TaxmannEA

Gee. This is the first month that all deposits have to be made electronically. Think that they're overloaded by excess volume?

Numbers 1,2, amd 4 are Sec. 1245 property and subject to recapture. Number 3 would be Sec. 1250 property. (Note to Catherine: You don't plow with a combine. At least not on purpose.)

When you print the return, your software should print out a voucher for the balance due. The client then sends the payment with the voucher to the appropriate address by mail. Payment can also be made by credit card or electronically.

Old Jack, I misstated things in my earlier post. As a CPA, you do not need to submit fingerprints. I got the EFIN requirements mixed up with the fingerprint rules for my school bus driver's permit. (Too many rules!)

I got my EFIN about the first year that they were offered. At that time, EA's did not neeed to submit fingerprints. When they started requiring them from everyone, those with existing EFINs were grandfathered in.

I've had 4 clients come in this week with CP 87A notices titled "You Need To Make Sure Someone is Your Dependent". They will list at least one dependent SS# as one that they are concerned about. All that I have reviewed have been OK, but I suppose that an ex-spouse, etc. is trying to use the dependent. One of these people had called the IRS and was told that over a milion of these have been mailed out recently. I guess that we needed something to keep us busy till tax season.

Agreed. His basis should be the same as his mother's. Mom should probably file a gift tax return as the value would probably be over $13,000.

I was contacted by a person whose brother was confined to a nursing home from 1976 until his death in 2005. This sibling had POA over the brother during this tiime. When he was first disabled, an application for Social Security Disability was filed. SSA did not approve the claim due to earnings history at that time. Now, 5 years after his death, the sibling receives a lump-sum deposit for the benefits for 1976 till 2005. (This is a very large amount.) I believe that this is income in respect to a decedant and must be reported on the return of the sibling who received the check. There has been no correspondence received from SSA in regards to this payment. Am I on the right track? I've never seen a payment made so long after the death of the claimant before.

Thanks to all. One more notch on the doorpost!

I think that the person is SOL, but I thought that I'd ask the wiser heads on the board for advise. A 2-shareholder corp runs an accounting business. One shareholder dies and the remaining principal and the deceased's family sell the stock to a third party owner. Third party owner sells to another accounting firm. The remaining original owner retires after several years under the new ownership and proceeds to take about 40% of the firm's business with them. No non-compete agreement was signed in the original sale. Does the current owner company have any recourse that anyone knows of? My first thought is that without a covnent not to compete, there is little that can be done. I'm not looking for a legal opinion, just general guidance.

When this type of thing happens, it is almost always the server having problems. I usually just wait a few hours and try again. That gives the geeks a chance to make the fix.

I tried to check ACKs and the server would not respond. I also tried to log on to ATX support and did not get a response. I think their server is having a bad day. (P.S. If the client is so anxious for the refund, why wait until now to file? Not your problem !)

I have had POA's on this TP for the last several years due to problems in prior years. I also did not receive anything except for the notice of deficiency. I will admit that this particular client might overlook or mis-lay a prior notice, but I have seen nothing either. E-services does not have any notations of a CP2000 or the like on the account transcripts before this notice is listed.

I just recieved a notice of deficiency for a client that shows possible under reported income for 2008. Shouldn't there have been some other correspondence such as a CP2000 before he gets this notice?

That will only work if they did not live together for at least 6 months prior to year end ( or his death).

I'm begginning to think that this slow ACK thing is not just in ATX. I have 2 returns that have been waiting for ACKs for 5 days that were sent in Drake. Of course, we all know that IRS NEVER has problems with it's system.

I today was given a W-2G from a casino in Reno. The gross win was $26K. There was also about $3500 in Nevada state withholding shown on the form. I'm confused as I know that Nevada has no income tax. Is this on the level? :scratch_head:

Some railroad employees will to try to tell you they are "special", but as far as I know commuting is commuting. No deduction in this case.

Don't know about the present, but in the late 60's I filed and received a refund for $1. I would assume that they would.

I know, they almost get to be like pets, don't they. Of course, as a gesture of appreciation you could always throw a barbeque for her retirement!

Rita, I might add one point to your statement. A raised cow (female that has produced a calf) is treated as breeding stock and sold on the 4797. There is no basis or depreciation shown in this particular case. Non-breeding animals all go to Sch. F.

Really wouldn't hurt, but it can cause an argument between spouses though. (Fun to watch!)

A raised cow would go on 4797 with no basis or depreciation. This would transfer to the Sch. D as a capital gain. Tax rate of capital gains if marginal rate is less than 15% is -0-. So it could be true. ( Remember, holding period for long-term on breeding cattle is 2 years.)

You might try looking at Pub. 78. This is supposed to be a listing of all exempt orgs. You can at least see if they are registered with IRS.

Hey Guys!! I just had a (paranoid) thought! These new rules would make it rather easy for a well-connected someone to track who does business with whom, how much is being paid, who do you associate with in a business, etc. I wonder if there is a tax-related reason for this, or if the motive might be somewhat more sinister. There is such a thing as too much knowledge when government (or even giant corporations)is involved.