Gail in Virginia

According to Kim Kommando, Edge does not have any major drawbacks but lacks some of the security features and extensions of other browsers. It does open quickly and is kind to system resources. Firefox is supposedly the safer browser, Chrome is more popular but may be sharing information with Google and is a resource hog. I don't know anything much about Vivaldi (Opera) or Tor. If Edge is doing everything you want it to, I would go with it. I am not an expert on browsers however, so don't rely on this information as the final word.

Just remind them it is for the whole calendar year - once they give them the cash they should, technically, be sure to skip any Christmas or birthday gifts since that will put them over the limit if they have already given the max.

I don't think that is what I was saying, Pacun. The instructions for 1099R do say that repayment of the loan is after tax money and creates basis. if the plan does not allow for after tax contributions, I don't think that they should allow you to repay the loan after it is deemed a distribution. If it does allow for after tax contributions, they must have a mechanism for tracking those and I would think they could track this the same way. As far as tracking earnings on that money, I am not sure that matters. Your basis will remain the same, and the earnings, being tax deferred regardless of the source, will be taxable. If this wasn't Roth money to start with, I don't think repaying the loan will change it to Roth money - I would expect it to be just an after tax contribution to a regular 4021(k) or IRA account. But I don't have any kind of citation for that, even an impermissible one like a pub.

From the instructions for Form 1099R regarding loans treated as distributions: Subsequent repayments. If a participant makes any cash repayments on a loan that was reported on Form 1099-R as a deemed distribution, the repayments increase the participant's tax basis in the plan as if the repayments were after-tax contributions. However, such repayments are not treated as after-tax contributions for purposes of section 401(m) or 415(c)(2)(B) If you show them the instructions, do you think they will realize that it does have to be treated as paid with after-tax money?

There might be a step up in basis for the S-corp, but the land was held in a corporation which did not die, so there is no step up in basis on the land itself as I understand it.

I don't envy you, Lion. I think that the sale of the building was reported on the corporate return, and the information on the K-1 gives you the pass through that is reported on the taxpayer's return. The stock in the S Corp, I believe, would be treated the same as any corporation that goes out of business. The sale price is 0, but the real question s what is the basis? And if this is gifted rather than inherited, I have no idea how you will find that out. Can the CPA at least provide a copy of the first return that showed your client on the K-1? That will give you a balance sheet to start from, but no idea really of what the father's basis was....

If he inherited stock in the S-Corp, his basis in the stock would be what it was worth at the time he inherited it. One approach would be what Evan is suggesting, to look at the balance sheet for that year and see what the company was worth at that time. But that does not take into account either intangibles or appreciation of assets, as a rule. Another approach might be to try to locate the inventory for the estate of his father and see what value was used at the time the estate was probated. I don't know if that would be a matter of public record in your state. I don't know if it is in my state. I don't envy you this trying to find this out when your client is unable to help. Does the client have a lawyer or children who might have access to his papers and be able to look for any records?

Or since a rental was involved, do they have a partnership and would a 754 election be required?

It does look like a map for a subway system! I am not sure that I have the patience or the eyesight to work through that mess. Byzantine, at best!

I don't use ATX any more, so I can't speak as to whether there is anything out there that integrates. I have tried a couple of file cabinet softwares over the years. Arkworks went out of business, or got bought out (I don't remember which) so I tried eFile cabinet next. I liked some of the features of the program but as they updated and improved the program I liked it lest and had more problems with it that I just never seemed to find the time to resolve. So i have gone to using the storage space on the server and just organizing files in a windows tree. Not ideal, but at least i don't have to worry about my data being held hostage if I change my subscription.

I think it violates the Sokovia Accords.

Maybe I am missing something, but if husband had negative SE income (less than $00) but wife did not, wouldn't the amount of tax change if the income was moved from him to her? She would be paying SE tax on all of it, as opposed to him paying on the amount above his negative SE earnings.

Happy Independence Day to us All!

I would like to know if that worked. I don't think I have had one that ran over the next year like this.

This refers to the IP Pin assigned by the IRS for the 2017 year tax return. Could you be looking at the letter for a different tax year and entering that year's PIN? I don't use ATX anymore so I am not sure exactly where that gets entered but it is usually only in one place - just not the same place that you enter their signature PIN.

Abby Normal posted a link to this article on the General Chat board https://www.accountingtoday.com/articles/a-massive-accounting-hack-kept-clients-offline-and-in-the-dark and I believe it mentions that ATX has arranged for its clients to have extra time to get 990s fled.

Imagine that - communication from Wolters Klower was a big issue for their customers during the outage.....

You can make an election to report the interest earned on the bonds through the date of death on the decedent's final tax return. The estate or beneficiary receiving the bonds then reports only interest earned after the date of death (Rev. Rul. 68-145). I think Pub. 559 has a discussion of this.

I don't know as much about this as others on the forum, but I think the point about the security of the wi-fi versus a wired modem has to do with access.. If you can access your modem, and therefore your network, by using Bluetooth technology, then could someone sit in your parking lot and hack into your system using their own computer and Bluetooth? What kind of encryption does this modem your are being supplied with offer? Does it have a built in firewall? (Is that still a thing?) If your network is only accessble though a wired connection, you would notice someone tapping into ii. That said, I trust my IT people, and we are running a wi-fi network that they assure me is secure and that allows my customers to sign in as guests.

I had a client with the same stock, and If I recall correctly you treat this as though they sold the Reynolds stock and received cash and shares in exchange. So the value of the BAT is added to the cash to get proceeds and then the basis for the Reynolds is subtracted to get net gain (loss). So I agree with what I think you said. Sorry, it has been a long April. .

I hope I don't constantly complain, but I do like for things to work the way they are supposed to. ProSeries had an issue with the print this year, and the best work around I found was to open everything up to the PDF printer and print from there. I am still doing that because I got in the habit and it works But I would still consider it a flaw in this year's software that I had to adapt to. I may go back to ATX. They had some major problems in 2012 because they did a major re-write of the software. The problems seemed to mostly affect users operating in a network environment Tax software has to be one of the most difficult programs to provide, especially in years where there are major revisions to the tax code and little to no lead time. And that is just for the federal portion that we all use the same! And we all want it to be perfect and do all the work for us. I don't think I will ever find a software that I think is perfect for a price that I am willing to pay. I do think that ATX provided a lot of value for the price.

I used ATX through 2012, when ProSeries offered me a great deal to switch. I did not have as many problems with ATX as some people did that year, but since we rum in a networked environment, I had enough. With any new program, there us a learning curve and conversions have to be watched closely. I was not as happy with PS this year as I was last year. Mostly due to the lateness of changes, perhaps, but it seemed like the state programs were not as seamless as they have been in the past. I had problems with the system crashing every time I tried to print a return, and wound up sending it to PDF and printing from there. Not a big deal, but not necessary. The billing component of PS also dd not work the way it had in the past - I marked for returns to be charged by the form and that worked for new clients, but on returning clients I had to select that for each client. That said, e-filing seems to generally be a bit better with ProSeries, particularly with VA. Some forms that PS is approved for e-filing with VA, ATX was not in the past. I am not sure if that is still the case. ProSeries is more expensive, and tends to charge separately for things that ATX bundles into the MAX package. I can't really compare support, because I don't tend to use support very much with either program.

Or if you are used to Peachtree, check for an older version of that before they started required a new license every year.

Will his local commissioner's of the Revenue's office accept state payments? If so, they will probably take his check without any issues.

Catherine, do remember that the filing threshold for VA for MFS is $11,950. If they don't have that much VAGI income, they are not required to file unless they have taxes withheld that they want to get back.