Lynn EA USTCP in Louisiana

They show up for me, but the two pages do have something in common on the back-end, so I am definitely interested in hearing whether other people are having this problem.

When you say they don't work, can you be more specific? Are you getting an error?

They -both- work for me

Lynn Jacobs, EA, NP

Kenner, LA

Soory, to post this, but I can not remember. I need to file 1099-MISC Copy A and 1096 paper copies. Do both of these still need to be printed on "red" copy or can we now send in the copies printed off of our software?

Thanks,

Art

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 am going to take the exams during the summer.

I will do it the way I did with my drivers license writen test. I didn't study and I passed the first time in DC. Then, I went to VA and I passed it and I got my license. I went back to take it in DC and I failed. I was shocked because I knew all the driving rules in my country since it was part of my daily job.

Does anyone know how long does it take to register with IRS? Let me say that I pass the tests in June 2010 and I submit the form to the IRS, when will I be an EA officially?

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

W-3 and a W-2.

W-3c doesn't apply because you are going from no W-2 to a W-2. You are not correcting an existing W-2.

taxbilly

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

I know with all the early problems going with the software and e-file it's probably a bad time to ask advice, but I need to plan for the first quarter (I think). Unfortunately, when I was cleaning for this season I packed away the books I had from seminars 2 years ago that covered employing your children. My daughter has worked for me for a couple of years during the season. I've always done the 945 and W-2'd accordingly (believe I saw a post about this last year somewhere). Never a problem. She is turning 18 this year although will still be high school until June 2011 and will be living here. Do I need to change to regular payroll for her this year?

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

Can someone share the steps needed to file year-end quarterly returns and W-2's, W-3 etc.... I already register with SSA business services, so I have a user id number. I cannot figure out how to efile, sorry, its my first time efiling payroll forms. I was going to use quickbooks to efile, but I need to register every single client of mine to get a PIN and I cannot wait to get the PIN letter from the IRS.

Thanks

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

I use the status field on the Return Manager.

I have the following categories:

I rollover the return when I receive it, and enter the date in the status field. If I have several appointments that day, I will batch rollover first thing in the morning, but not put anything in the status field until I have the documents. Entering the date in the status field allows me to process them in a somewhat FIFO fashion.

Then there are the following status terms that are entered/updated after the item is done:

entered

need info (when entered and waiting for more info)

printed

assembled

mailed (for those that will not be picked up)

e-file / e-file;Chase (for Bank Products)

complete (and check the box; I do not move to complete until the e-file has been accepted

This is from memory as I am remote today, but I think this is all the stages I capture. I have never lost track of a return with this simple system!

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

Perhaps this is not appropriate to post -- feel free to delete if you want. I promise I'm not trying to turn this forum into Craig's List. I just saw there were some Burns fans here.

When cleaning out my Dad's house we ran across Selections from Burns from the Athenaeum Press Series from 1898. If you want to read all about Burns, this book is in the Google library:

http://books.google.com/books?id=zk9LAAAAMAAJ&pg=PR5&lpg=PR5&dq=the+athenaeum+press+series+selections+from+burns&source=bl&ots=fSG9qPUv4w&sig=uWRFgJEaQVCdDW08kVke1t7cJw8&hl=en&ei=XmQ6S86zGYS0tgeetqmUCQ&sa=X&oi=book_result&ct=result&resnum=1&ved=0CAgQ6AEwAA#v=onepage&q=&f=false

Also, I am trying to figure out what to do with this book (and several other old books). They aren't worth a lot of money, but I don't want to just toss them or give them to Goodwill.

Thanks.

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 S-corp books should be closed as of the date of sale of the stock and the information used to prepare the seller's 1120S-k1 at year end. Only one 1120S is prepared for the year with 2 1120S-k1's attached (old owner and new owner). The corporation continues as tho nothing has happened except a change in shareholders and officers as listed on the 1120S. If it is to late to close the books as of the date of sale, then information for the seller's 1120S-k1 is the year-end numbers prorated on the number of days of stock ownership.

The seller's stock basis is increased/decreased by the seller's current 1120S-k1 numbers and the sale proceeds reported on 1040 Sch-D.

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

Mr. John Abel's (CCH/ATX Sr. Manager - Tax) explanation is ridiculous to those that are aware of the simple formulas that are used to generate the report. Just my opinion.

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

My question was NOT about what to file, where, or when.

I need information from the IRS about the return that was created by the IRS. Two different hotline agents faxed the 2003 return transcript, and both times it came through blank.

Third call netted the information that it was "archived" and had to be purchased by client.

Then we got the letter mentioned above.

Any Ideas?

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

Denne, I ordered some of mine at the IRS web site.

The Copy A's were red!

Go to: www.irs.gov

Click on IRS

Click on Forms and publications

Click on Employer forms and instructions

below the word Order.

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

I tried Googling in general and also searched the IRS site and couldn't find anything allowing this deduction. (I sure was curious though.)

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

I have a one man small corporation that provided a service in Canada and they withheld $3,000+ taxes. I don't know yet if they made payment to the corporation or the individual. I know nothing about Canadian taxes could anyone give me a tip on Canadian filings?

Where do you get forms, etc.?

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

>>They are not going to change their minds<<

California, with an extremely broad spectrum of taxpayers, has had mandatory e-file for years. We all feared it, but the transition proved effortless. Even when servers overloaded and everyone missed the deadline, problems were trivial. Lion, ask your client whether they trust your data entry, or prefer to have a seasonal temp re-type those complicated returns. The debate is long over, E-file works beautifully these days, and the benefits are overwhelming.

California has three ways an individual can opt out. The taxpayer can request it without giving any reason, the tax preparer can pay a small fine, or both can simply ignore the requirement.

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

Nope

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 find going directly to e-services fast and easy and absolutely free. Don't forget they have an e-help desk for your telephone support, also free.

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