes for CPAs, EAs, and any other paid preparer for that matter.
  12. I'm so sorry for your loss. No matter how long they are with us, our pets leave us much too soon.
  13. The person you are addressing has not revisited this site since the post was made more than 14 months ago. I approved your post, but I doubt you'll receive a reply.
  14. Maybe, or you could just as easily get an agent that told me this years ago: "It only proves that an envelope was mailed and received, not its contents."
  15. Are there links or only a mention of logging into your official account? I don't like this because people may receive similar looking scam emails and could innocently go to a website ending in .com or .net instead of the official .gov site.
  16. Boiled down from the article: The taxpayer's check goes to a lockbox of IRS-contracted banks that converts it to an ACH payment by means of electronic image and data file. IRS proper doesn’t receive the paper tax returns or the payment checks. The taxpayer's bank also settles electronically using only routing and account numbers, so the taxpayer's bank never receives a digital or physical copy of the check. There is no canceled check to use as evidence.
  17. None of the loans mentioned would create debt basis for an s corp shareholder. Debt basis comes from the shareholder loaning money to the s corp.
  18. Another excellent article on the subject with a discussion of rules for those that also holdings as limited partners where rental income from the limited partnerships are less than 10% of the total. https://www.thetaxadviser.com/issues/2017/mar/navigating-real-estate-professional-rules.html#:~:text=The election may be made,it in a subsequent year. Within the article, use Crtl-F to find "limited" and you will see this paragraph: This article and the one posted by cbslee have the code references for the rules mentioned within each article.
  19. If some or all of those loans created debt basis, and if that basis is less than the amount owed... then the repayment of debt during the year will be cap gain if the debt is evidenced in writing. If not formalized, then the resulting taxable amount would be ordinary income. Could that be what is happening?
  20. No, it should start sometime later this month. This was approved on Sept 25th and the effective date is Oct 19, 2023. Right now the PTIN renewal page says it is still processing for 2023 new apps and renewals. I got this info from the National Archives Daily Journal of the Federal Register here: https://www.federalregister.gov/documents/2023/10/04/2023-22103/preparer-tax-identification-number-ptin-user-fee-update
  21. see sec 179(b) on this page and then more specifically further down same page at 179(b)(6)A) where it says : and then be sure to see this page for sec 1.179-2(b)(7) under the heading "Component members of a controlled group" about allocating among the members and the statement needed to be attached to the return https://www.law.cornell.edu/cfr/text/26/1.179-2
  22. Not necessarily. Ordering rules come into play in calculating shareholder s corp basis to determine if any loss is allowed. I agree with cbslee that we need information about distributions.
  23. Website is updated for current year including registration. Use link in above post.
  24. https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contributions-quid-pro-quo-contributions https://www.nolo.com/legal-update/irs-changes-thank-you-gift-rules-35445.html
  • Create New...