Lynn EA USTCP in Louisiana

They -both- work for me Lynn Jacobs, EA, NP Kenner, LA

Red forms are still required. Lynn Jacobs, EA, NP Kenner, LA

I don't have an answer to 'that' question. But I never even realized there was an Asset History section to the deprecation reports, until this year when everyone is talking about it not being there in the 2009 program. My question to you is, of what use is the Asset History? Lynn Jacobs, EA, NP Kenner, LA

I took the exam in 1989, passed first time. Once you pass the exam you'll receive a big packet of forms to complete, which may include a fingerprint card, and forms for IRS clearances including checking that you're current in your tax filing obligations. I would guess it to be about a 3-month process, give or take. Lynn Jacobs, EA, NP Kenner, LA

SunTaxMan - I've heard others who purchased the F. A. M. and were offered the software at half price. If you must have the asset history, ask for the 1/2 price deal that others received. Lynn Jacobs, EA, NP Kenner, LA

To clarify Taxbilly's reply - you may do a W2, as an original W2. The W3 may be prepared with just this person's wages. Of course the 941X, amended 940 and amended state unemployment forms are also required. Lynn Jacobs, EA, NP Kenner, LA

My off the cuff (i.e. unresearched) answer is YES, you do need to change the payroll as once she becomes 18 she will be subject to the FICA/Medicare withholding requirements. Lynn Jacobs, EA, NP Kenner, LA

MAS - you still need a PIN to efile even just your own quarterly reports (941's and 940's). It's a 10-digit number issued by the IRS. I didn't even bother to go that route for my clients - I do paper returns for them, but e-file those for my office. Guess this isn't of any help to you after tall. Lynn Jacobs, EA, NP Kenner, LA

Doug - tell us more about the Research Service Lynn Jacobs, EA, NP Kenner, LA

Ken, which 'status field' are you talkng about? I have my program open and the only status field I see is on the e-file tab. The status field on the e-file tab is not modifiable by the user. What am I missing? Thanks, Lynn Jacobs, EA Kenner, LA

Our library has a 'friends of the library' program which accepts donations of used books, cd's, etc. which they then sell (paperbacks sell for 50 cents) ; there's a cart with books for sale in every library. Once a year our library friends program has a BIG sale. My 2 cents worth. Lynn Jacobs, EA, NP Kenner, LA

The sale of stock is generally the seller's preferred type of sale, as it gives rise to capital gain treatment on the sale of the stock. On the other hand, buyers generally prefer to buy the assets, thereby avoiding the assumption of any liabilities of the corporation. And, the allocation by number of days is the default to report the k-1 information, unless an election was made by the shareholders at the time of the sale. Lynn Jacobs, EA, NP Kenner, LA

I had never looked at the 'history' report, but will now (in the 2008 program). But I always printed the next year federal report and am at least relieved that report remains part of the program enhancements. Lynn Jacobs, EA, NP Kenner, LA

Request the wage and income information (which will report income via W2's, 1099's, SSA as well as mortgage interest via 1098's) and create a 'real' return. What the IRS has done is an SFR. The 'real' return, once filed will supercede the SFR. Lynn Jacobs, EA, NP Kenner, LA

Remember that while the IRS requires the 1099's to be the 'red' forms, the SSA no longer has that requirement. Lynn Jacobs, EA, NP Kenner, LA

Well, if I had just sat back and pondered this a bit, I'd have realized the answer - it's all in recognizing the forest from the trees. VAT tax = a foreign tax paid. Sales taxes = state and local taxes paid Ergo, the VAT tax may be deducted either on Schedule A, as foreign taxes paid, or taken as a foreign tax credit via form 1116 (a bear to complete in some instances). Thanks, though for considering this. Lynn Jacobs, EA, NP Kenner, LA

1040 Client itemizes. Goes to Spain for a vacation. For schedule A keeps track of actual sales tax remitted. Is the VAT paid while in Spain included in the actual sales tax paid? Or is it added to foreign tax paid? Or is it ignored? Thank you, Lynn Jacobs, EA, NP Kenner, LA

I voiced my concerns about the depreciation printing options via the forms pipeline and take this opportunity to share the response received: I have not yet downloaded the 2009 tax year program, so haven't perused the features in it. "Dear Lynn, While the Asset History feature was removed, the Next Year option on the 4562 reports are still available. On the 4562, go to the '4562 Statement', 'Tax Classification Report' or 'Detail Report' tabs and in the Type field at the top select 'Next Year Fed'. This will enable the reports to display next years depreciation and accumulated depreciation amounts for planning purposes. Unfortunately, the Asset History feature had complications and increased return calculation times. The ultimate decision was to provide the best quality software solution for asset management without jeopardizing the ATX tax software or calculation speed. If you are interested in reviewing the Fixed Asset Manager program, please contact our sales department who can provide a demo version and possible discount on the software. Sincerely, John Abel Sr. Manager - Tax" Lynn Jacobs, EA, NP Kenner, LA

Here's the website for Canadian taxes - http://www.cra-arc.gc.ca/formspubs/menu-e.html But, if you'd like to contact an EXPERT in Canadian taxes, I recommend Joseph Smith EA, (MST in 2011!), Fellow NTPI TravelTax LLC, www.traveltax.com , Norfolk NE Lynn Jacobs, EA, NP Kenner, LA

The other ways to opt out of mandated e-filing in California are for the taxpayer to either sign the opt-out form, or always miss the filing deadline and file the tax returns late. I have one CA client who is consistently 2 years behind filing her returns. Lynn Jacobs, EA, NP Kenner, LA

Denne, until Hurricane Katrina came along we kept everything, forever. No more. Now, per the IRS Circular 230, I keep only what's required - 3 years (actually I keep 4) for tax returns and supporting documents. I do review each file and pull out any docs pertaining to real estate purchases. stock and mutual fund purchses or basis, and corporate inceptions. For accounting and payroll records, SSA mandates we keep PR records for 7 years, so 7 years it is. My assistant labels each box with the contents, the date placed in storage and the planned destruction date. We do not shred in house - too labor intensive for that. We have alternately used either a commercial document destruction company, and had them shred the boxes on-site. Another option was to have a weekend long bon-fire. The commercial document destruction company is much faster. We paid about $200 - $300 for them to destroy a pallet's worth of boxes, piled 2 or 3 layers high. Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, LA

I saw this draft several months ago when it was first released and theIRS were asking for comments. I strongly urged them to NOT change the 1040X - guess my comments carried no weight. Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, LA

Sec 179 expense $24,000 was taken for a vehicle that is now 100% personal use. Entity is a corporation; the recapture is reflected on k-1. K-1 has been imported into individual return. At bottom of form 4797,page 2 is the line for Sec 179 recapture, but it doesn't seem to be flowing from there to the front page of the tax return. What am I missing? Thanks, Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, La

Actually, I would say, 'it depends' on the type of return you'd like to e-file. If it's individual tax returns, that cutoff date was 10/15 (except for retransmitting error file rejects). Entity e-file continues, even for prior years from what I understand. Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, La

I wholeheartedly recommend TaxScripts. I had nothing but difficulties with the IRS e-services, but with TaxScripts, it's a much easier and faster process. You can save your searches and modify them as necessary at a later time. Lynn Jacobs, EA, NP Enrolled Agent Notary Public Kenner, LA