Margaret CPA in OH

Frazzled, needed hugs ((( ))) for you. That's too much for any one person. So glad you could share here and know we understand. I'm especially sorry for the loss of your friend. Do try for a little extra sleep.

Sorry, I guess I didn't understand what you meant by 'history.' The Detail Report shows lots of, well, detail including date in service, business use, Sec. 179, Recovery Basis and period, prior depreciation and current depreciation and more. To my mind that's a lot of history but clearly you are seeking something else. I hope you are able to find it then share the location for others.

Try 4562, Pages and Worksheets, Detail Report. That might be helpful

I think not only is there a lot more stuff in there, but I swear that my gray hair is a result of the interior little gray cells leaking out taking much valuable information.

Thanks for the link, Judy. I am forwarding to the client. Of course one would not wear a tux as street wear for everyday use. At least in my neck of the woods. ILLMAS, could he wear it to his wedding or a black tie event? I suppose he could but doubt that he would. Maybe that's why he got one for free - one for performances and one for strolling down the avenue. I will pursue with client further but still would like to know, in case, how to provide a life for a possibly depreciable asset.

Client is a professional musician, pianist for a well known local choral group. He had to purchase a new tux for performances. Lucky, he got a BOGO! So how does one depreciate a tux? He can use 179 but the total cost is $1029. I have to input some kind of life.

That's pretty much my take away. For small businesses at least. And I am now not going to send a superseded return with an election. I think. My brain hurts but I think now it will be much better soon!

Yes, it's all over the place now - except on irs.gov. I received it from Guidewire and IRS Newswire and promptly went to irs.gov to read the Rev. Proc. If someone here finds, let us know.

Maybe check with your insurer. At the risk of losing a client who could cost you in more ways than you would like, it doesn't seem to me the best idea to prepare something you don't sign where she could come back with a "You gave it to me so it must be right even if you didn't sign it." As a percentage of your total income, is this client or couple worth this risk and aggravation? A few years ago I went round and round with a long time client who absolutely did not qualify to take her 26 year old son as a dependent. I gave her the correct paper form with CLIENT COPY to review and never heard a peep about filing. I'm sure she went elsewhere. The fee is unpaid but I am relieved to not have to deal with it any longer or signing a return I know was wrong.

My only caution would be signing something you know not to be true. Before doing so, you just might want to ask your E&O insurer.

I do have lucky stars! I just rolled over 6, no problems.

Thanks, Judy. This will be helpful to my client for sure. Her actual penalty is only $58 but the repayment of the premium credit is a swing from $1300 refund to $4000 owed. Maybe she won't beat me up too much now!

I thought mine was set to notify me, too, and have been notified before. Don't know what happened. Anyway, all went well and surprisingly quickly last evening. Lucky me!

Thanks for complaining about the Windows update. I couldn't understand why I didn't get a notice that they were there. So I checked my log and that last one was Feb. 11. Then I checked the update notice in the control panel and there they were waiting to be installed. Doing so now. I just noticed that I had the automatic install set for 3am. I changed it.

Thanks for all the great ideas. It is so aggravating that we have to be about manipulation, even within regs and rules, to this extent to have a more favorable outcome for clients. Her distribution was in August so no 60 days. She wasn't covered in January as she says a computer glitch at the end of December or something made it effective in February. I see no way to get $20,000 reduction in income. Yes, she is single, 62 and her 1095-A shows her premium of $656/mo and second lowest plan cost of $534 with $475 premium credit each month. I'm thinking it isn't close to a high deductible plan at that rate but will ask. And with her now owing so much (more than $4000, no refund) there is little chance of a retirement contribution or HSA. And she will be unhappy about the time it is taking to do all this. I think she and I will just have to have a meeting and go over carefully the reasons why this is happening. I hope this is the only one of these things I see. It took me by surprise because I thought she had other insurance. My brain hurts.

Oh my - my first client with ACA issues. She will be majorly upset owing the entire advance payment. I followed all the steps described here and with her MAGI of $66,000 I see no way to limit it. I believe she seriously underestimated her projected income the withdrew $29,000 from her pension plus received $9200 of disability for 2013 in 2014. Her percentage is 579%, well over the max of 400 to have a limit. She was expecting a refund. Sigh...

Another Oh Crap! Thanks, Max.

Love this!! It is so funny and so true! Thanks for sharing.

Thanks for this reminder, KC. I will do that and include the election just to cover the 'ol rear end. I still don't think I need other changes unless the consensus here says otherwise. Wow! I never imagined, as rfasset mentioned, what a can of worms and lengthy posting this would be. Clearly this discussion has been lurking about in the minds of many. Good thing we have each other here and the collective wisdom it provides. Thanks, Eric, again and again for providing this venue!

Wouldn't you know that in the Forms Update, there was a ver. 68 for 4868 to fix efiling rejections! I recreated and it went through perfectly. Judy, I googled the code and found what you did then downloaded the whole list. Funny it should be easier to find there than on IRS site - not! It was a bit misleading that the title I saw was for 1065 errors but it did have the entire list. I also noticed that my query was about 4th on the list. Thanks!

I was out running with my training group so just got back to this. Judy, I would love to know where you found the information you provided. I used the search term 'efile rejection codes' and came up with nothing at all useful. I tried once to recreate but had the same result. Perhaps a good night's sleep will do us all some good! G'night...

First time ever. Extension rejected "Software ID in the Return Header must have passed testing for the form family and 'TaxYr'. Cleverly and of no help it then says "In other words... Software ID in the Return Header must have passed testing for the form family and 'TaxYr'. Those other words... I have checked here and online (lots of codes from other software companies) without success. I sort of thought I recalled seeing a link to these somewhere. Now, of course, I doubt anything I think. The actual code is R0000-904-03 Clues? I am up to date, I believe, on all forms.

Lion, this client had a cordless drill for $350 in 2006 and $957 of various tools in 2008 all Sec. 179. I think there is not a need to change accounting methods or file a 3115 now. Those are the only assets that he has acquired since I've known him. I was worried about the materials and supplies election but feel less anxious now. I know for sure a couple other clients are in for the whole shebang which I dread. I dread my own but need to get on it as we are due an unexpected refund which I would like to have. I, too, really hope this AICPA effort works!

So rfassett, I genuinely appreciate your input and feel much better now. I had no intention of filing a 3115 as it did not apply in any case. My concern was not filing what I understood was the 'required' election annually beginning for 2014 to qualify for the safe harbors. I believe he does and always has but I just don't know for sure now what to do about not making the election. It could be nothing.

And no #$*$%^&* election? I am extending all returns that have any Schedule C or E until this is all sorted out. Yes, I have taken 2 8 hour classes and read, read, read until my eyes are glazed. But it still baffles me as to the one, true response. I will now go eat some cookies and watch Castle.