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Max W

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    582
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About Max W

  • Rank
    ATXaholics Anonymous

Contact Methods

  • Yahoo
    marintax@sbcglobal.net

Profile Information

  • State
    CA
  • Gender
    Male
  • Interests
    Boston Red Sox, Spanish Civil War History. Flamenco Music & Guitar

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3,460 profile views
  1. Max W

    It's time for a new printer

    Whatever happened to the Paperless office we were all promised back in the late 70's and 80's when PC's were coming in to use. I had a retail business at that time with over 15,000 SKU's. The computer really helped with inventory control, but to get reports a printer was essential. It was one of those 128 column IBM jobs and it put out reams and reams of paper. Instead of less paper there was more than before. The large reports on that wide, accordion folded paper were awkward to handle and stacks just piled up in the office. Since it wasn't suitable for printing sales receipts, a small, second printer was put to work. I went through several Canon's and Epson's as they were all prone to breakdown, even with proper maintenance, so I had a second ready to go, in case the one in use brokedown.
  2. Max W

    Draft W4 for 2019

    It looks like an improvement, but the on-line calculator isn't working. It keep asking for a salary and three were tried together. It looks like it may do a good job of determining withholding for people with multiple jobs.
  3. Max W

    2018 tax tables

    Abby, those are the IRS tables that Taxbook copied. It is not the Taxbook tables. I don't know if this link will work, because TheTaxBook requires a password, but here goes. https://thetaxbook.net/files/ttbf/2017/pages/1040_fc.pdf
  4. Max W

    Form 966

    You just hedged your bet with the last sentence.
  5. Max W

    Form 966

    Really! New York requires Articles of Dissolution; CA requires a Statement of Dissolution; TX a certificate of termination; FL the same as NY; IL same
  6. Max W

    Form 966

    The only problem with that is all states require corporations to file some type of form indicating that the corporation has elected to dissolve and/or has been dissolved. Some also require a plan of dissolution. https://eminutes.com/corporate-dissolution-and-irs-form-966-how-to-satisfy-the-plan-requirement#_ftn7 After searching various sites and reading attorneys opinions, the consensus is there is no consensus. Each has their own idea re LLC's. I fact, Legal Zoom says LLC's have to file 966 without any mention of having filed as a corp. Did they leave something out? https://info.legalzoom.com/papers-file-irs-close-business-llc-4316.html
  7. Max W

    Form 966

    Nowhere in the instructions, the for, or tax code 6043.1 is there any mention of an LLC, so the answer to your question I would say is definitely No. It seems that the form is designed for to flesh out srock transfers and even though filing 966 is required, there is no penalty for failure to do so. I can't say how many times I've checked "Final Return" for a corp, but have yet to receive a notice from the IRS re 966. Interestingly, 6043.1 says that "...the return shall be filed with the district director for the district in which the income tax return of the corporation is filed." What this tells me is that the form is used to determine if an audit is appropriate.
  8. Max W

    The List......

    Betcha' y'al think that Donut Day was something dreamt up by Krispy Kreme or some other donut company. In fact is wan't any food company, or any other business. It was the Salvation Army who 80 years ago initiated Donut Day in honor of the Doughnut Girls who served treats to our soldiers during WW1. In case anyone doesn't get the connection, the soldiers of WW1 were called Doughboys, a term that originated during then Mexican-American War of 1846. But that;s not all. There are tax implications as well as some additions to the list. To find out more, here is the article from Forbes, https://www.forbes.com/sites/kellyphillipserb/2018/06/01/free-doughnuts-and-a-side-of-sales-tax-trivia-on-national-doughnut-day/#68d8172f65c7
  9. Max W

    2018 tax tables

    The Tax Book Tables are easier to use as they eliminate a step.
  10. Max W

    Gift Tax - Crypto Assets

    Why couldn't he report income on Sched D and issue nominee 1099B's to the other participants, offsetting that part on Sch D? https://www.kerezmancpa.com/2014/01/file-nominee-1099s/
  11. Max W

    k-1

    GO DRAKE! Undoubtedly the best customer service of any company anywhere, not just tax software. Phone is usually answered before you hear the first ring. Friendly, helpful, knowledgeable, fast. The software has a learning curve, so get started with a free demo. Once you get the hang of it, you will find many shortcuts and features that other software does not have.
  12. Max W

    IRS to crack down on SALT

    The IRS will be issuing regs to prevent states from circumventing the SALT limitation of $10,000. https://www.irs.gov/pub/irs-drop/n-18-54.pdf
  13. There are a few things you can do and you already are doing one of them by matching invoices to 1099s. Be sure that there are no duplicate 1099's. Checking bank statement deposits - all accounts - might turn up something. Business owners often make business deposits to personal accounts. Good luck!
  14. Max W

    1040X for client that came back

    Roll over his. It is a lot more trouble trying to recreate her numbers and get them to match the original exactly. If she has W-2, put etc, just enter the Box 1 & 2 amts and federal and state tax withheld.. No need to input EIN's SS medicare, etc. And as you said, manually enter the EIC , the CTC and any other CCredits on the Other Tax line , 1040X. I don't know if this still works with ATX, but you could roll his over and then switch names and SSNs and make her the primary, but don't know that there is any advantage to this..
  15. Max W

    advice on $15 payment for $848 bill?!

    The IRS has different definitions of certain words than the rest of us, i.e. "voluntary", "random" are two. Audits are selected in two ways - one is the reported document matching process. Most of these are CP2000 audits and 1099MISC underreporting. The other way is through a program that takes all tax returns and compares them with statistical norms, and those with anomalies undergo three layers of review by personnel. The IRS is not going to waste resources on auditing a return unless they think there is a reasonable likelihood of recovering enough tax to make it worthwhile. But, there are criteria throughout the process. I guess this is what the IRS means by random.
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