Gail in Virginia

That rate is a special per diem for transportation workers that does not require you to specify the cities. It is less than the rate for some cities, but you cannot pick and choose. If you use the standard rate, it has to be for the entire year NOT just when it is to your benefit.

You might try importing your .csv file into a spreadsheet in excel just to see if it works the way a csv file is supposed to.

Beginning 10/06 through 10/08 it was $52 according to the chart in NCPE's tax update book. I know the amount is listed in Pub 17 under the meals expense section of Travel Expenses deductible. I don't have it immediately available for the earlier years, but if you have trouble finding it let me know and I will look harder.

The driver is referring to a per diem amount for his expenses for meals and incidentals. For the transportation industry, inside the continental US, it was $52 per day from 10/08 through 9/09, and effective 10/09 it becomes $59.

:bday:

There should be some interest expense for the corporation and income for the shareholder, whether imputed or stated.

And many times the filing requirement is based on gross income, not net. If you have the information, why ask for extra headaches down the road?

Congratulations! An example we can all aspire to! :spaz:

:bday:

You remember rightly - he is too late on 2005 for refund, but it is never too late for them to collect if he owes.

I am preparing 1099's and w-2's for a corporation (not an S-corp.) One shareholder bought out the other shareholder's interest during the year. A publicly traded stock would report this on a 1099-B for the sale of the stock. This is not a publicly traded corporation. Is any reporting required by the corporation regarding the sale of the stock?

I haven't done one this year, but it isn't really any different than e-filing personal returns. I think the signature form is 8879-P, and I believe you do have to be signed up with the IRS for filing business returns. Other than that, everything is the same.

:bday:

Woo-Hoo! I know you are proud of her!

While a full power of attorney, as long as it specifically grants the power to sign tax returns, would be preferred, the form 2848 can be used in limited circumstances. One of those circumstances is if you are out of the country for a period of at least 60 days. Specific language has to be added to the 2848 if it is being used for this purpose. The instructions for the form are very clear about the circumstances under which it can be used, and the language that has to be included.

Regardless of the "level" of preparation you are at, there will always be details that somehow slip through the cracks and are forgotten. Too many aspects of the code are changed too frequently, or phased in, or just changed very late in the year, making it hard to always have every aspect foremost in your mind. I find myself that I sometimes lose sight of these details, and I don't mind being reminded of them. That is one reason I read every post to this board if at all possible.

That trade off is not likely to happen. If a politician did manage to streamline the tax code that dramatically, within twelve months some special interest group would have convinced some other politicians to add back just this one exception that is so important to fair tax administration and economic policy, and before you know it our vacation would be over. At least that is my guess as to what would happen. :wacko:

:bday:

It was different last year as far as real estate taxes go, Pacun. This year just adds sales tax on new vehicle sales into the mix.

In some instances, a business might choose a different method of depreciation for purposes of internal and external income reporting than that which they are required by law to use for taxes, or that which they find more advantageous to use for tax purposes. This would make a fixed asset manager useful. Also, in some cases in the state of Virginia, the local commissioner taxes business property and it might be easier to print a report from a fixed asset manager. Also, if depreciation is managed from a separate program than the tax program, changing tax software is less stressful.

From the instructions for form 8453: Form 2848. An electronically transmitted return signed by an agent must have a power of attorney attached to Form 8453 that specifically authorizes the agent to sign the return So yes, you do have to attach the 2848 or substitute POA to the 8453 and send it to the IRS. I don't think the 2848 is included as part of the e-file, but I would modify it as you have done if it is open in the return rather than take a chance. As far as the federal goes, I think you have everything fine.

:bday:

Have a client in the restaurant business who hired a dishwasher and they agreed to cash payments under the table. Other employees have been given W-2's, and now the dishwasher wants his W-2. I chastised the employer, told him at this point he has to pay both halves of the social security, etc. My question, though, is how to correct this. The employer has already sent in his W-2's with a W-3, and all of the other year end reports. I know we have to file a 941c to correct the taxes, and correct the other year end reports. But - do I file a W-2c for this employee changing his wages from -0- to $$$, and do a W-3c to show the new total for this employer, or can I just do a W-2 for this employee and a separate W-3 for just this amount? Long day and the brain just isn't working;

You must have bought the party version. Mine isn't nearly that interesting.

Have you marked the box that you are ERO and paid preparer? If so, I think it will only complete the preparer section with signature there counting for both.