jklcpa

You would have a dissolution of the C corp. Here is a link to a very good article from the AICPA entitled "Now Is the Time - Converting a C Corporation to an S Corporation" that explains the issues: http://www.aicpa.org/publications/taxadviser/2012/august/pages/lynch_august2012.aspx The title makes it sound like it only covers C to S corps, but the pertinent discussion of C to LLC that would apply to your situation starts on page 6 of the file and in the document is labeled page 7 because the file created a blank page at the start that I deleted.

Does your printer allow adding effects like a watermark? Mine does if I click on Properties and then Effects. It allows me to put any watermark I want, and I can choose the font, its size, color, shading. If you can't do it in your printer's settings, possibly you have a pdf editor that allows those effects where you could print a set to a pdf and then add in any watermark you want.

So I made a pot of 100% non-decaf coffee this morning:

Latest post was 2/18, but he's been checking in periodically, last being 3/5. Perhaps his lack of participation is only that he is extremely busy.

^^ Yep, we were typing at the same time. It's the same for partnerships too.

Have you actually checked the math on the spreadsheet. Some people use excel like it is a word document, typing in the totals and not letting excel do the totals. Or maybe she missed some decimal points? I had one of those a couple of weeks ago where my client entered $101.94 for payment of his unemployment tax without the decimal point.

I miss his input too.

Frequently clients don't bring us the 1099Gs for the state refunds and we are held up waiting to get the EINs and addresses that would appear on the 1099Gs. I'd like to compile a listing of that information that anyone here could access to get on with their work. If you respond in this topic, I'll update this alphabetized list to incorporate your entries. I started with the 4 states filled in that I most commonly work with: Alabama #63-6000619 Alabama Department of Revenue, 50 Ripley Street, Mongomery, AL 36132-7410 Arizona #86-6004791 Arizona Dept of Revenue 1600 W Monroe Phoenix Az 85007 Arkansas #71-6006690 PO BOX 2981, LITTLE ROCK, AR 72203-2981 California - for inc tax refunds: #68-0204061 Franchise Tax Board, PO Box 942840, Sacramento, CA 94240-0010 California - for unemployment: #94-2650401 Employment Development Department, Unemployment Insurance Integrity and Accounting Division MIC 16A, PO Box 2408 Rancho Cordova, CA 95741-2408 California - Info for both the state refund and unemployment is available through the client's account at http://www.ftb.ca.gov/ Colorado #84-0644739 Colorado Department of Revenue, Denver CO 80261-0005 http://www.colorado.gov/cs/Satellite/Revenue/REVX/1176842266433 Connecticut - (CT does NOT mail) What's My 2013 1099-G Amount? updated link that allows simply to enter SSN without registering: http://www.ct.gov/drs/cwp/view.asp?a=1433&q=493900 Delaware - #51-6000279 State of Delaware, P O Box 8763, Wilmington, DE 19899 Georgia - 58-6002015 -Georgia Dept. of Revenue, 1800 Century Center Blvd., Atlanta, GA 30345 Hawaii - # 99-0277227 State of Hawaii, Department of Taxation, PO BOX 259, Honolulu, HI 96809-0259 Idaho #82-0418478 Idaho State Tax Commission PO Box 36 Boise ID 83722-0410 Illinois http://tax.illinois.gov/#t=tab1&panel1-1 For Illinois inc tax retunds - #37-6002057. P.O. Box 19044, Springfield, IL 62794-9044 For Illinois Department of Employment Security - #36-3042127. P.O. Box 802551, Chicago, IL 60680-2551 Indiana- #35-6000158 INDIANA DEPARTMENT OF WORKFORCE DEVELOPMENT, 10 SENATE AVE, INDIANAPOLIS, IN 46204-2277 Iowa # 42-6004574 Iowa Department of Revenue, Compliance Services - Individual, PO Box 10456, Des Moines, IA 50306-0456 Kansas #48-1124839 Kansas Department of Revenue, Robert Docking State Office Building,915 SW Harrison Street, Topeka, KS 66612 Kansas City, MO - #44-6000201 The City of Kansas City, MO, 414 East 12th Street, Kansas City, MO 64106 Kentucky - #61-0600439 Kentucky Department of Revenue Louisiana - #72-6000805; LA Dept of Revenue, P O Box 3440, Baton Rouge LA 70821 Maine Maryland - # 52-6002033 State of Maryland, Comptroller of Maryland, 110 Carroll Street, Annapolis, MD 21411-0001 Massachusetts MassDOR #04-6002284 same # for MassDUA http://www.mass.gov/dor/ Michigan - #38-6000134 Michigan Dept of Treas, PO Box 30757 Lansing, MI 48909 Minnesota Minnesota #9000001, Mn. Revenue, 658 Cedar St., St. Paul, Mn. 55155, Fed ID: #41-6007162 Mississippi - MS Dept of Revenue = 64-6000832 , MS Dept of Employment Security = 64-6000765 Missouri #43-1283723 Missouri Department of Revenue, P O Box 2200, Jefferson City, MO 65105 Montana Nebraska For income taxes - #47-0491233 State of Nebraska, Department of Revenue, P.O. Box 94818, Lincoln, NE 68509-4818 For Unemployment - #36-3045902 Nebraska Department of Labor, 550 South Sixteenth Street, P.O. Box 94600, Lincoln, NE 68509-4600 New Hampshire New Jersey - #21-6000928 State of New Jersey, Division of Taxation, P O Box 019, Trenton, NJ 08695-0019 https://www1.state.nj.us/TYTR_Saver/jsp/TGI_1099/NJ1099Login.jsp /// New Jersey - #22-2488181 New Jersey Department of Labor, Unemployment Insurance, P O Box 916, Trenton NJ 08625-0916 New Mexico New York - (NY does not mail 1099G) available online at: https://www8.tax.ny.gov/PIGI/pigiHome refunds: #14-6013200, New York State Dept. of Taxation and Finance, WA Harriman Campus, Albany, NY 12227 unemployment: #27-0293117, NYS Dept. of Labor, Payment Unit, Bldg 12, POB 621, Albany, NY 12201 North Carolina - #56-1611838 NC Dept of Revenue, PO Box 25000, Raleigh NC 27640 North Dakota - #45-0309764 State of North Dakota 600 E Boulevard Ave Bismark ND 58505-0599 Ohio - # 31-6402047 State of Ohio, Department of Taxation, PO BOX 2476 , COLUMBUS, OH 43216-2476 Oklahoma - # 73-6017987 Oregon - # 93-6001960 Pennsylvania - # 23-6003112 State of Pennsylvania, P O Box 280508, Harrisburg, PA 17128-0508. 1099Gs no longer mailed, avail online: http://www.revenue.state.pa.us/portal/server.pt/community/1099-g_information___access/20636, Rhode Island - #05-6000522 State of Rhode Island and Providence Plantations, Division of Taxation, One Capital Hill, Providence RI 02908-5800 South Carolina #45-3695561 State of South Carolina, Dept of Revenue, PO Box 125, Columbia, SC 29214 Tennessee Texas #74-2764775, Texas Workforce Commission, 101 E 15th Street, Austin, TX 78778-0001 Utah - # 87-6000545 Vermont (as provided by a Guest): EIN 03-0350860 , 133 State Street, Montpelier, VT 05633 Virginia For tax refunds: #54-6001734 Department of Taxation, PO Box 1115, Richmond, VA 23218-1115 Virginia For unemployment comp: #54-6001795 Commonwealth of Virginia, Virginia Employment Commission, PO Box 2249, Richmond, VA 23218-2249 West Virginia - # 55-6000816, WV State Tax Dept, P OBox 2389, Charleston WV 25328 Wisconsin #39-6006491 1099G available online at: http://www.dor.state.wi.us/eserv/Form1099G/index.html

I posted over on the Drake forum to see if anyone there can provide HI and WI for you.

I agree with jasdlm on this one. MAS, you didn't say how much the distribution was, but since it wasn't a direct trustee-to-trustee transfer, then what she really has is a taxable distribution and a contribution into an IRA caused by an improper rollover, and she could possibly even have an excess contribution that is subject to the 6% penalty.

I'm going to have a forced break starting in about an hour. My BFF is coming over to have her return prepared while she goes over to town to pick up some supplements for her horse. This is the one return I do as a waiter. I only see my BFF about twice a year now and told her no time for a visit. That means she'll only stay about 2 hours. I think I'll go make some chocolate muffins and put on a fresh pot of coffee for us.

Just guessing, but have you tried duplicating one of those returns to see if the new file has less instances of the error occurring?

The very simplified version would be (basis - sec 179) * 50% = the special allowance. basis - sec 179 - special allowance = the remaining basis to use for calc'g regular deprec expense Explanation is in the instructions for 4562 on page 7, starting at the bottom of the middle column. Is your software not doing this for you?

Not on the PA W-2s, but on the ATX input form for the PA40 itself, does it still have the tabs across the bottom of the screen. That is the 1099R tab for a worksheet for PA40 line 1a that I was referring to. In ATX 2011, that screen's lefthand column said "select for PA purposes" that had a drop down selection that said "not taxable to PA". Is there a screen that still looks like this:

It's either a box at the bottom of the 1099R input screen for public pension distribution, or when I had n/t pension for PA residents I would go to the PA40 input screen and use the 1099R tab and that worksheet to indicate which distributions were not taxable for PA.

I would enter what the 1099B shows. Any part of a loss that is disallowed should have a code W and an amount. The added days are for the securities that caused the wash sale loss to be disallowed, and the holding period of those that were purchased are adjusted to reflect the additional days as if they were purchased when the original security being sold was purchased. They could be either short- or long-term, depending on how long the original security was held. Was the wash in the prior year, and now you are seeing only the sale of the remaining securities that were affected by this in the prior year?

I wouldn't use it either. Send the 1099 to the payee with "REFUSED" in the appropriate box. I would send it with a generic looking note that this information is being furnished to the IRS. When the payee causes more of a stink, your client can tell the payee not to worry, that the IRS knows how to find him.

The days are added so that the holding period for the replacement stock includes the period you held the stock you sold. It sounds like those days noted are a memo item alerting the investor that the holding period will not start with when he or she actually purchased the shares that are causing the wash.

Yes, you should report it, and the answers of where and how depend on how the property was used from the date he inherited until it was sold. If he never lived in it and it was not a rental, then it's reported as an investment property in the long-term on Schedule D with the date acquired as "inherited". If it was his residence during that time, you treat it as such and go through the motions of determining whether or not this person is eligible for a partial or full exclusion of the gain under sec 121. If a rental, then you have the disposition of it as a depreciable asset.

I have the exact same problem with a client that was in this morning. Beach condo rented for a couple of years, last year rented was 2008 and sold in 2014. I do not remember whether I converted the assets to personal use, but the asset listing is not in my ATX input for years following that, although the program is showing a carryforward of depreciation due to the personal use limitations. On the depreciation schedule that ATX generated, the accumulated depreciation is the full amount before the limitation. What I did in those years where it was not being rented, I filled in the Sch E with -0- days rented, 365 of personal use, and -0- rents to maintain the carryforward. I don't know whether this was exactly the correct way to handle, but that is what I did. When it is sold, what happens to the depreciation carryforward and the fact that the depreciation schedule's accumulated depreciation is at the full amount, that was never really deducted on any return due to the limitation? Is the basis higher by the amount of depreciation not ever deducted, or is this a case of allowed or allowable where the TP is screwed? (ETA - pub 523 says for deprec after 5/6/97: "If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed.")

Proceeds of $195K from stock sales. If she had a gain, that goes on line 5 of worksheet 1 as additional investment income. If a loss, enter -0-. Maybe that is what you are missing.

I have a gas station client. In years past he owned the gasoline that was in the tanks, and then this past year he negotiated a new contract that says he gets a commission on every gallon of gas he sells, but the supplier owns the gas in the tanks. Ask your client who owns the gas on hand. Does he lease all the equipment?

You are correct. No adjustment to the books, and his basis in those new shares starts out with what he paid to buy out #2. You might want to track the basis of the 2 lots of stock separately to save everyone a headache sometime in future.

I think you could choose either start-up or capitalize as part of the equipment. As long as a business isn't subject to the uniform capitalization rules, it would have the choice to capitalize interest or expense it. Alternately, start-up expenses can include expenses that would otherwise be deductible in a business that had already commenced operations. With all of that in mind, I think you can make a case for whichever one you choose to add the interest expense into and that will be best for the client.

I The only way I would do this is to fix/finish the input to file a complete and correct NY return, not file something "as is" that is known to be incomplete, and to file amended Federal and NJ to correct those filings.