Lynn EA USTCP in Louisiana

That's one reason I left Petz (Crosslink) - their user pack costs were getting way too expensive. Damn CCHSFS services for changing their pricing model. Where did you hear about this change ???

Alabama corporate - nonresident foreign corp Client formed LLC in Louisiana in 2014 and elected S status. For one month Nov-Dec he, via his LLC, worked on a film project in Alabama. Of course, now I must file an Alabama foreign corporate return based on the income and expenses during the time in Alabama. I use ATX and am having difficulties understanding the mechanism of the Alabama nonresident return. If anyone cares to provide some assistance, my email is [email protected] . If you are available for a telephone conference please email your number and best times to call. Wish Harlan Lunsford were here - I'd have asked him in a hearbeat ! Thanks so much, Lynn

one client sold the lot adjacent to their principal residence in 2013 then sold their principal residence the next year. Both sales qualified for the taxfrree principal residence sale - there is a special rule for this circumstance IF both sales occur within a 2 year period . I have the documentation at work . Will post when I get to my office.

Isn't there an option instead of sale/abandonment that says 'change to personal use'? Or of some sort? I do not think there should be any gain/loss calculation on conversion to personal use. It just comes out of 'service' for depreciation purposes.

No

I saw thread similar to this topic on the 'official' community site. The answer to the problem has something to do with a 'drop down' box at the top of the input sheet.

Is this the final trust return? I think the return needs to be marked 'final' in order for the capital gains to flow to the bene's k-1's.

Aren't day traders supposed to file an election or special form during the year that they choose to be considered a day trader?

Change for this year is that the 1099-B basis will not reflect the income allocated to the taxpayer and shown on their W2 via code V. I have one (Whole Foods stock) wherein the supplemental form does include the code V basis and closely approximates what the 'real' basis should be.

The IRS has a glitch in their system re the homebuyer credit. Expected 'fix' date is 3/23.

http://www.irs.gov/taxtopics/tc421.html For more information, refer to Publication 970, Tax Benefits for Education. Hope this helps, Lynn

CBSLEE - what features are lacking in Howell that you would need? Lynn

Also take a look at Howell Software (howellsoftware.com). I've used their write up program since the mid 1980's. Lynn

The default is to allocate the annual profit/loss according to the number of days the SH was a SH. If you go to elections, click on the 1120S tab you may find an election to allocate as of specific dates, but it must be signed by all SH.

I do not think it makes them responsible for paying the debt, unless the intestate estate had any assets.

I presume you must follow state law. Here in Louisiana, the parents would be responsible for making sure his final return is filed.

in ATX right under box 2 is another box for the amount rolled over

David, the de minimus elections are required to be filed each time that the taxpayer chooses to make them, and must be filed even if the form 3115 is included in the return. With or without 3115, de minimus elections are required.

I received an announcement yesterday from Virginia that they had passed legislation to conform to December 31, 2014. TAX BULLETIN 15-1 Governor McAuliffe Signs Bill Advancing Date of Income Tax Conformity to December 31, 2014 February 19, 2015 Conformity to the Internal Revenue Code for Taxable Year 2014 Under emergency legislation (Senate Bill 1044; Chapter 1 of the 2015 Acts of Assembly) passed by the 2015 General Assembly and signed by Governor McAuliffe on February 16, 2015, Virginia's fixed-date of conformity to the terms of the Internal Revenue Code will advance from January 2, 2013, to December 31, 2014. Tax Bulletin 15-1 provides taxpayers with directions on how to reconcile this legislation with their 2014 Virginia income tax returns. This legislation allows Virginia to conform to federal tax legislation enacted during 2014 that would impact the filing of Virginia income tax returns, including the Tax Increase Prevention Act of 2014. Virginia will continue to disallow federal income tax deductions for bonus depreciation allowed for certain assets under Internal Revenue Code ("IRC") §§ 168(k), 168(l), 168(m), 1400L and 1400N; the five-year carryback of federal net operating loss deductions generated in Taxable Year 2008 or 2009; federal income tax deductions for applicable high yield discount obligations under IRC § 163(e)(5)(F); and federal income tax exclusions related to cancellation of debt income realized in connection with a reacquisition of business debt at a discount after December 31, 2008, and before January 1, 2011. To view the details of this Tax Bulletin, click here. If you have additional questions, please visit the Department's website at http://www.tax.virginia.gov, or contact the Department at (804) 367-8031 for individual income tax questions or (804) 367-8037 for corporate income tax questions. Back to Top

yes

Unresearched - allocate to guaranteed payments to partners

If he took a 'loan' no 1099-R should have been issued, unless as stated above he terminated his employment with the company afterwards and did not repay the 'loan'. If he took an early hardship withdrawal from the 401K then the 1099R is most likely correct. Ask to review his paperwork on this.

Haven't tried yet. My VA clients have not sent me their info yet.

One of my colleagues from Florida, an NAEA director, received this email from the IRS commissioner a couple of minutes ago Dear Mr. xxxx, Thank you for your message. I thought you might be interested in the following press statement which we just released. Best wishes. John Koskinen Media Relations Office Washington, D.C. Media Contact: 202.317.4000 www.irs.gov/newsroom Public Contact: 800.829.1040 IRS Makes it Easier for Small Businesses to Apply Repair Regulations to 2014 and Future Years IR-2015-29, Feb. 13, 2015 WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Also, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014. “We are pleased to be able to offer this relief to small business owners and their tax preparers in time for them to take advantage of it on their 2014 return,” said IRS Commissioner John Koskinen. “We carefully reviewed the comments we received and especially appreciate the valuable feedback provided by the professional tax community on this issue.” The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. Details are in Revenue Procedure 2015-20, posted today on IRS.gov. The revenue procedure also requests comment on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital expenses.

Rats. LIke a good doo-bee I installed the 14.5 update johnny on the spot. Now I wish I'd waited. No problems, yet, or at least none that I know of (sigh....). Some returns rolled over into the previous versions without the depreciable assets showing up; not a big issue except with the farm with LOTS of assets.