jklcpa

Wife may or may not have that choice in CT. I think that's one of the states that has # of days rules where if you are in the state more than so many days, you are considered a resident. Did she actually live in CT the entire year, where is she legally domiciled?

He has 2 years after the close of the year in which the gain occurred to rebuilt the replacement property. Don't forget to attach the required statement with the tax return for the year of the gain to report its deferral.

The Reeses peanut butter cup Klondike bar helped my mood. All of the returns I have in are all input except for the missing pieces of data, so finishing them should be relatively easy. I have more ice cream on hand for after the next battle.

Lion, I like the chain letter idea and would welcome a change of scenery, but no more snow for me. I need warm weather. No work done here today. I made those follow up calls, removed gummy balls from social security statements (RitaB, where's our annual "I hate gummy balls" thread?) scanned some sh*t ...err, client documents into the scanner for some of the unfinished returns, and talked to the little old lady that doesn't know how to read her investment statement or find her portfolio's holdings. She was reading to me from the 2012 sales(!) and I almost lost it with her. The only thing I accomplished was that 2 returns were picked up early this morning, and that person was almost 1/2 hour late, and the day went downhill from there.

I am extremely frustrated today. Everything, I mean every. single. return., is waiting for information. I have processed all returns that I can, only one is pending a state ack. I can't do anything today except am making followup phone calls...again. I should shut the computer down and take a nap. At least that would be beneficial.

I also work the returns in the order they are received. I've been frustrated by the number of returns that came in this year with information missing.

I don't want to see anyone wipe out because they could also take me out or someone else in the process. We never know when someone is driving under the influence of alcohol or some drug, Rx or other, and might be in an "altered" state, and I don't need to be a party in any way to a rage incident. I agree with Marilyn about moving out of their way. I'd rather have them ahead of me and allow some distance between me and them but where I can still keep an eye on their driving. That's easier than worrying about what some jerk behind me is doing.

The driver filming did several things wrong, 2 were clearly illegal, at least where I live. She was out in the left lane when there were several opportunities for her to move over, and she was using a cell phone or camera while driving. She was a danger on the road due to her inattentive driving, and not willing to move over.

I don't like working on returns piecemeal. It's a perfect recipe for making a mistake or missing something, is inefficient, and overall wastes time because then I go over the original data again on review to make sure everything is input. If I know things are missing, I don't work on that return unless I have all of the information. Having followup questions is different than those clients that want to bring most data so to get the process started. I need to be efficient and won't work like that.

It's a secret.

True. The real complication comes with an S that was previously a C with accumulated E&P involved, but that isn't the case in the original post.

Yes, agree with Randall. The retained earnings balance will differ from the AAA in this case since distributions can't reduce the AAA below zero.

I ran out one day too.

According to Deb, the client is age 21, less than a full-time student, and provides more than 1/2 of her support. For those saying she doesn't qualify, which part of question one do you think is precluding her from qualifying?

OK, I take that back then, but I still don't trust CCHSFS.

Pub 523 has a section with comprehensive examples devoted to those that rent the home for a portion of the time encompassing the 5 years. That section starts on pg 16: http://www.irs.gov/pub/irs-pdf/p523.pdf

I was scratching my head (was it yesterday? days are all running together) when someone here posted that ATX CCHSFS was blaming some glitch at the IRS when e-file rejects were being kicked out due to state EIN number missing from the W-2 entry. There was not one posting about this on the official Drake forum that has 10 times the registered users that this forum has. It's hard for me to believe this is an IRS problem and there was not one peep from anyone using Drake about a reject because of this. Anyway, it seems like most everyone is having a good season with the software this year. I just don't trust CCHSFS after last year's debacle.

I don't have a quick answer on the part about the tax on NII, but #2 is true. Bonuses accrued to a group or pool of employees that are paid within 2.5 months after year-end would be deductible in the year accrued if the forfeited bonus is reallocated to the others remaining in the pool. But, if the bonus requires that an employee still be employed on the date of the payment, then the "all events test" isn't met until that date that the bonus is paid, which would be in the following year. Here's a good article from the AICPA that covers it pretty well. Bonus Deduction Timing - Finding the Correct Tax Year Also, CPA is correct that bonuses to related parties can't be accrued. They are deductible in the year paid. It's part of code sec is 267 that puts limits on related party transactions and converts those transactions to a cash basis so to match the transaction in the same reporting period as the cash basis owner. A quote taken from another source: "The related party rules under IRC S. 267 require the matching of income and deductions arising from transactions between related parties. Related parties include individuals owning more than 50% in value of the outstanding stock of the company. The law requires that even if all events have occurred to fix the liability and the economic performance rules are met, the deduction may not be claimed until the year in which the related party recognizes the income. Thus, in the instance of a bonus payment to a greater than 50% shareholder, the amounts will not be deductible by the company until the period in which the income is recognized by the shareholder."

IRC sec 4974(c ) specifically includes 401(a) plans in the definition.

Yes, I see what you mean, hopefully a nagivator will be able to help.

From the IRS site (same info is on healthcare.gov too): http://www.irs.gov/uac/Questions-and-Answers-on-the-Individual-Shared-Responsibility-Provision If my income is so low that I am not required to file a federal income tax return, do I need to do anything special to claim an exemption from the individual shared responsibility provision? No. If you are not required to file a federal income tax return for a year because your gross income is below your return filing threshold, you are automatically exempt from the shared responsibility provision for that year and do not need to take any further action to secure an exemption. If you are not required to file a tax return for a year but file one anyway, you will be able to claim the exemption on your tax return.

IIRC, with ATX, the federal vouchers were printed 3 on one sheet and the one more for the 4th, and then in more recent years were printed one per sheet that was blank at the top. Are there any instructions at the top now? Drake is printing the instructions at the top of each sheet with the voucher at the bottom. If I cut them, then the client loses that part of the instructions. For the estimate vouchers, I give printed labels now instead of envelopes because most of my clients are paying online, and some of those will add all 4 state vouchers together and pay all 4 in April. There are still a few that get envelopes though. I still give envelopes for the balances due on the return though.

I don't cut them either. Give them the whole page. Some of the forms my program is now printing have the instructions on the top so I can highlight those and no need for a separate sheet of instructions. Win all around. I also highlight the words, "cut on the dotted line and send the payment with the portion below" for the ones that can't figure that out for themselves!

You would use the exercise date of 4/25/13 as the date of purchase. The grant date is the company giving the employee the chance to purchase the shares during a specified time and at a discounted price. The exercise date is the date that your client actually did make the purchase and acquired the shares.

Some mortgage company's 1098s are accompanied by a statement that shows the monthly activity for the year with a breakdown of P & I and escrow additions too.