Lynn EA USTCP in Louisiana

Has anyone updated their ATX program to the now latest version 16.6? If so, any issues or problems? Also, just now I tried to access the official ATX community board and basically went in circles - it doesn't come up. Shades of seasons past !!! Lynn

Tom, this was my first attempt. I joined Sherrill Trovato's year (plus) long study program, www.taxcourtexam.com , did the monthly and then weekly assignments, participated in all of the live/in-person study events, joined a 5-person study group with additional weekly assignments and weekly go-to-meeting session (every Friday afternoon). Every day I go to the tax court website and read that day's opinions and orders. The exam is 4 hours of writing, you must find a comfortable easy flowing pen and practice writing for long periods of time. The exam is four parts - tax court practice and procedure, legal ethics, federal tax and federal rules of evidence. The exam is intense and draining. Since it is hand written it takes months to get results- they were mailed out by the court in early .April. 119 people took the exam last November and 16 passed, 12 of whom were Sherrill Trovato's students. Hope this helps, Thank all of you who have expressed congratulations . Lynn

You price is more than fair, and actually undervalued IMO. I would have charged more, but I am an EA and now a USTCP. Lynn

Rollovers as business start ups. I did a google search for that.

I use Square - have a reader for my iphone and ipad. I find it works best with the ipad. Fees vary from 2.75% per transaction (card present and swiped), to 3.25% (card not present and info keyed in by me). They also have square invoicing (which I prefer to my keying in the info and incurring a higher % fee) which is sent from Square directly to the client; the invoice has a link for the client to click and enter their own credit card details. It is double work to create the invoice in square (yeah, you have to print your invoice from your tax software, open the square website and create another invoice to send to the client). They have reports which are helpful. No fees incurred if you do not use their system.

The issuer of the incorrect 1099 should prepare and file a corrected 1099; I do not hold much hope that the 'note' will be effective lynn

I have no idea. Did you ask the auditor why the return was selected for audit?

My sympathies Gail.

I have no idea. I say, try it, today, to see what happens. It it rejects, then send in a paper 4868 with a copy of the rejection notice.

I keep a primer in the folder of my only client (now ex-client) folder with RRB: blue section - box 5 - social security benefits = report on line 20 of tax return green section - box 7 = gross and taxable amount of pension (akin to boxes 1 and 2 of a regular 1099-R) Also, look to see if there is Tier II. Exclude a portion of the Tier II, using the simplified method Hope this helps, Lynn

One of my clients had several rental properties. One year her husband disappeared. When she filed for divorce, the court appointed a curator for him in absentia to deal with the property division.

Does France have a similar system into which he has paid? If yes, then he is an employee and no SE Tax is due . Unresearched

Yardley, in your example I would make three entries Building at the $4x,xxx value ; land at the $1x,xxx value , and the improvements at their $3x,xxx value.

I do the same as jasdim, separate entries for each asset.

He does know that if he converts to S corp he will have to take a salary, with all the accompanying EFTPS and payroll reports, right ?

That's the general rule. It could be longer if there are some actions to prolong it - installment agreement requests, OIC requests, bankruptcy stays.

Advise your client that if she goes the 'free' route and goes to visit the IRS office there are no more walk-ins. She must contact them ahead of time and make an appointment.

10 years after assessment date, the IRS debt falls off the books and disappears.

Cash basis taxpayer - all SS monies received in 2016 are reported in 2016, even that allocated to 2015 but paid in 2016. Do not amend 2015; make use of the2016 LSE if it is more beneficial to your client.

Other states requiring DL info are CO and AL.

If your clients are partnerships without a C corp as a partner they may use the cash method. if your client is an S corp they may use the cash method. If your client is a Personal service corp they may use the cash method. If your client is a C corp, and their annual income the previous year exceeded the magic $5 mil threshold and are cash basis they must do a 3year look back to see if they are required to change to accrual.

But, see below - Generally, a small business can use either the overall cash method of accounting or an overall accrual method of accounting. Under the cash method (which is typically simpler than the accrual method), a taxpayer can defer income until cash is received; conversely, it must wait to deduct expenses until the amounts are paid. The overall cash method of accounting is available for S corporations, partnerships that do not have a C corporation as a partner, and personal service corporations (PSCs). A PSC performs activities in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting; and substantially all the stock of the corporation is held by employees performing services for the corporation in connection with those activities. C corporations and partnerships with a C corporation as a partner can use the cash method if their average annual gross receipts for the prior three tax years are less than $5 million. For a group of C corporations that files a consolidated return, the gross receipts of all the corporations in the group are aggregated for the $5 million test. - See more at: http://www.thetaxadviser.com/issues/2013/jun/clinic-story-11.html#sthash.8QazSYeJ.dpuf

It is the previous 3 years, 13 14 15 so they should be under the wire for 2026 but must change for 2017

File an ID theft notification for the niece, form 14139 I think. I think you will also need to paper file this return, with the pertinent disclosure form 8948 and a copy of the efile rejection notice

This year I took a vacation Mardi gras week (2/24-3/4) and went to ride my bike in Arizona with PAC Tour. Other years I have gone to Natchez Ms during Mardi Gras to ride my bike. And of course some years I stay home and just go to work during Mardi Gras.