grmy2h
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Posts
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Posts posted by grmy2h
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HVAC is my other job. I deal with this a lot.
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Were the scholarships and grants limited to tuition? Maybe he used them for R & B and used the borrowed funds for tuition.
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You need the manufacturers certification. If it qualifies the condenser is 300, boiler or furnace is 150. The cert should tell you if he got a advanced main air circulating fan. If he did that is worth 50.00.
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So happy you are enjoying the program! I use SFP also and love it. The doc mgr is wonderful also. So easy to download to from SFP and scan or print directly back to it.
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1 hour ago, Pacun said:
grmy2h,
So contractors go to home depot and they pay taxes when purchasing materials and then they have to pay "sales or usage tax" on those materials used on remodeling every month to VA?
Not exactly... my husband runs an HVAC Company, so an example would be:
Customer is building a new home and wants a new Heat Pump installed, he also needs ductwork... the whole deal.
We buy the heat pump from our supplier, the metal for the ductwork from a supplier, misc fittings, supplies etc from home depot. We PAY sales tax on EVERYTHING we purchased for the job at the time of purchase. When it comes time to bill the customer we bill one total price for the job. There is no sales tax billed to the customer and there is no sending more sales tax to the state. It was all taken care in the original purchase of our materials.
I'm not sure how hair dressers work, but auto repair shops (just from using them) charge me sales tax on parts but not labor.
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In Virginia, contractors (building, electrical, etc) pay sales tax on the materials that they buy. This is considered part of the cost of the material. End users are not charged a separate sales tax.
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Just make sure the one you choose is IRS compliant. Some are not.
https://www.irs.gov/uac/new-electronic-signature-guidance-for-the-irs-efile-signature-authorization
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In Drake it's on the Demographic Info screen. I haven't had one yet so I don't know if it would be accepted without it or not.
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4 minutes ago, schirallicpa said:
Now - I have (accidentally) filed a return with out the box checked......
This to me is very sticky icky stuff and I am worried about possible ramifications. Make sure that liability insurance is paid up!
Drake is still requiring that a box be checked to efile. We now have a box that says Taxpayer does not want to compute SRP.
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More info in the Drake KB entry 14579: IMPORTANT: Make sure the taxpayer understands that by selecting either of these check boxes, he or she could receive communication from the IRS, experience delayed refunds, and face subsequent collection activity to recoup the individual shared responsibility payment, if the payment applies to the taxpayer's filing scenario.
The box referred to gives the taxpayer the option to file without computing the SRP.
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I originally posted this in the Drake section but it will affect everyone, sooner or later.
Drake update;
1040 Program Updates
Release Date: 02-09-2017 15:28:031040 Program Updates
- On February 3, IRS disabled business rules IND 069 and IND 070 and
will now accept an e-filed return that does not indicate either
full-year coverage or an individual shared responsibility payment or
does not include an exemption on Form 8965, as required by IRS
instructions, Form 1040, line 61. In accordance with these changes,
this update allows taxpayers to elect to file a return with no
response to line 61 of Form 1040.- 2
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6 hours ago, cbslee said:
I checked with Drake and they started transmitting Oregon business efiles in late January.
They usually have several seminars in Oregon in early to mid May.
I will definitely be attending one of them.
If you purchase at one of them, you get a NICE discount!! If I recall it was about 400.00 off +/-. Also if you renew early you get that same discount each year.
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1040 Program Updates
Release Date: 02-09-2017 15:28:031040 Program Updates
- On February 3, IRS disabled business rules IND 069 and IND 070 and
will now accept an e-filed return that does not indicate either
full-year coverage or an individual shared responsibility payment or
does not include an exemption on Form 8965, as required by IRS
instructions, Form 1040, line 61. In accordance with these changes,
this update allows taxpayers to elect to file a return with no
response to line 61 of Form 1040.
- The Principal Business Activity codes were updated on screen 5471.- 4
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6 hours ago, DANRVAN said:
I am leaning towards thesitefactory.com, they have a specialized format for accountants and taxpo's, looks like it can be easily customized and cost $16.25 per month.
Looks like a good starter kit for now.
The site admin at Tax Pro Talk recently launched the site factory. Here is his most recent post about it. https://www.taxprotalk.com/forums/viewtopic.php?f=10&t=8059
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This is from Drake's official board.... "We were directed by OH not to print the form until forms approval was received. As soon as we receive it, we will release the update that will allow printing."
They are advising you can efile, just can't print Ohio form yet.
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Anything that needs to be secure goes through my portal.
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Lots of new due diligence this year and lots of fines to go with them. Beware.
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1 hour ago, Randall said:
Not sure how this can be. Maybe the acks are coming from the software company who are holding them until the 23rd. Not really an ack from IRS.
No, they are actually accepted by the IRS. One poster is saying IRS is accepting them for testing purposes.
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Some are reporting in some facebook groups that they began receiving acks this evening.
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She could try Timeshare Users Group. TUG. Www.tug2.net. They buy, sell, trade timeshares.
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For Drake users, we have been assigned an efile password. All we have to do is enter our EFIN and password, click confirm and a message comes back that we are approved for efiling. The password assigned to you is located on the same page as your license numbers.
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Drake Pre-Season Release is available for download.
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2 hours ago, Hahn1040 said:
I am studying for the SEE. My plan is to complete two of the tests and all of my necessary CE by mid-Dec. I have a good start on it...
I am using the Fast Forward Academy package. ... so far so good...
any pearls of wisdom from any of you who have recently passed the test?
thanks so much!
@Hahn1040 I just finished my last exam in October. I started studying in May. We have study group on Facebook, where we ask questions of each other when we don't understand something and we also do a "trivia night" - 3 nights a week. There are a few members from here in the group. Search "IRS Exam Study Group" on Facebook to find us if you are interested.
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Form 1099-Q
in General Chat
Posted
Don't forget....529's can be used for R & B.