Lynn EA USTCP in Louisiana

One caveat to the real estate safe harbor - the unadjusted cost of the building must be less than $1,000,000 in addition to the other requirements.

Lion, did Lisa Ihm modify her 3115 booklet after the new rev proc's were issued (2015-13 and 2015-14)? I too,purchased before that.

Joan, for the property safe harbor first look at the undepreciated cost basis of the building. If that value is less than $1,000,000 then the real property safe harbor is 2% of the building's value, capped at $10,000. Lynn

Are you using ATX? If yes, pull up their form 1040, at the bottom are tabs = click on 'filers information' and enter the taxpayers date of death (just below his date of birth). That should set the efile forms so that surviving spouse signs taxpayers signature as surviving spouse. In occupation I place 'deceased'. The 1040 should print the deceased date of death when you print the copies. I always try to efile it. Sometimes they go through and sometimes they don't. I don't do fee collect (had too many problems with it so d/c'd it) so can't answer that question.

Cathy, will you post the telephone # for LA Efile help desk, please? I need to call them and am unable to find the number. thanks, Lynn

Send the paper one with the 8453 to the address for sending the 8453.

I create a 1099-INT entry for that bank. The numbers flow from there onto the schedule B. I also check the box so that schedule B always prints.

My sources tell me 'yes' - list change # 184

Marie, you are right - it's not there. I wonder if it will be included in tomorrow's program update. If not, then you'll (and the rest of us) will have to add a blanket election for this reg. I found a sample: It is the company's policy to capitalize assets that cost $___ or more. All capitalized assets will be depreciated in accordance with the company's depreciation policy. Assets that cost less than $__ will be expensed in the period purchased. Amounts paid for assets with an estimated useful life of 12 months or less with a value of $___ or less are expensed in the period purchased as well. Management will periodically review these levels and make modifications as necessary. Hope this helps, Lynn

Was the estate k-1 a calendar year form? Or fiscal year? If fiscal year was the ending date in 2010 or 2011? If in 2011 you might be able to amend his 2011 return. Not sure this helps......

Ask for the form "Elections'. Once that loads, look at the tabs along the bottom of the page and choose depreciation. The safe harbor elections are near the bottom of the depreciation page.

The condo has no common use areas? Nothing on the depreciation schedule? No landscaped areas? Who is responsible for the roof repairs and the outside shell structure repairs? I'd file the 3115 with the code 184, just so the IRS knows you know about the new cap/repair regs, as well as filing the de minimus policies that apply to this entity. Just my 2 cents worth

Yes, ATX does have the de minimus safe harbor election statements.

I just love it when they say 'request free trial' and don't tell you anywhere how much it's going to be for the paid version.

Is the 2014 tax year program disc in your computer? If it is, remove it, try again.

I think the W/H was given as a red herring.

I used CFS Tax Tools Module - ACA Individual Mandated Health Insurance Penalty - to calculate this. I don't know how they came to the answer, after answering the questions on their worksheet. The annual penalty is the greater of 1.0% of income above the filing threshold (determined to be $20,300), OR $95 per adult (half for children), capped at 3 adults ($295). So, $65,000 less $20,300 equals $44,700 x 1.0% = $447 2014 penalty

NECPA in Nebraska, then file the first and final 1065 with all zeroes. Avoids IRS correspondence and penalty assessments that must be responded to. Charge a fee, even a nominal one, since the client did this before consulting his tax advisor.

John Sheeley, EA just last week presented 4 hours' webinar on the ACA, which is now available on-demand. I think it's $99 or $129, at

1065

Yes, I did.

No, you are not missing anything. I had a hard time installing the Payroll program, and once I did the preparer info was not populated nor available for rollover; nor was I able to rollover my clients. On attempting to rollover clients received the message that I needed to update forms. But there were no forms available for update. I downloaded ATX Max without any problems (or so I thought) but when opening the program had to enter my installation codes and now (at 6 pm) it's installing 524 form updates. I am able to see all clients in the Rollover Manager, and was able to rollover and open two of them (mine and one of my son's). Now the system wants me to download over 3000 forms, a task for tomorrow. Lynn

Sometime in 2014 they changed the PIN rules. Now instead of waiting for the 10-digit PIN number to arrive in the mail, it is a 5-digit self selected PIN. I use the client's zip code for that.

Catherine, do you send the engagement letter with your 'checklist'?

Catherine, is your document checklist customized for each client? Or generic for use with all clients? would you share your letter and checklist? I am looking for other ways to gather client data, instead of sending the organizer. Thanks, Lynn