ETax847

Does anyone know how to add them to every return without having to do it individually?

I believe to be the latter.  So if $5k was distributed then his basis would go up by $8k?

Client has a k1 from his scorp that shows $13k in box 1 for his share of Ordinary Business Income, however, he was only paid $5k.  Is there a reasonable explanation for the discrepancy?

Per ATX:

MacBook’s are currently not officially supported OS environments for ATX.  Do we have people that use them…yes, and they run a windows virtual environment with them.  However, the behavior may not always be as expected and in those situations our hands are tied from a support perspective.  Also, if you decide to run it in a virtual windows environment make sure you do it as a standalone; you definitely do not want to introduce it to the network environment as that  creates additional quirks.

Also, the organizers are on track to be released next Thursday, the 23^rd

Thinking about buying my first Mac Laptop.  Does anyone currently use ATX on either the Air or the Pro and do you have any performance issues?  Which is the better option for me?

Current client provided me with a k1 (form 1041) for her trust.  There are two dollar amounts seen in box 13, however there are no letter codes associated with the dollar amounts.  Has anyone come across something like this before?

Client is an attorney at his firm.  In ten years of practicing law there, this is the first time he has received a referral bonus from an outside law firm.

Thanks guys! This forum has been a great resource.

The bonus is being paid by the firm that received the referral (not his employer), sorry for the ommission.  

New client works for a law firm as a w2 employee.  He referred business to another attorney at a different firm and is going to receive a 1099 misc for the referral bonus.  Will this bonus be subject to self-employment tax as this is a one time occurrence? Or should it be treated as other income and no sch c needed?

Any help would be greatly appreciated

Does anyone work with any clients that are single member llc's that are taxed as S-Corps?  If so, I'd love to bounce some questions off you.

Regards,

I still receive the error message "An error was encountered while communicating with the ATX Server"  Would you like to retry?"  The software never opens on the first try.  Anyone else still experience this?

someone who is a PHD student at a local university receives a $30k check as a stipend.   Is this income to be considered "other income" or self employment income.  The student does some part time work for the university in the form of student teaching, etc.

This was just a quick call. I'm following up with him on Monday and agree that the salary does not look reasonable.  As for the estimated payment issue on the distribution, I am thinking he needs to make quarterly payments, but have not found anything in print to substantiate it.  Thanks guys!

Prospect who is an S-Corp owner came in to ask some questions.  He has W2 income from his company of 100k and distributions of $150k.  Does he need to make estimated payments if the distribution does not come to him until the end of the year? 

Thanks Guru! I've read conflicting things on the use requirement so was not sure.  That excerpt was from one article I came across.  As always, I appreciate your response.

For someone wanting to claim their boat as a second residence, is the following true regarding the use test:

Second Home Requirements

The boat has sleeping, cooking and toilet facilities, the boat so it counts as a home, according to IRS Publication 936. I'm just curious on the use test.

Thanks!

I would love to sit down with an experienced tax preparer who uses ATX in the Chicagoland area to discuss helping me for next tax season.  Please send me a direct message if interested or know of anyone.

Did anyone receive a discount greater than 10%?

"10% Discount" but they raised the prices and include a $79 processing fee. Not sure if there is any real savings here.

I have a handful of clients that I have already E-File for, but have yet to be paid for my services. I have sent emails, mailed invoices, and left vm's but not response. Anyone have suggestions on best practices to collect outstanding receivables? Thanks

The W2 does not show that IL will be taxing all of the income based on the allocation.

Client lived in SC from Jan –Sept, worked in IL the entire time, then move to IL in Sept. So is the W2 correct then?

New client came to me with a multistate return. Her W2 shows gross wages of 100k, but on the breakouts between the states it shows 70k to 1 state and 60k to the other. Does the client need to get a corrected W2?

Thanks! That was just what I was looking for!