cientax

I usually charge $5 - $7 for 1099/W2 for those over 25 forms unless they don't bring their check book or cash, then I charge $10 each for all forms. If 25 or less forms, I charge $10 each.

I'm in Texas and I usually file them as married jointly. In cases such as your where they bought a home together strongly make them common law married. I look at the purchase contract of the house and look for the signature lines where they signed. It usually asks for "Husband" signature then "Wife" or "Spouse" signature. When I was IRS tax auditor, we used these contracts to make MFJ returns when each spouse filed HOH to claim larger EIC. Texas is a common law state and you or they should consult an attorney or maybe you might want to read the Texas Family Code under comon law marriage. My opinion is they are common law married, but this is only my opinion. Good luck!

What do you charge for prep and filing of W2/1099s? Just wondering if I'm in the same ballpark as all others. Thanks.

I have never dealt with this issue and need help please. I have a new client filed MFJ and claimed no dependents and neither H/W attended college. They have a son, age about 20 attended college and filed his own tax return since he had a job. Don't know yet how much he earned. H/W received a 1099Q which shows the son's name as the Recipient of the distribution. Should this distribution be reported on the parents tax return or should the son show it on his tax return? The 1099Q that I am looking at is what was filled out on turbotax program and not a copy of the original form. I have requested a copy of the original 1099Q from client. On this copy (not original form) question A: Who was the designated beneficiary of the distibution, taxpayer checked Not Applicable. Question B: Who was the recipient of the distribution reported on this form? Taxpayer checked the box Taxpayer. But the son is named on the 1099 and not the taxpayer. Question 6: Check if the recipient is not the designated beneficiary .......this box is checked by the client. I'm confused. Please help. Thanks again.

Client received a few 1099-K's from credit card companies showing what they paid in merchant fees. I know Sch-C says not report these payment for 2011 but client never told me about these during the year and were never included on sales tax reports as Total Income even though not subject to sales tax. but do we now have to include these payments as income on the Sch-C Gross receipts? Line 1 Sch-C is confusing me. Thanks.

I think your question is a social security administration question and not a tax question. Go to SSA.gov and do research there or call their toll free number for your answer. Their toll free number is like the IRS toll free number, VERY BUSY!

I have a client that lived in Mexico, he is U.S. Citizen and married to non resident while in Mexico. He filed the Federal tax return for Mexico but did not file U.S Income tax returns (2009 and 2010). They were moved to Texas in January 2011 and wife is now legal resident and has SS number. I am wanting to exclude the earned income but I am confused when it comes to reading the publication regarding claiming the exemption of the spouse. She was not a U.S. resident during the time they lived in Mexico. He began living in Mexico in late 2007 and is considered a bona fide resident. This is where I'm confused: In claiming her exemption, should I make the filing status MFS and claim her exemption same as the children in line 6 for dependents, or should I make the filing status MFJ? If I make the filing status MFJ, is he still entitled to take the exclusion for the foreign earned income?

If there is a will left by a grandparent who died and for all assets to be placed into trust for a granddaughter until the granddaughter is eighteen years of age, but the grandduaghter dies before the age of 18, can the assets be distributed or kept by the appointed trustee if the will so states. This is in Texas.

Have client that sold a house (not Principle residence) in 2006 and we have been reporting it on Form 6252 installment sale income. Now client sells the note to another individual. The original sale was for $76,000 and now they sold the note for $55,000. I've done this before a few years ago but I CANNOT remember how to report this. Can someone please help.

Client wants to take distribution for her child for college but the child is no longer her dependent. Well she be subject to 10% penalty since the child is not her dependent? The exception for higher education reads as follows from Pub 590; "The education must be for you, your spouse, or the children or grandchildren of you or your spouse." Nowhrer does it state that the child must be adpendent. Thank you.

I receive a catalog once in a while which is basically only an advertisement for courses and nothing more. I don't think I am a member since I don't remember ever joining and I don't pay any dues. Is anyone here a member and what does it cost to become a member and is it worth the money and time to join? Just curious. Thanks

Question is, if client took out distribution from retirement plan to pay medical expenses after he was injured on his self employment job and the 1099R shows Code 1 in box 7, can he still qualify for the exception of the 10% penalty? Or does the 1099R have to show a different distribution code for the exception to apply?

If you go to the Filers Info section there is a "check the box" line and box for the PIN.

Thank you all for your responses but I have another question. Will the assets continue to carryover to the LLC without starting all over with depreciation, etc.? The Form 1065 has been filed in the years they have been in business as a partnership and assets have been depreciated accordingly. I'm sure it makes no matter that they were not registered with the state, but now that they are and are now LLC will this make any difference on the assets? Carry on with the assets without changes? Also, does ther have to be a election filed with IRS to be taxed as partnership or just go with the default of partnership?

Father and son partnership have been in business for a few years but they never registered with Secretary of State (TEXAS). Now the son went and set up SMLLC with SOS in January this year, but he now has employees (previously subs). When we registered or set up his account with Texas Workforce Commission (SUTA) he wanted to add his father as one of the members of the LLC. Is this correct in that he set up SMLLC or should it be converted with SOS as LLP? Would it make any difference? He does not want S-Corp status. Another thing is that he originally filed the LLC articles with the state of Nevada then later had to also file with the Texas SOS as foreign entity. He did not consult with me prior to registering or setting up the LLC. He received his professional advice from a friend.

Have Canadian tax paid during the year and was allowed a credit on form 1116. (too much tax to claim credit for 100% tax paid so must use form 1116.) Any unused tax can be carried back one year then carried forward 10 years. Is there any provision to forego the carryback and just carryforward unused tax? We are having to file amended returns each year (for the past four years) to carryback unused foreign taxes. In some cases no additional credit is allowed due to limitations.

Have S-Corp that sold portion of territory (which I think is considered Goodwill ?) They bought this territory along with other territories when they purchased a salon. They decided to sell off some of their territory because they (like everyone else) needed the $$$$. Questions: is this reported on Form 4797 as 1245 property?

Does anyone know if the Form 5405 is ready for efiling? I have taxpayers that are to make the annual payment to their free loan the received for home purchased in 2008. Also, the annual billing statements from the IRS is billing each spouse separately 50% of amount due, because each is considered to have borrowed the money separately. But, does this mean that there will be two Forms 5405 that need to be filed with the return?

This return is for my child and she is not paying me, I am preparing it for free. Do I still need to register with NY state to get NYPTIN for a free return? I only prepare two NY returns and they are both done for free.

I am trying to efile NY state individual tax return along with Form 1040 for my stepdaughter and I do not charge her for doing so. But my problem is, how do I obtain a NY PTIN. The instuctions say that as long as I (we) have an IRS PTIN we can efile the NY income tax return. The ATX program for the form for efiling the NY return where I enter the PTIN requires eight (8) digits only but cannot start with the digit "ZERO" (0), but it will not accept it with the letter "P" which is what the PTIN starts with. Can someone please tell me how to efile the NY return along with the Federal return in this situation? This is a simple return for my child with only one W-2 and no additional schedules and the NY tax return. I lives in TEXAS and she lives in NY. Thank Y'ALL.

Does the archive disc need installation codes to install? I don't have the installation codes because a former worked in my office took the original disc along with codes and refuses to return it. If installation codes are needed, how can I get them when I can't get through to ATX?

Have a client that bought a house in 2008 but did not tell me until this year when they brought me 2009 paperwork. They sold the house in 2009 after they fixed it up. The made aprofit on the sale but because they didn't tell me about this when the 2008 tax return was prepared, all expenses for the fixing up that were done in 2008 were expensed on the 2008 return. The continued to fix it up in 2009 then sold it but now they don't have much to add to basis or cost. They held the property for less than one year, this is the only one that they have bought, fixed up and sold and don't intend to do this again. Husband is in the construction business and works for another developer and files Sch-C. Because of the holding period being less than one year and because the husband is in the construction business, does this have to be reported as Sch-C or can we report this sale on Sch-D?

I have all of the paperwork for when he bought the property and when he flipped it. He bought it Sept 2008 and sold it Dec 2008 and never rented the property. I don't know why the other preparer reported it as rental in the year of sale and then continued to show it as rental in the year after sale when the paper work is there to show that it was sold as an installment sale. The contract, Hud 1 form and amortization shcedule are all there. From what I gather is that if he were to report it electing out of an installment sale on the 2008 return he would not have received a larger refund because of the gain. Reporting it as an installment sale then there is no capital gain to show because there were no payments received until after the end of the year. Thanks for the help.

Client bought home 09-17-2008 then sold it on 12-01-2008 with gain of about $7,000 and is seller financed. I did not prepare his 2008 return, someone else dit. They did not report the sale on the tax return because the preparer told him that he would not get a good refund. Instead of reporting the sale the preparer reported the home as a rental only to deduct the property taxes on Sch-E to offset other rental income. for 2009 the preparer continued to report the home as rental property and included some income that the client did not receive for the same and deducted again property taxes that the client did not pay. The income received was installment payments on the note. I know that the taxpayer can elect out of the installment sales method by reporting the sale on the Sch-D and nothing on the 6252, but if the sale was not reported at all for the year of sale (2008) can we still go back and report it as an installment sale on an amended return and correct also the 2009 tax return? The house was never a retnal, he only held it for approx two months then sold it. He is receiving monthly installments on 15 year note. Also the preparer failed to include the interest received from each payment.

What all is included in the ATX MAX program? Does it include unlimited free efile? I know that they offer the unlimited efile for the first 100 efiles then charge more for efiles after the first 100 efiles. I went with TRX for the 2008 tax year because of the price and because I was familiar with Taxwise using it during my tenure with the IRS. But I like ATX more because it is more user friendly than Taxwise. Last year I did what a lot of others here at ATX Community did and purchased the ATX through TRX because I liked the price, only paid about $500 for the 2009 ATX program with unlimited efiles, and unlimited everything else at no extra charge. I am wanting to continue with ATX again for 2010 but I don't like the price and don't like paying for the efiles that are filed over 100. I got an email this morning from TRX offering the $599 package for only $299 with unlimited everything and it includes everything that the $599 package has, but I have to buy it BEFORE May 01 or it's too late. I just don't know if there will be any other good offers from ATX down the road before the end of the year. ATX hasn't contacted me so far this year and I have been with them since 2002 except for the 2008 year. Looks like I'm going with TRX again this year because of the price and the package unless ATX can offer something better before Satuday.