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About TaxCPANY

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  1. Well, it worked inasmuch as MeF accepted it tonight. Besides attaching two 8865 K-1's, I input their ordinary income on Line 8 of Schedule 1 with the legend "Form 8865 Schedules K-1" and the partnership names, input the same amounts (fortunately) on the supporting schedule to Line 2 of Schedule SE and the detail schedule feeding Line 1a, Part I of Form 1116. Foreign tax withholdings ended up on Line B of Part II while Line A was empty but it doesn't look too bad, and it's just there to be carried over as the client had insufficient taxable income -- only self-employment tax. No ordinary
  2. Has anyone successfully e-filed a 1040 with PDF'd Form 8865 K-1's attached? This has got to be the worst year possible to tell a client to paper file a return!
  3. Per IRC Sec. 195 upto 5K of "business startup costs" can be deducted; amounts exceeding that must be amortized over 15 years as Sec. 197 intangibles (ignoring the 50K cap on startup costs), beginning the month in which the business begins. But for no business having yet begun startup costs otherwise would have been deductible as ordinary and necessary expenses. Also, per Rev. Rul. 81-150, expenditures that otherwise would have been capitalized such as those in constructing a capital asset, are not startup costs. Based on the client's assertion that the 11.7K were 'mere' repairs and mainte
  4. From the horse's mouth https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline
  5. My usual shortcut of duplicating the prefigured, dummy return in Return Manager won't work today. Three times I selected the return named "AA" (to keep it at the top of the client list) and typed in the new client's name; three times ATX "had to close" -- even after I'd rebooted the whole system. Anyone else had this?
  6. So the IRS wants the FULL amount of UI paid on Line 7 of Schedule 1, matching the 1099-G, and the exclusion amount showing with "UCE" on Line 8. As for the effects on AGI and how to adjust that -- e.g. Forms 8962, 8917, whether the taxpayer's AGI is 150K -- which, by the way, is a CLIFF and not a phase-in -- IRS is scrambling to provide guidance "in the next day or two, give or take two days." Today's conferees also heard the IRS request us not to amend as it was considering adjusting already-filed returns itself -- to which proposal voices were raised: how would DIYers, states, and
  7. E-file treatment of UI is the subject of this (Tuesday) afternoon's "production call" conference of IRS MeF software developers, transmitters AND states; so I'd anticipate ATX and others' rollouts to ensue shortly afterwards. Note too that this topic was announced a week ago; its treatment has been in the works a good while since the legislation emerged.
  8. https://www.ghacks.net/2021/03/10/march-2021-cumulative-updates-cause-printing-bluescreens-on-windows-10-devices/ is the story in ghacks.net that explains just what's up. A commentator to the story posted 3 hours ago that only "corporate printers such as Kyocera, Ricoh, ebra, Sato, etc." were affected, and "No issues with HP, Canon, Epson, or Lexmark."
  9. In a different practitioners' chat t I ran across the following fix: "When the omission of health insurance from a shareholder's W-2 is discovered, a (second) W-2 is prepared, showing the health insurance as wages in Box 1 and Box 14 (indicated as S Corp Med Ins). All other boxes are -0-. This way Notice 2008-1 is complied with." Works for me.
  10. But don't neglect those states that "decoupled" from TCJA such as New York, where a state-only 2106 can bolster itemized deductions even yet. And not just teachers; I've filed several clients who'd become remote-only employees last year and so, newly qualify for the office-in-home deduction. Asking whether such folks have upgraded their Internet and/or wifi and/or hardware, increased their bandwidth to accommodate more/faster video, simply bought a rug to improve acoustic, setc. has yielded more of a deduction, as well.
  11. Augh, yet one more misuse of "comprise" which is synonymous with "include", not "compose"! From Words on Writing (by Erin Hart): "When using the word comprise, follow these five guidelines. Comprise is a stand-alone verb—it does not need a helping verb like “is” or “was” or a modal verb like “will” or “might” to create future tense. Prepositions like “of” do not grammatically follow comprise. Comprise is a transitive verb and must be followed by a noun or series of nouns. Going from large to small is essential when using comprise—the whole comprises the parts.
  12. If you've got any information returns among the client's documents, do any of those show truncated or abbreviated names or portions of the names? Take your lead from those and ask the client whether they agree with the treatment shown. I've got several clients from cultures that appoint multiple names and so far have found that they're accustomed to using fewer names to fit in -- literally -- with various bureaucracies.
  13. The only problem I have with Form 114 is the apparent incompatibility of BSA's site with Nuance PDF Pro; I must revert to Adobe Reader to complete the return online and so I keep that application on a computer separate from my main ones -- but only because Adobe insinuates itself into other applications to become the default PDF reader. How is inputting Form 114 online substantially different from preparing and e-filing other tax forms? My clients pay me for the time it takes me to do that, are sent a copy of the form to review and must return a signed & dated copy of Form 114a. The BS
  14. You two luckily must not be insomniacs. Not knowing a wholesale way to clean up Payer Manager I indeed have gone in there time and again, usually late at night, and deleted duplicates. At least you can delete a whole row/entry with a single click. Having begun computing with a Commodore Vic-20 with a whopping TWO KILOBYTES of RAM, I've always felt it vital to keep programs and data ultra lean in every way possible. Maybe that doesn't matter at all anymore with Gigabytes of RAM and Terabytes of storage, but doing it's very mind-pacifying.
  15. Well, I actually got a call from Edna and after 43 minutes we got the Organizer Letter loading. She's independently researching how to get the Org Engagement Ltr back as well; so I'm much more hopeful of having this on my weekend plate now. I took AbbyNormal's advice years ago and got Nuance Power PDF with which to make organizers both digital and fillable. A couple of clients every year can't get it to work and either print it to input, send me the paper or scan the pages; but that's the only problem I've had ever since -- and I totally agree with you that reminding clients with the Quest
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