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cientax

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Everything posted by cientax

  1. Thanks for your help and can you tell me why I didn't see this yesterday when I had "Elections" open?
  2. Where in ATX for Form 1040 2013 can I find the carry forward election statement and have it included in the return for efile? Thanks.
  3. Do I have to file a new application and go through all the motions of background check, fingerprinting, etc...? Going back to my original question above, since neither me nor my wife have a professional license and all of what "I" do is mostly income tax preparation. My wife only does secretarial work and we have enough clients to stay open year round. We don't even have notary services. How would this affect my election for S-corp status with both of us as shareholders (50% each)? Thank for all your comments.
  4. So Mr. Barosser, can you give more details please. Thank you
  5. Do I have to file a new application and go through all the motions of background check, fingerprinting, etc...?
  6. Wanting to change from sole prop to S-Corp, what is the process that has to be done with e-file center? I already have EIN for S-corp. I am ERO and have been for eleven years, if that makes any difference. I called the help desk and talked to a lady, but she confused me more than she helped me. Thanks.
  7. I didn't ask for any one to calculate the penalty, I only asked if the penalty will be based on gross income, taxable income or net income for a self employed person. I have heard and read different from various sources where some say gross income, some say taxable income, and some say household income. If this is going to cause such an uproar, especially with Mr. Pencil who is a liberal, then forget that I ever asked the question. I'm outta here.
  8. In determining the penalty for not signing up, the minimum is $95 or 1% of income. Which part of the income is the penalty figured on for a self employed person? Is it Gross income before expenses, or is it net income after expenses, or is it TAXABLE INCOME after standard deduction and personal exemptions? Can anyone please provide the correct information. This is a question by one of my clients. I have not read the act as of yet and don't know the answer. Thanks.
  9. I am not the preparer of the partnership return. The SMLLC client is the one I preparer returns for and thanks for your information.
  10. Have a client Real Estate Builder/Developer, owns property in subdivision getting it ready for development and has water lines/pipes running on the property. A contractor working for one of his partners on connecting property that the partner owns damaged the water lines/pipes on both properties. They did not file law suit but the contractor that did the damage paid the partner compensation for damages to both properties, then the partner paid my client for damages done on his property. My client settled for about $100K and wants to know if this will be taxable to him. He is not incorporated, but is SMLLC if this makes any difference. He will be getting K-1 from the partnership. Thanks.
  11. Thanks for all the input and I will take the advice given and run for the hills, which aren't too far away.
  12. I have seen the P & L but no balance sheet. They did not provide the balance sheet and I don't know if they have one. One of the shareholders wife is keeping the books for the company I believe. They are in the roofing business and P & L shows a small profit of about 20K but they just don't want to pay tax on any profits. I'm really not understanding what their motive is completely since they plan to desolve at end of year. I actually doubt that they will qualify for the S-Corp status under reasonablve cause and will eventually have to file the 1120 and pay the tax there. They did not pay wages. I tried to talk them into making the S-Corp election for this year instead of filing for a late election under reasonable cause but they refused and wanted to defer the income then desolve. Any ideas? Thanks
  13. Now that I recall, they did mention to me that it is a C-Corp but that they never operated until mid year 2012 and never filed 1120's for the corp. I'm really not sure what their motive is at this time other than they just don't want to be taxed on the profits of the S-Corp. I haven't talked to either of them since April. I just checked the sos web sit and it shows they are active and incorporated in Oct 2009.
  14. I believe they ARE C-Corp (not sure at this time they didn't say and I didn't think of asking since one of them is a regular client, the other is new) and want to elect S-Corp status then they say they will desolve at year end. The election is late but extension has been filed. They feel they have reasonable cause for the late election.
  15. Have a client that was told by a friend that if they elect S-Corp status, that the profits can be kept in the corporation and not pay tax on the profits until they are used in future years. Can anyone explain to me how this is done when the K-1 shows the profits as ordinary income to each shareholder? Thay insist that they don't have to show it as income as pass thru to personal return because they didn't distribute the profits and kept in the corps account. I did explain to the about the retained earnings, but they still don;'t understand and don't want to pay tax on the profits. What to do? Thanx.
  16. There is a carryover every year of about 150K that we want to use at least some of to reduce her federal U.S. tax, but her income from Canada is usually less than 10K gross and it is passive income from rent of farm land. This is a family farm rental and split between her dad and other siblings and her gross is less than 10K and net is usually about 7K. Her U. S. income however with her husbands income is well over 160K and most of that is husbands income from U.S. wages. She has other passive income but less than 20k.
  17. I have a client that has foreign taxes paid in prior years and has carryover each year but when we do the 1116, the form does not give credit for the carryover taxes paid. The taxes were paid to Canada and the client lives in the U.S. The form only gives credit for the taxes paid in the current year. Can someone please help and if need I can give my email or we can discuss on phone. Thanks
  18. cientax

    ProSeries

    Recieved ProSeries package in the mail that I did not order but received email thanking me for the purchase and wanting me to take a survey for how the salesman performed on the phone. I did not purchase the product and am affraid to open it. I want to send it back since I did not purchase and if I do open and use the product, will I be charged for the product. Did anyone else receive by UPS a ProSeries product without you ordering the product? I was reading in the software blog where someone received a free ProSeries package and were satisfied with it, but the person admonished it as if she was a salesperson for the product. Same as another blogger that was admonishing the software and actually advertising the software. I was just wondering if someone else received a package and then was told on their email "Thank You for purchasing the product" and then asking you to take a survey about the salesperson, not the product. I talked to Intuit today who sells ProSeries and they have no knowledge of this package being sent out as a freebee. They called me back and asked a few questions and said that they will further investigate because they said they have no idea what is going on. I just don't want to be billed for this product since I did not order it. Someone called me last week and said they were from Intuit and wanted to verify my name address and phone number and told me they were sending a ProSeries package. Then the emails started coming in and one even mentioned billing
  19. Bank issued 1099C to a corp that is no longer in buisness. One of the shareholders received it in the name of the corp with the corps EIN on the 1099. The shareholder that received the 1099C in the mail was the sole shareholder on the account. This was a credit card account or line of credit account. The shareholder does not know if this was a C-Corp or S-Corp. All he knows is that he received a W-2 each year while in business. His son was also a shareholder. I had him ask his son if the company was C or S but the man said he didn't understand what his son said. He is unable to proudce a Corp tax return because he was not liable for filing the return. A third or fourth shareholder was the responible person for filing. The corp went out of business a few years ago but the account was still active because they were behind on the payments untill the shareholder made an offer with the bank last august on the account and paid 50% of the account balance in cash and the 50% remainder was cancelled. What is the shareholder to do? Eat this for lunch....
  20. Has anyone received any formation on the form 8582 as to whether it's ready for efile? Does the 8582 have to be filed with the return if there is no loss on Sch-E for rentals? The total gain on rental is $468. Gross rental income is about $5000. Only other income is wages of $11,000 and NOL of -$256.
  21. I get error messages every time I try to upgrade forms then the program closes then takes forever to reopen. I emailed CCH last thrusday and still have not received response. I emailed them again monday and still no response. Earlier in the month I emailed them due to another problem and they responed within an hour. I try to stay away from the phone with them.
  22. I have a client that dropped off W2' with CA wages. I guess she worked in CA during the year but she lives here in TX. I know a state return has to be filed but does a locality return have to be filed each different locality? She has six different W2' from different localities. Some one please say NO!
  23. Just last week when I was rolling over returns, the letters were rolling over with the returns, now they aren't. Also they are not appearing when I open new returns and I checked all the boxes I could find in all managers and still nothing. I did restart the computer but still nothing. I sent email to Tech support but no response yet.
  24. Does anyone know why the Client Letter, Est. Letter, Return Cover Sheet, Estimate Letter Cover Sheet and Return Mailing List are not rolling over with the returns. They were rolling over last week but not they don't. The also do not show up when opening a new return whe they were earlier. I've checked all the boxes on all managers and have looked in other areas of the preferences and still nothing. Can't find them in Add Forms lists either. Also, is anyone having problen with Sch-C-EZ when inputting 1099MISC for gross receipts? The amount does not carry over to the form even when I check the box for Sch-C-EZ. I had to over ride to make it work. (ATX)!
  25. Two different opinions. As I mentioned above, Texas is common law and a good place to start is the Texas Family Code or an attorney if it goes to audit.
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